Welcome to your October Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: If your member firm is interested in sponsoring GAT, please contact us. |
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Members' Area 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. |
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Dear Members, Welcome to the October edition of the GAT monthly newsletter. Thanks to our sponsors Lloyds Bank International, Carey Olsen, KPMG, Ruffer and Aspida Group for their continued sponsorship and support. The GAT/STEP Joint Technical Committee continue to work alongside other industry associations to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis to raise concerns about proposed changes. |
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You may view the most recent response, on the proposed revisions to the registration and oversight framework for charities and other non-profit organisations, below. All responses can also be found in the Members' Area. If there are any consultations which you would like to feedback on, we always welcome your thoughts. Please email info@guernseytrustees.org The next GAT Luncheon is due to take place on Wednesday 15th November in the Regency Room of the OGH Hotel and will be presented by our sponsors, Ruffer. For further information and to book please see the events section below. The dates of future luncheons can be viewed and/or booked (when live) via our interactive calendar at http://www.guernseytrustees.org/calendar As always, I would be pleased to hear from members to understand any general frustrations or concerns you may have. Please do contact me. With warmest wishes from GAT, enjoy your October newsletter. Kind regards Rhona Humphreys GAT Chair |
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Proposed revisions to the registration and oversight framework for charities and other non-profit organisations (NPOs) |
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The above entitled ordinance specifies that the part of the register which contains details about publicly funded NPOs must be available for public inspection. This does not currently apply to privately funded NPOs which means the public, including beneficiaries, are not able to independently verify the existence of privately funded NPOs on the public register. It is proposed that the regulations should be amended so that the Registry’s public register will contain a privately funded NPO’s name, registration number and its entity type as determined by the legislation. The entity type would inform the public if the NPO is privately funded or publicly funded, a charity or non-profit organisation, domestically focused or internationally active, a branch or channel island focused, and compulsorily or voluntarily registered, in order to provide sufficient information to enable confirmation of the fact that the NPO is on the Register. Please view and/or download the Joint GAT/STEP Technical Committee response by clicking the button below. |
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AML/CFT guidance for registered directors |
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On Thursday 5th October the Commission issued in final form guidance for registered directors on their anti-money laundering and counter terrorist financing obligations. No changes have been made to the text from the draft guidance issued on 9 August 2023. Registered directors are reminded that the AML/CFT obligations upon them, which are contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) ( Bailiwick of Guernsey) Law, 1999, took effect from 1 October 2023. This guidance is for registered directors only as it reflects the very limited activity they can undertake. Please view and/or download the guidance document by clicking the button below. |
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Policy & Resources Committee publishes the first States Investment Board Annual Report |
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The Policy & Resources Committee has published an annual report on the work of the States' Investment Board which commenced its work at the beginning of 2022. In future years the report will be appended to the States' Annual Accounts in line with the direction from the States Assembly. This inaugural report is being issued as a standalone document. The report provides details of the work undertaken by the States Investment Board in 2022, including: Tendering for an investment advisory service Restructuring investment pools Producing an Investment Strategy Measuring performance
To read the full article and to download the report, please click the button below. |
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Committee for Economic Development welcomes new Paris air link |
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The Committee for Economic Development welcomes Aurigny's announcement that it will launch a new, twice-weekly, year-round service to Paris Charles de Gaulle Airport. The service will operate on Fridays and Mondays, beginning in Spring 2024. Deputy Neil Inder, President of the Committee for Economic Development, said: "Aurigny's Paris air link will be an exciting addition to Guernsey's route map, by providing additional connectivity to France and beyond. It will increase destination choice for our residents, enable new visitors to discover the Islands of Guernsey, and provide local business with new trade prospects and onward connectivity options." Nico Bezuidenhout, Chief Executive Officer, Aurigny, said: "Introducing a regular Paris service complements Aurigny's existing seasonal offerings between Guernsey and Europe. Providing a regular and direct link to a European hub airport benefits business and leisure travellers alike and enhances the air connectivity of the island." |
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Actuarial valuation shows public sector pension fund value has fallen to around 89% |
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The Policy & Resources Committee has sought advice from the public sector pension scheme's independent actuaries on a proposal to suspend employer contributions to the scheme for three years. The advice warns strongly against such action, and that the latest estimate for the scheme (pending the full valuation due at the end of 2023) is that it is currently around 89% funded. The proposal to stop payments to the scheme for three years comes in the form of an amendment, led by Deputies Soulsby, St Pier and Kazantseva-Miller. It was put forward earlier in October for States' debate on how to fund essential investment in public infrastructure and return public finances to a sustainable position. The most recent full valuation for the Fund dates back to 2020 but found the Fund was more than fully funded, at 107%. However, the latest update shows it has now fallen below 90%. The States' agreed policy is that it is required to take action when funding drops below 90%. Therefore, if that deficit persists at the next formal valuation, employer contribution rates would need to increase. This makes withholding of contributions totally untenable. |
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The 2024 Budget was published on Tueaday 10 October, and reflected the ongoing cost pressures facing the public sector as demand for services continues to rise. The Budget projects a small revenue surplus for 2024, before taking into account any spending on infrastructure. After allowing for an infrastructure spend of 2% of GDP (the States' target for average capital expenditure over the long-term) this would be a deficit of around £50m. This year's Budget is published at a time when the final amount the States will spend on capital in 2024 (and the following years) is to be decided, and is the subject of the debate on the Funding & Investment Plan and Capital Portfolio. For further information and to download the 2024 Budget document, please click the button below. |
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Upcoming dates to note for your diary are included below. Remember to check our interactive events calendar to book industry presentations and other events that may be of interest. |
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Members are warmly invited to the next GAT Luncheon taking place on Wednesday 15th November at 12.30pm in the Regency Room of the OGH Hotel. Our guest speakers will be Lucie Meagher and Annabel Mackenzie of Ruffer. Lucie and Annabel are both Investment Directors, looking after clients and their investment portfolios in both the Channel Islands and the UK and will be presenting "Lessons from nature - portfolio construction for an environment of volatility and uncertainty." A short talk from Lawrence Malcic of the Victor Hugo Centre will precede the main presentation, within which opportunities for Trustees to be involved in this philanthropic project will be outlined. GAT Chair, Rhona Humphreys will also deliver the latest industry update. |
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STEP Guernsey Lunchtime Lecture 2023/2024 Series |
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Venue: The Colborne Room, OGH Hotel Date/Time: Thursday 9th November, 12pm Topic: Living with the LCF Law Speaker: Helen Wyatt, Mourant During this session, Helen, Partner in the Corporate Practice of Mourant, will draw on experiences and issues which have been raised since the implementation of the Lending, Credit and Finance Law on 1st July 2023. Helen will cover the following: Where are we now? Are your (new/existing) activities in scope or disapplied? Applying for exemptions/licensing Typical GFSC timing/conditions
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A selection of upcoming courses through the GTA How to Read a Set of Accounts For those not used to dealing with accounts, trying to read and interpret a set of accounts can seem a challenge. This course will help you to understand the terminology so that you can understand what you are reading. Cost: £325
Date: 7 November 2023
Venue: GTA University Centre
Times: 09:30 to 16:00
Further details and registration here Fund Administration – Refresher for the Advanced The course is aimed at those who have worked in the fund administration sector for 5 years and will provide an opportunity to enhance knowledge and understanding of the practical elements of fund administration across listed, unlisted, open and closed ended structures. Cost: £325
Dates: 8 November 2023
Venue: GTA University Centre Times: 09:00 to 17:00
Further details and registration here FATCA & CRS – A Practical Workshop This course aims to provide practical assistance in understanding entity classifications and reporting obligations for both FATCA and CRS. The course will use real life structures in a workshop format to deepen your understanding of FATCA and CRS entity classifications and reporting obligations. Cost: £215
Start Date: 10 November 2023
Venue: GTA University Centre
Times: 09:30 to 13:00
Further details and registration here Advanced Minute Taking for Guernsey Fund and Trust Professionals This course is designed to build upon existing knowledge of minutes and minute taking to provide additional skills to those who take minutes, to improve effectiveness, efficiency and confidence and improve understanding of the entire process. Cost: £215
Date: 17 November 2023
Venue: GTA University Centre Course Length: 09:30 to 13:00 Further details and registration here Practical Learnings from Recent Enforcement Cases Join us for an interactive discussion on the key practical learnings that can be gleaned from the recent enforcement cases in Guernsey and Jersey. We will look at public statements to identify what actions you can take and what measures you can apply in your role and in your firm. Cost: £215
Date: 20 November 2023
Venue: GTA University Centre Course Length: 09:30 to 12:00 Further details and registration here Please contact steve.lasenby@gta.gg, GTA Programmes Manager, for further details on any of the above courses. |
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Guernsey Private Wealth Forum 2023 - Thursday 02 November 2023 |
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The 2023 PWF will welcome Sir Trevor Macdonald as its keynote speaker. One of the most recognisable figures in British journalism, Sir Trevor has worked for the BBC, ITN and Channel Four News during a career which has seen him covering the biggest stories of the twentieth century. Sir Trevor will take part in a fireside chat with Guernsey Finance Chief Executive Rupert Pleasant at the forum, which is the flagship event for Guernsey’s Private Wealth sector. Titled Changing Families in a Changing World, this year’s forum will explore the nature of change and explore changing cultural dynamics, examine the non-nuclear family, and the discuss importance of the next generation. The full line up of speakers and programme can be viewed by clicking the button below. Should you have any questions, please contact Emily Wild. |
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23 Impact - The new platform to enable online networking opportunities. |
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Building a robust network can open doors to a world of opportunities, and the new Philanthropy Impact platform will help you do it in an easy and safe way. Discover your peers and the 23 services to increase and improve philanthropy, social investment, and impact investment journey. Please click the button below or get in touch with Morgan Axinn Cattai to learn more. |
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Navigating Uncertainty in 2024: The Relevance of Yet Another ‘Looking Ahead’ article |
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In the absence of having a crystal ball, Lezanne Kretschmer – Aspida’s Head of Company Secretarial Services, thought it might be a worthwhile endeavour to ask her colleagues what they think the future might hold, and their insights provide a thought-provoking roadmap for Boards and Leaders in navigating the uncertainties of 2024 and beyond. Cautionary tales or pearls of wisdom – you decide. They’ve shared what Boards and Leaders might need to consider, either in general or specifically by adding it to the top of their agendas. Please click the button below for their insights: |
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It’s a very, very mad world |
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Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop? You can read our take on these unique dynamics by clicking the button below. Please contact Rachel Holdsworth if you have any questions. |
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We believe that strong relationships are the key to good business. That’s why our Islands Commercial team are by your side to support you and your business every step of the way. We’re here for your business whenever you need us. Contact us or visit our website for more information. |
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Did you know we have a LinkedIn page? |
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