Our monthly roundup of news, events and sponsor reading material.

Message from the Chair

GAT welcomes two new sponsors from April 2021.  Ruffer LLP and Aspida Group join Carey Olsen and KPMG in supporting the association through sponsorship.  Members can read more about both new sponsors below.

As always, I would be pleased to hear from members to understand any frustrations or concerns - contact me.

Enjoy your April newsletter. 

Kind regards

Rhona Humphries

GAT Chair

Members' Area

Please note that the password to access your Members' Area page on the GAT website is "Trustees".

The Members' Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee.

NEWS

Commission consults on the proposed re-issue of statutory instruments.

PLEASE NOTE: The GAT Technical Committee are planning a collective response and encourage members to respond directly to GAT on this prior to Monday 14th June if they would like their feedback to be included.

The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new Fiduciaries Law”).

The second CP proposes making new rules and guidance under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 for the notification to the Commission of certain activity which is ancillary to controlled investment business.

The third CP relates to the proposed re-issuing and minor amendments necessary to the Commission’s rules due to the revised Supervisory Laws arising from the Revision of Laws Project. Read more HERE.

Responses can also be made directly, for which the deadline is 17th June 2021.  Please click the button below to take you to the Consultation Hub:

Sanctions Notice - UK: Global Anti-Corruption Sanctions

Please be advised that the UK has implemented a new sanctions regime; the Global Anti-Corruption Sanctions Regulations 2021 put in place sanctions measures to prevent and combat serious corruption.

These regulations have replaced the Misappropriation (Sanctions) (EU Exit) Regulations 2020 concerning misappropriation of State funds from any country outside the UK.

These regulations are expected to be implemented in the Bailiwick shortly. In the meantime, please be advised that to facilitate transactions involving individuals or entities designated by the UK under the Global Anti-Corruption regime, or assets owned or controlled, directly or indirectly, by such parties, will almost certainly constitute laundering the proceeds of crime.

Any information or queries should be sent to sanctions@gov.gg with the subject line “Global Anti-Corruption Sanctions”.

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website here:

Commission confirms decision to increase Private Investment Fund (PIF) options

In December of last year, the Commission published a Consultation Paper containing proposals to amend the PIF rules to allow more investor categories to take advantage of an appropriately regulated fund structure.

All those responding to the Consultation Paper welcomed the proposals and in light this, the Commission has decided to amend the PIF rules with immediate effect. These are now available on the Commission’s website here.

A feedback statement addressing the consultation feedback has also been published and the Commission is grateful to everyone who contributed.

New pilot seeks information to improve accuracy of GVA and GDP figures and forecasts

A pilot of a new economic activity return that seeks to collect some specific information on economic activity in Guernsey and Alderney has been launched.

The information will be used primarily to improve the accuracy of the Gross Value Added (GVA) and Gross Domestic Product (GDP) figures and forecasts that are published by the States of Guernsey and used in various ways. While not compulsory this year, businesses and traders are encouraged to submit a return (and feedback on the return form and submission process).

The deadline for completing the pilot return and providing feedback is Thursday 10th June 2021.

Click on the button below for more information about the pilot and how to access online and paper copies of the return form.

Policy & Resources apply additional oversight to senior States of Guernsey appointments

Given Guernsey's constrained financial circumstances, the Policy & Resources Committee will be reviewing all proposed appointments to senior staff roles within the States of Guernsey going forwards until further notice.

As the Committee with both legal and mandated responsibility as employer of all States employees, Policy & Resources has decided to review the case for all appointments to senior roles (of SO1 grade or higher).

Deputy David Mahoney, who leads on employer matters for the Committee, will provide this oversight and where necessary the full Committee may also be asked to take a view on the need for a new role or the pay grade of that role. 

5-year baseline shows immediate and long-term fiscal challenges for Guernsey

The States of Guernsey published a 5-year medium term baseline on Friday 23rd April, forecasting its expectations for public finances in terms of income and expenditure over that period.

The figures indicate a significant annual general revenue deficit, reaching £56.2m in 2025.

While, compared to many jurisdictions, Guernsey has responded very effectively to the COVID-19 pandemic and been able to keep most of its economy open and operating as normal throughout the past 18 months, the pandemic has still had a significant impact.  

It has resulted in big increases in costs, because of the need to provide extensive business support and fund major testing and vaccination programmes amongst other things.  While revenues are forecast to increase, currently they do not match spending levels meaning a net deficit.

Country and regional categories for travel reintroduced by the CCA on 23rd April

The Civil Contingencies Authority reintroduced country and regional categorisation for travellers to the Bailiwick on the 23rd April.

Islanders will be familiar with the system which was in place before the start of this year, where all destinations fall into one of four categories.  The CCA has reintroduced a very similar system, however it will do so in a phases.

From the 23rd April, 'Category 3' countries and regions were reintroduced.  This means any country (or in the case of travel to the UK, any region) with a prevalence below 100 cases of COVID-19 per 100,000 population, which also satisfies other Public Health criteria, can be considered Category 3.  Arrivals from Category 3 destinations are tested on arrival and on day 7, and must self-isolate until they receive a negative result from both tests.  They must continue to observe 'passive follow-up' rules for a further 7 days.  If they decline to have one of the two tests, they must self-isolate for 21 days.

Arrivals into the Bailiwick are again reminded that they must provide details on their travel history on the online Travel Tracker before they arrive.  Full details on what is required for travel can be found at https://covid19.gov.gg/guidance/travel

Please click the button below to read the Summary Minutes from the GIBA Council meeting held on Thursday 18th March 2021.

Guernsey promotes good governance in family offices with new guide

WE ARE GUERNSEY has produced a guide to best practice for single and multiple-family offices.

Governance is the backbone of a family office, dictating everything from the investment strategy to the internal decision-making process which influences family members and can impact everything from their net worth to their living standards. It also concerns the checks and balances of the way the office is operated, to ensure that previously established rules are being followed.

“Guernsey’s reputation for economic and political stability is well known in the arena of private wealth,” said WE ARE GUERNSEY Chief Executive Rupert Pleasant. “Guernsey provides sophisticated structuring solutions for individuals and their families, offering expert investment advice, which perfectly positions us as the jurisdiction of choice for family offices.

The report has been published and can be accessed by clicking the button below.

EVENTS

STEP Lunchtime Lecture Series

STEP Guernsey has been delighted to be able to recommence our in-person lectures. The 2020/2021 series continues with both virtual and physical lectures and the next presentation by Andrea Harris and Oliver Beaton from Grant Thornton will take place on Tuesday 11th May in the Colborne Room at the OGH Hotel. Please register HERE or by clicking the image above.

Please ensure that you/your colleagues are on our local branch mailing list to continue to receive updates from STEP Guernsey. If you wish for a colleague to be added to our mailing list, please sign up here:  STEP Guernsey Mailing List

Our virtual lectures are available for a short period after the lecture. You can view details here: STEP Guernsey Online Lectures - please contact us for individual passwords.

STEP Guernsey’s flagship event allows delegates to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry. Delegates will gain valuable CPD points whilst learning from industry experts about a broad range of relevant and current topics. 

For 2021, this will be held on Thursday 10th June with a networking breakfast in the Concourse, followed by the main event in the David Ferguson Hall at Beau Sejour, Amherst, St Peter Port, Guernsey.

Tickets are ON SALE now and our early bird discounted offer runs until 10th May.

May GTA Courses & Events

Members may be interested in the following courses and events taking place in May.

STEP Diploma in International Management

Diploma 1 – Advanced Certificate in Trust Creation: Law and Practice

The STEP Diploma in International Trust Management is recognised worldwide as the benchmark qualification for those working in the international trusts industry. The course is designed to develop and enhance your understanding of how trusts, companies and related structures are created, managed, regulated and operated as asset-holding vehicles for investments and related activities.

Cost: £1,625 per Advanced Certificate
Dates: Enrol by 7 May 2021
Venue: Online

Further details and registration here.

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Introduction to Company Law and Administration

This one day course is suitable for those who are new to company administration or who would appreciate a refresher.  It covers the responsibilities and duties of the role, together with an overview of company accounts and an introduction to the Companies (Guernsey) Law, 2008.

Cost: £295
Enrol by: 13 May 2021
Venue: GTA University Centre
Times: 09:30-16:00

Further details and registration here.

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Compliance CPD Series: FATCA/CRS Visits – AEOI Coming to see U

The next one hour session in this popular series with Christopher Jehan of Midshore Consulting will guide delegates through what they can expect of a visit from the Automatic Exchange of Information (AEOI) team of the Guernsey Revenue Service and how your business can prepare for a visit.

Cost: £45
Enrol by: 18 May 2021
Venue: GTA University Centre
Times: 12.30 to 13.30

Further details and registration here

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Money Laundering Reporting Officer (MLRO) Workshop

This half day course covering MLRO responsibilities and duties is suitable for newly appointed MLROs and their deputies plus those already working in compliance and looking to refresh or extend their knowledge.

Cost: £195
Begins: 19 May 2021
Venue: GTA University Centre
Times: 09.00 to 13.00

Further details and registration here.

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Introduction to Trust Law and Administration

This one day course will provide you with an overview of Guernsey trust law and its application to trust administration.  Although the theory will be covered the main emphasis will be on the practical application within the workplace of the knowledge you learn and makes an ideal introduction for those who are new to the trust industry or those needing a refresher.

Cost: £295
Start Date: 27 May 2021
Venue: GTA University Centre
Times: 09.30 to 16.00

Further details and registration here.

KPMG launch their #askKPMG webinar series

KPMG are delighted to present their latest #askKPMG Webinar Series, a practical and insightful digital presentation from their Tax, Advisory and Audit experts on the areas of business they think you need to know about most.

The series' topics are chosen month-by-month and are determined by what’s relevant at the time due to the ever-changing climate we face as a result of COVID.

The next webinar is scheduled for Thursday 27th May and you can register and watch past webinars from the series on-demand via the webpage.

Please click the button below to register and for more information.

Sustainable Finance Week, 9th - 11th June 

Guernsey’s Sustainable Finance Week, delivered in an online format, will look to explore the influences and impacts of the Covid-19 pandemic in a series of dialogues around the central issue of the role that private capital will play in financing sustainability post Covid-19.

They will explore, amongst many other issues, what implications the responses to the pandemic situation may hold for climate action, and what steps could be taken with private capital to align the immediate response to the sustainability imperative.

Leading figures from the worlds of sustainable finance and private wealth will convene to discuss this topic during a series of webinars.

For more information, to register and to watch the webinars on-demand, please click the button below.

Women and Governance in Family Office Webinar

Research commissioned by WE ARE GUERNSEY reveals that the number of Family Offices operating world-wide has doubled over the past decade and there are now approximately 5,000 Family Offices, mostly in Europe and North America.

As the Family Office becomes ever more popular as a vehicle for the servicing of private wealth and in enabling global capital flows into both private and public markets, it comes further under scrutiny.

Along with the rest of the corporate world, issues of good governance and gender diversity have rightly been raised. The issues of good governance – and how best to achieve it – and the importance of female representation are quickly becoming issues of monumental importance.

The webinar took place on Wednesday 28th April but can be replayed to hear from an expert panel about the role of women in achieving and maintaining good governance, why these two issues are unquestionably important but also inherently intertwined – and how Guernsey can help.

Please click on the button for further information and to watch the webinar on-demand.

SPONSOR ARTICLES

Ruffer is delighted to be a new sponsor for GAT.

Ruffer provides a discretionary investment management service. Our all–weather approach is designed to perform in all market conditions. With an emphasis on capital preservation and prudent growth, we’re focused on making good money throughout the market cycle. It’s by putting safety first that we have made good money for our clients. Through boom and bust. For nearly 25 years.

We try to provide a service that combines good investment returns with first class Guernsey based administration and clear reporting. Clients have direct access to a dedicated portfolio manager in the UK who regularly visits the Channel Islands. The portfolio manager oversees all aspects of the client’s relationship with Ruffer, supported by a wider team.

To find out more please contact Rachel Holdsworth or click the button below.

Aspida Group has been providing business support services across a range of jurisdictions since 2002.

We focus on helping you define, mitigate, manage and monitor your risks, whilst you focus on growing your business.

Our Compliance, Risk Management and Assurance services are built around highly qualified and skilled staff providing practical and pragmatic, multi-jurisdictional support tailored to fit your needs.

As a recognised leader in the Compliance, Risk Management and Assurance space, we also bring you the most up-to-date processes and procedures used within the financial services world built around an innovative GRC platform.

Aspida’s long standing expertise and experience in this field is accompanied by a drive to be at the cutting edge of Compliance, Risk Management and Risk Assurance solutions.

Your partner in protecting and growing your business.

We are proud to become sponsors of The Guernsey Association of Trustees.

Risk Warning Regarding Phishing Attempts

Due to the recent increase in phishing attempts targeting local businesses the Commission has issued a statement reminding firms of the Cyber Rules and Guidance 2021. Firms have to be compliant with Cyber Rules and Guidance 2021 by 9th August 2021. The Cyber Rules and Guidance 2021 focus on five core principles: Identify, Protect, Detect, Respond and Recover.

Phishing can take place via email, telephone, social media or text messaging, with the majority of attempts via email.  Businesses should ensure that they have appropriate identification and protection measures in place to identify, protect and detect attempted phishing emails.  The National Cyber Security Centre advises that all businesses adopt a multi-layered approach which will significantly improve resilience against phishing attempts.

Businesses should also ensure that they have a fully tested Cyber incident response plan. Should you require assistance with your Plan or assistance in general complying with the Cyber Rules and Guidance 2021, please contact our Head of Operations and Cyber Security, Sarah Sarre.

Please click below for further information on the technical layers of defence.

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