Welcome to your February 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 February 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. This month sees the industry busy with submissions, for which the deadline is today for most. Please see a list below as a reminder. |
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The GAT/STEP Joint Technical Committee continue to work to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis and raise concerns about proposed changes. All consultations and responses where relevant, can be found in the Members' Area. If there are any future consultations which you would like to feedback on, we always welcome members' input. Please email info@guernseytrustees.org The next GAT Luncheon will take place on Wednesday 20th March when Tony Lane of Carey Olsen will be covering the changes to the Registry laws – and exploring what has changed, and why. 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. Kind regards Rhona Humphreys GAT Chair |
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Expressions of interest to join the GAT Committee invited |
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Expressions of interest are invited from members who would like to consider standing for election to the GAT Executive Committee, due to the tenure of current committee members coming to an end in July 2024. Should you be interested or like further information, please contact us. |
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Annual Validation - deadline 29/02/2024: Login details must have been updated on the new Registry Services Portal, with authorised filers registered. Other changes include the requirement to indicate if the company holds any high value assets with a market value of over £5m, and some amendments to commercial and business relationship questions are framed. For more information see HERE. ODPA Registration: Any company working with data about or related to identified (or identifiable) living people is legally obliged to maintain an annual registration with the Office of the Data Protection Authority. More information can be found HERE on how to register or renew. 2022 Tax returns: The deadline for filing your 2022 tax returns also today, 29 February. If you require assistance or have any questions regarding the filing process, please contact the Guernsey Revenue Service or consult with your accountant. Meeting the tax filing deadline is essential to avoid penalties and ensure compliance with tax laws, for further information see HERE. |
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Updates to the AML/CFT/CPF Handbook |
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On Friday 16 February the Commission issued an updated Handbook on Countering Financial Crime (AML/CFT/CPF) following a consultation on rules and guidance to support the extension of the existing obligations upon specified businesses to countering proliferation financing. The updated Handbook supports the changes which the States of Guernsey Policy and Resources Committee has made by regulation to Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999. The consultation also included amendments following the recent publication of the second national risk assessment on the money laundering, terrorist financing and proliferation financing risks to the Bailiwick, changes to the rules on pooled bank accounts for local businesses and changes to Chapter 12 of the Handbook on UN, UK and Bailiwick sanctions, as well as other minor changes. |
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Updates to Sanctions, Terrorist Financing and Proliferation Financing Guidance |
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Towards the end of 2023 the Policy & Resources Committee issued a number of updates to its guidance on Sanctions, Terrorist Financing and Proliferation Financing including issuing an online Proliferation Financing training module, and presentation slides from recent industry presentations. The Commission has updated its webpages on Sanctions, Terrorist Financing, and Proliferation Financing to reflect the additional guidance and documents issued and would encourage firms to familiarise themselves with this new guidance. |
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Financial Intelligence Unit 2023 annual report released |
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The Bailiwick of Guernsey Financial Intelligence Unit's 2023 annual report has been published, highlighting another productive year for the organisation. Throughout 2023, the FIU made significant changes to the online reporting system 'THEMIS', helped Guernsey adopt and implement new legislation, and increased its outreach and support to ensure closer working between the private sector and themselves. The Bailiwick's FIU acts as the competent authority and national centre for the receipt, analysis, development, and timely dissemination of Suspicious Activity Reports from the finance industry. Its analytical and intelligence development functions are critical components of the Bailiwick's regime on anti-money laundering, countering the financing of terrorism and countering proliferation financing. |
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Applications invited for a new States Investment Board Chair |
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The States of Guernsey is looking for a new Chair of the States Investment Board (SIB). The SIB is responsible for the governance and management of all States investment portfolios, which total approximately £3billion. The States is looking for community-focused candidates with significant experience in managing large investment portfolios, good governance practices and risk management. The President of the Policy & Resources Committee, Deputy Lyndon Trott said: "This is an important role, as the States of Guernsey has very substantial investments which it must manage to achieve the best possible outcomes for the Island. That is why we are looking for someone who has both the right professional experience but also a strong sense of community commitment." The SIB is a non-political board which does not have political representation, but it is accountable to the Policy & Resources Committee which is also responsible for appointing the Chair. More information on the role, and details on how to apply, are available HERE. |
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Appointment of Independent States Members' Pay Review Panel |
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The Policy & Resources Committee has now appointed an independent panel to review States Members' remuneration for the next political term, and the panel has held its first meeting. The successful applicants are: Mr Richard Hamilton, who will chair the panel, Mr Ed Freestone and Mr Michael Fooks. Between them, the panel members have a wealth of experience across the public and private sectors and during their respective careers have examined pay issues from both a management and staff perspective. Vice-President of the Policy & Resources Committee, Deputy Heidi Soulsby, said "The Committee is delighted that it has been possible to appoint a team with such a diverse range of experience, which will no doubt prove invaluable as the panel progresses its work." The panel met for the first time on Wednesday 17th January and agreed that the first phase of its review will commence soon, with a questionnaire to all Deputies. Public consultation will follow in the spring. |
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Guernsey-based Funds Channel £57 billion into UK Economy |
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The contribution that Guernsey’s finance sector makes to the UK economy has been highlighted in research conducted by Frontier Economics – one of the largest economic consultancies in Europe. The report shows that a significant proportion of this investment into the UK would not have occurred if these funds were domiciled elsewhere. The findings also highlight that UK fund managers are generating more than £2 billion of fees from Guernsey-based funds annually, generating additional tax revenue for the UK. In addition, the island has significantly helped the UK investment management sector become more competitive and more efficient, as well as giving them access to new clients. According to the research, Guernsey’s insurance, pension and private wealth sectors also have a positive impact. The island is Europe’s largest domicile for captive insurance which leads to insurance business flowing through London’s wholesale insurance markets which, without the island’s expertise and regulatory framework, would go elsewhere in Europe or further afield to Bermuda, Cayman Islands and the USA. |
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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 20th March 2024 at 12.30pm in the Regency Room of the OGH Hotel. Our guest speaker will be Tony Lane of Carey Olsen who will provide an overview of the changes introduced in 2023 to the various Laws which contain the powers of the Guernsey Registry, the obligations to file documents at the Registry and the obligations to maintain and provide access to the records of legal persons established in Guernsey. GAT Chair, Rhona Humphreys will also deliver the an 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: Wednesday 6th March, 12pm Topic: The Potential Impact of a Labour Government on non-UK Trusts Speaker: Alan Kennedy, Trident Tax Alan, Managing Director at Trident Tax, will cover the potential impact of the abolition of the remittance basis by a future Labour Government and discuss how this could affect non-UK trusts. |
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Guernsey Funds Forum 2024 |
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The next Guernsey Funds Forum will be held on Wednesday 15 May 2024 at 155 Bishopsgate in London. The event aims to grant access to new expertise through specialist speakers, such as opening keynote Miles Celic, CEO of TheCityUK, and engaging panel sessions, plus there’s plenty of opportunities to grow your network. The first panel titled: ‘Tech, sustainability and health assets – capital raising in today’s economic climate,’ explores capital raising in the current environment against the backdrop of a developing technological landscape, including AI. The second panel, titled: ‘Exploring the future of funds,’ will focus on continuation and follow-on funds, secondary markets, tokenisation, and ancillary vehicles and carried interest vehicles. The event will conclude with what promises to be a fascinating closing keynote speech from ‘the world’s greatest living explorer’ Sir Ranulph Fiennes. If you have any queries on this event, please contact Leanne Cuttill or Fiona Murray. |
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A selection of upcoming courses through the GTA AML and CFT Annual Update For Guernsey This course has been designed specifically for middle-level staff with some experience of the financial services industry, who have received AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) training in the past. Cost: £215
Date: 12 March 2024
Venue: GTA University Centre Course Length: 09:00 to 13:00 Further details and registration here Company Law and Administration – Intermediate Course This course builds on your existing knowledge of Guernsey company law and will also give you guidance in respect of the requirements in other offshore jurisdictions. Cost: £325
Date: 12 March 2024
Venue: GTA University Centre Course Length: 09:30 to 16:00 Further details and registration here Sustainable Education Series Session 2: Fiduciary Duty – A Practical Guidance for Sustainable Outcomes This is an interactive session which will look at the theoretical case for consideration of sustainable outcomes in the exercising of fiduciary duties as well as what steps fiduciaries need to consider in practice. Drawing on legal, regulatory and sustainable investing advisory expertise, this will bring to life a critically important topic. Cost: £50
Start Date: 14 March 2024
Venue: GTA University Centre
Times: 12:30 to 13:45
Further details and registration here An Introduction to Compliance This course is designed for those wishing to learn about Compliance or looking to work towards becoming a Compliance Officer in the financial services industry. Cost: £215
Date: 19 March 2024
Venue: GTA University Centre Course Length: 09:00 to 12:30 Further details and registration here The positions of MLCO and MLRO – a detailed overview This masterclass details the roles and responsibilities of the MLRO and MLCO within the Guernsey Financial Services Industry. The session will provide you with a thorough understanding of duties to be undertaken under the new requirements of the Guernsey Financial Services Commission’s Handbook for Financial Crime and to enhance the application of the anti-money laundering regime. Cost: £215
Date: 28 March 2024
Venue: GTA University Centre Course Length: 09:00 to 13:00 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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A Word on Trusts webinar - Wednesday 13 March 2024 |
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With markets pricing in multiple rate cuts for 2024, investors appear content that inflation is yesterday’s problem. But if inflation proves stickier than forecast and central banks are unable to grant the market the rate cuts it’s expecting, risk assets could be vulnerable. In this month’s green line, Fund Manager Steve Russell suggests the inflation picture may not be quite so rosy as market pricing suggests. Please contact Rachel Holdsworth if you would like to discuss further |
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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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