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

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.

Please note:  GAT responses to the following consultation papers have been added to the Members' Area for your information:

• Statutory Instruments proposed to be re-issued
• Proposed replacement of the current Fiduciary Rules, 2020 by the new Fiduciary Rules, 2021
• Ancillary Vehicles
• P&R Charities and NPOs consultation

Message from the Chair

GAT is closely monitoring the States of Guernsey covid updates and guidelines, and the event will take place only if able to adhere to these. Members will be informed of changes or cancellations in advance and tickets are fully refundable.  Booking is available below.

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

Enjoy your December newsletter and may I take this opportunity to wish all our members a wonderful festive period.

Kind regards

Rhona Humphreys

GAT Chair

Annual Validation filing deadline

Members are reminded that Guernsey Company Annual Validations will need to be submitted to the Guernsey Registry by Monday 28th February 2022 in order to avoid penalties, together with payment of the appropriate fee.

GFSC - Expiry dates of discretionary exemptions

Members are reminded that the GFSC now attaches expiry dates to discretionary exemptions. Licensees are requested to ensure that they have diarised expiry dates for discretionary exemptions and apply for renewal at least 1 month before the expiry date. They are also reminded that the exemption applies solely to the regulated activities specified in the application, and has been granted based on the information provided in that application.  

A new application and fee must be submitted to authorisations@gfsc.gg in respect of any material changes to the structure not addressed in an application for a change of control.

Where no material change to the structure detailed within the original application occurs, a written renewal request should be submitted to IFPD@gfsc.gg no later than a month before the expiry of this exemption.  No fee will be payable in this circumstance.

Please inform the Commission if the discretionary exemption is no longer required in order that it may be revoked. 

GFSC - Professional Indemnity Insurance Consultation Paper

GAT has been made aware that many licensees have encountered issues with Professional Indemnity Insurance and have been encouraging the Commission to take action. 

We are pleased that the Commission has agreed to consult on this matter. Please find the Consultation Paper below. The online survey can be completed by clicking the button, or alternatively please email any questions or comments to Stephen Trevor so that the importance of the matter is reiterated and your comments are taken into account.

NEWS

Responses to the Population and Immigration Policy Review encouraged

The consultation questions for the Population and Immigration Policy Review, chaired by Deputy Prow, can be found below.

The review would welcome the views of GAT members in response to this document and members are encouraged to take the survey by 31st January 2022 by clicking the button below.

Please contact Steve Wakelin, Strategic Lead for Place Policy at steve.wakelin@gov.gg with any questions or comments.

Independent members appointed to join new States' Investment Board

The Policy & Resources Committee has appointed three independent members to join the newly formed States' Investment Board, which will provide independent investment expertise and governance to all States' funds.

The appointed members are:

Richard Crowder (Chair);
Paul Meader; and
Henry Freeman.

The three appointed members will join the States' Treasurer, Bethan Haines, to comprise the States' Investment Board. The official start date for the Board is 1st January 2022.

The main responsibilities of the Board will be to monitor investment strategies, appoint expert investment consultants, review and consider investment performance, appoint and dismiss investment managers and produce an annual report outlining the past year's investment performance.

The Committee for Home Affairs is looking for candidates to join the Data Protection Authority

The Data Protection Authority oversees the delivery of the Bailiwick's regulatory regime for privacy and data governance, provides strategic direction and oversight, and safeguards the independence of the Data Protection Commissioner. This is all with the goal of ensuring Guernsey continues to provide the highest level of protection for personal data.

The role would require a commitment of six days a year.

Candidates should have experience advising senior stakeholders on governance matters and experience working in data protection would also be welcome. They should make an expression of interest to the Office of the Committee by emailing HomeAffairs@gov.gg. A candidate brief can also be obtained from the Office.

Saudi Arabia and the Care Home Crisis

Saudi Arabia’s wealthiest families have profited at the expense of Britain’s most vulnerable care homes residents.

A company run by millionaire Saudi Olympic showjumper Kamal Bahamdan owns HC-One – which, with 265 facilities and bed capacity of 16,116 in England, is the country’s largest care home operator.

HC-One stands accused of siphoning off millions from its heavily-subsidised care homes to its private equity owners in the Cayman Islands, via a legal yet complicated business structure.

The Commission warns that reputationally this risk could exist in Guernsey as much as in Cayman. Members are encouraged to consider the risks detailed in the article in light of their own businesses.

Notification of Surrenders and Suspensions from licensees and registrants

A reminder to members that ahead of distributing 2022 annual fees, licensees and registrants who wish to surrender or suspend their licence (or one that they administer) must notify the Commission in good time ahead of the New Year.

If the Commission does not give consent to a surrender or a suspension based on the notification requirements set out in the regulations, then licensees or registrants may be liable to pay their 2022 annual licence fee in full next year.

The Commission wishes to advise that it will not accept Surrenders and Suspensions from licensees and registrants on Christmas Eve or New Year's Eve without prior arrangement.

GAPP confirms plans for ESG framework

The Guernsey Association of Pension Providers (GAPP) is continuing its leadership in the international retirement and saving plans space by announcing plans to work on an Environmental, Social and Governance (ESG) framework for its members.

GAPP President Stephen Ainsworth said the move was in response to indications that more members would welcome guidance on the growing emphasis on ESG issues for pension plans.

Although there is no fixed timescale for its release, as GAPP wants to ensure enough time is spent getting the framework right, there is a hope that it can be published around mid-2022.

“Pension plan members are starting to question how their pension assets are being invested and are demanding ESG-friendly options,” Stephen said. “As a result, the GAPP Committee decided to create a specialist ESG committee to research the issues. We rapidly concluded that the guidance should be within an overarching framework, and so we needed to start with that.”

“Guernsey has for many years been the leading location for international retirement and savings plans and has provided thought leadership in the international pensions space. The ESG Framework is just the latest aspect in this ongoing development.”

EVENTS

GAT Members' Luncheon - Wednesday 12th January 2022

The next GAT Luncheon will take place on Wednesday 12th January 2022 in the conservatory at Moores Hotel. Leading up to the event we will be closely monitoring the States of Guernsey covid guidance and complying with all relevant restrictions.  Should the event be unable to go ahead, tickets will be refunded in full.

Our guest speaker will be Tony Mancini from our sponsors KPMG, who will be presenting "OECD work on the digital economy and global minimum taxes." 

The luncheon will also feature an industry update from GAT Chair, Rhona Humphreys. 

The 2021/2022 series of STEP Lunchtime Lectures continues with the ninth lecture and the first of the new year, presented by Ben Rhodes of Grant Thornton on Monday 10th January 2022.

STEP is closely monitoring the States of Guernsey guidance regarding the holding of events and subsequently this lecture is planned to be delivered virtually.

Ben, who is Grant Thornton's Insolvency Practitioner, Fraud Examiner and Director of Grant Thornton Channel Islands will present "Liquidations, insolvency, forensic investigations and director duties" which will provide an overview of insolvency procedures available in Guernsey, including changes proposed under the Guernsey insolvency law reform. 

This seminar will also touch upon forensic investigations and director duties, and will include case studies referencing what can go wrong and how problems can be avoided.

January Courses by the GTA

STEP Advanced Certificate in UK Tax for International Clients

This online course deals with what a private client expert needs to know to understand the impact of UK Tax on three particular client groups: a non-domiciled UK resident individual; trustees, settlors and beneficiaries of a non-UK resident trust, and participators in a non-UK holding company.  The aim of this course is to support delegates looking to acquire a sound understanding of these complex rules.

Cost: £845
Enrol by: 14 January 2022
Venue: Online Self-study
Duration: 4 months
Further details and registration here

AML and CFT Annual Update for Guernsey
This popular half-day course, designed for those with some experience of the financial services industry, will offer an interactive and engaging opportunity to brush up their knowledge of anti-money laundering and combatting the financing of terrorism regulation in Guernsey.

Cost: £195
Date: 19 January 2022
Venue: GTA University Centre
Times: 09:00 to 13:00
Further details and registration here

MSc Corporate Governance/Graduate CG
This part time two and a half year master’s programme will provide students with a highly specialised set of skills and develop their ability to appreciate and influence the factors governing corporate affairs.  It is essentially a mix of finance, law and governance focusing on the role of corporate administration.  The next cohort will be taught entirely online through the GTA along with regular group discussion sessions in person at the GTA.

Cost: £12,000
Course Start Date: 21 January 2022
Venue: Online
Duration: 2.5 years
Further details and registration here

STEP Advanced Certificate in Advising the Family Business
This online course explores what differentiates family businesses from other types of clients; provide students with a deeper understanding of the theories and frameworks that are needed to better understand business dynamics and examine common concerns, transitions and difficulties encountered within a family business.

Cost: £895
Course Start Date: 21 January 2022
Venue: Online
Duration: 4 months
Further details and registration here

Demystifying Finance
This comprehensive course  has been designed to provide those working in management from a non-accountancy background with all the tools they will need to master the essentials of company accounting and bookkeeping.  The three half day sessions (Essential Accounts, Management Accounts – back to basics and Understand and Interpret Data like a Pro) are designed to complement each other but delegates are able to pick individual sessions if this better meets their needs.

Cost: £553.50 (for all three sessions or £205 per session taken individually)
Dates: 24 January 2022, 31 January 2022 and 7 February 2022 (three half days)
Venue: GTA University Centre
Length: 09:00 to 13:00
Further details and registration here

Please contact Camilla Hobbs GTA Programmes Manager for further details on any of the above courses.

Practical Learnings from Recent Enforcement Cases

Les Cotils – 9th February 2022
2 sessions available: 9.00 – 11.30am or 1.30 – 4.00pm
£200 per session (2 hours CPD)

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.

The course is relevant for:

• Board members including Non Executive Directors
• All persons holding a supervised role with the GFSC
• Compliance and Financial Crime Team
• Anyone wishing to understand the most recent failings by regulated firms and persons

Numbers are restricted to 15 per session to encourage open discussions amongst all participants.

To reserve your space please email cathy@advisoryservices.gg

SPONSOR ARTICLES

Aspida Group would like to thank you for your support throughout 2021 and we look forward to working with you in 2022.

To avoid generating unnecessary waste, and to give something more meaningful than a printed Christmas Card this year, we'll be making a donation to our local fundraising efforts to purchase a new defibrillator at Jerbourg Carpark. 

You can take a look at what we have been up to at Aspida this year, read our latest insight pieces, find out what we have been doing in the community and learn of our support in professional development by clicking the button below.

Many options, little choice: The inflation protection toolkit

The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equities which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio build for the world which we are leaving.

Please click the button below to read how we think the risk of inflation might be mispriced, and why it may pay to be prudent.

Please contact Rachel Holdsworth with any questions.

Carey Olsen named best Guernsey law firm by Who's Who Legal for sixth successive year

Carey Olsen has been named Guernsey Firm of the Year at the 2021 Who's Who Legal Awards – the sixth year in a row the firm has won the jurisdictional accolade.

The annual awards, which celebrate the world's leading law firms in more than 70 jurisdictions, are based on the performance of law firms and individuals during Who's Who Legal's annual research process.

For the 2021 research process, Carey Olsen had 11 of its lawyers recognised as Global Leaders across four different practice areas:

• Asset recovery – Tim Corfield, John Greenfield and Karen Le Cras
• Commercial litigation – John Greenfield
• Private client – Russell Clark, Konrad Friedlaender, Karen Le Cras and Laila Arstall
• Private funds – Christopher Anderson, Andrew Boyce, Tom Carey, David Crosland and Ben Morgan

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