Welcome to your April 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 April 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 Technical Committee continue to focus on industry-representative responses to consultation papers and are also consulting with the Guernsey Registry on an on-going basis with concerns about the proposed changes. Please see the most recent papers and our responses below or via the Members' Area. |
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Our next luncheon will take place on Monday 15th May in the Regency Room at the OGH, when Peter Mills of our sponsors Aspida Group will be presenting "A risk based approach – insight on recent GFSC updates for the 2nd and 3rd line”. Booking is available below in the Events section or via Eventbrite. 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 April newsletter. Kind regards Rhona Humphreys GAT Chair |
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Response to the Consultation on Amendments to Schedule 3 to the Law regarding Independent Audit, Business Risk Assessments and VASPs |
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The Commission issued a consultation paper on 28th March 2023 on proposed amendments to Paragraphs 3 and 15 of Schedule 3 to the Criminal Justice Law, 1999 (as amended) and associated rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing in relation to an independent audit function and on business risk assessments. The consultation included further development of the regulatory framework for virtual assets service providers proposed in a draft ordinance to the Law which will provide for the information requirements for virtual asset transfers, the introduction of a £1,000 threshold on virtual asset transactions over which customer due diligence will be required and extension of the definitions of “funds” and “property” to specifically include virtual assets. You may view and/or download the GAT/STEP Joint Technical Committee's submitted response by clicking the button below or in the Members' Area on the GAT website. The consultation paper and associated draft legislation and Handbook changes can be found on the Commission’s Consultation Hub. |
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Applications under The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 |
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The Commission would like to extend thanks to those who took advantage of the early submission window and associated discounted fee structure. The Commission received a significant number of applications during this period which ran from 1 February to 31 March 2023. As a large number of applications were received at the same time, please note it may take several weeks for the Commission to get in contact with everyone who has submitted during this time. In reviewing the payments received alongside these applications, it has been noticed that a number of overpayments have been received as several firms appear to have misunderstood the LCF fee structure. Whilst different charges are attached to the different activities that are licensed under the LCF Law, where an applicant intends to carry out multiple activities, only the higher fee will be charged. The Commission is reviewing all payments received along with the relevant activities requested in each application and will be in touch in due course with applicants who have overpaid to arrange for the return of the excess funds. The Commission is now working through all the application submissions received by 31 March 2023 with the aim of having reviewed them all by 1 July 2023 when the new regime becomes effective. |
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Guernsey reaffirms commitment to combatting financial crime at MONEYVAL Ministerial meeting |
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Deputy Jonathan Le Tocq, Guernsey's political lead for External Relations, has formally reaffirmed the Island's commitment to combatting financial crime at a high-level Ministerial meeting, which was held at the invitation of Poland's Minister of Finance in Warsaw yesterday Tuesday 25th April. The meeting was attended by Ministers and high-level delegates from 32 countries and international organisations who have a role in preventing financial crime around the world. In a written declaration, all jurisdictions including Guernsey affirmed their commitment to international and regional efforts to combat money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction, and to join the Ministers' Deputies of the Council of Europe in strongly condemning the continued aggression of the Russian Federation against Ukraine and confirm our full support for Ukraine and its people. The meeting also provided the opportunity for bilateral meetings with Ministers from the other Crown Dependencies and the United Kingdom to discuss a variety of common issues relating to combatting financial crime. Deputy Le Tocq said: "Guernsey has long been committed to playing a full part in international efforts to combat all forms of economic crime. This visit has enabled us to reiterate that commitment by voicing our support for the next phase of MoneyVal's work." |
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Guernsey climbs the ranks in latest Global Financial Centres Index |
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Guernsey has risen 12 places in the latest Global Financial Centres Index. Published by a City of London think-tank, Z/Yen, the Index provides evaluations of competitiveness and rankings for the world’s major financial centres. Guernsey is one of just two jurisdictions in Western Europe to rise 10 places or more, reflecting the financial centre’s reputation for stability, security and depth of expertise. Head of Strategy and Sustainable Finance, Stephanie Glover, said the results of this Index are encouraging: “It is gratifying to see Guernsey perform so well in this evaluation. Despite the many unprecedented global challenges of recent years, Guernsey has remained a secure and stable jurisdiction for financial services, boasting impressive breadth and depth of expertise across our various financial services sectors.” The report reviews five areas of competitiveness - business environment, human capital, infrastructure, financial sector development and reputation. Generally, Western European centres performed well, with the ratings showing a high degree of stability and the average being just 0.18% lower than the last Index. However, Guernsey showed an above average uplift, with an increase of 17 points. Overall, the Index suggests that, while there is considerable variation across centres, confidence in financial centres and the world economy remains high, despite the instability caused by the continuing war in Ukraine and other macro-economic factors. Read the full report by clicking the button below. |
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2023 Economic Activity Return |
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The Economic Activity Return seeks to collect information on economic activity in Guernsey and Alderney to improve the accuracy of the Factor Income, Gross Value Added (GVA) and Gross Domestic Product (GDP) figures and forecasts that are published by the States of Guernsey. Around 500 employers with operations across a range of sectors are selected to complete a Return each year. Selected employers will need to provide information on their income and expenditure over the past two years and forecast or budgeted income and expenditure for the next two years. Selected employers will be sent a letter to inform them that they are required to complete an Economic Activity Return in 2023. Only those that are sent such a notification are required to complete a return. Employers will be selected as follows: All employers in Guernsey (including Guernsey, Herm, Jethou and Lihou) with more than 25 employees will be selected every year. A representative sample of remaining employers in Guernsey, selected from across all business sectors. The employers selected will be rotated from year to year, but some may be included for two consecutive years to ensure statistical integrity. All employers in Alderney (initially, with a review of this approach being undertaken in 2024). For employers operating from both Alderney and Guernsey, a separate return will be required regarding each entity.
By the end of April 2023, all the notifications will have been issued to those required to complete a Return in 2023 and the deadline is 31st July 2023. For further information 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 save the date for the next GAT Luncheon of 2023, taking place on Monday 15th May in the Regency Room of the Old Government House Hotel. Peter Mills from GAT sponsors Aspida Group will be presenting “A risk based approach – insight on recent GFSC updates for the 2nd and 3rd line”. GAT Chair, Rhona Humphreys will deliver a welcome and industry update. Booking is available now via Eventbrite or by clicking the button below and members will also receive an event invitation. The dates of future luncheons can be viewed and/or booked via our interactive calendar at http://www.guernseytrustees.org/calendar |
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STEP Guernsey Lunchtime Lecture 2022/2023 Series |
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Topic: Impecuniosity, Dishonesty & Mistake - Big Case roundup Speakers: Mathew Newman and Sandie Lyne, Ogier Date/Time: Thursday 11th May 2023, Colborne Room, OGH Hotel, 12-1pm During this session, Mathew and Sandie, Partners at Ogier, will talk about the recent Z Trusts and ITG cases in relation insolvent trusts, a case involving proving dishonest assistance against a trustee, two recent rectification cases and some cases on trustee costs recovery in administrative trusts proceedings. |
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AI & Finance in Guernsey: The Power and the Implications |
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Learn more about the power and potential of AI at a one-day conference jointly organised by the Guernsey Financial Services Commission and Guernsey Finance. This event will feature keynote speakers and educational sessions where you can hear more about the potential impact of AI on the finance industry. Venue: Beau Sejour Leisure Centre, St. Peter Port, Guernsey Date: Wednesday 28th June 2023 Please register your interest by emailing rsvp@gfsc.gg |
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A selection of upcoming courses through the GTA |
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Data Protection Workshop This one day course provides a practical guide to implementing a compliant data protection regime within a business and has been updated to provide details of the new Registration and Levy regime, the role of the ODPA Levy Collection Agent and the new guidance around being “registered” in the Bailiwick of Guernsey. Cost: £295
Date: 5 May 2023 Venue: GTA University Centre
Times: 09:30 – 16:30
Further details and registration here. Making Big Decisions with Authority This online course comprising three 2.5 hour virtual sessions is designed for anyone carrying the burden of responsibility, authority or accountability for making big decisions. The course provides clear, simple methodologies that can be applied to decision-making. Very few executives receive formal training on making decisions – yet their choices dictate the future of their organisations. Cost: £450
Dates: 23 May 2023, 6 June 2023 and 20 June 2023
Venue: Online Times: 09:00 – 11:30
Further details and registration here. Management of Outsourcing Risk This half day workshop introduces the principles of outsourcing and looks at the selection and appointment of service providers, including the due diligence requirements and ongoing monitoring and oversight. The session will be of particular interest to directors, risk managers, compliance/governance and audit staff. Cost: £195
Date: 23 May 2023
Venue: GTA University Centre
Times: 09:30 to 12:30
Further details and registration here. Trust and Company Bookkeeping – Level 1 This one day session gives trust administrators and those new to client accounting a sound grasp of basic trust and company accounting. It will ensure that you understand debits and credits and the basics of preparing simple financial statements. Cost: £355
Date: 24 May 2023
Venue: GTA University Centre
Times: 09:00 – 17:00
Further details and registration here. Advanced Minute Taking for Guernsey Fund and Trust Professionals This half day 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 effectiveness, efficiency, confidence and improve understanding of the entire process. Cost: £195
Date: 25 May 2023
Venue: GTA University Centre
Times: 09:30 to 13:00 Further details and registration here. Introduction to Trust Law and Administration This 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. Cost: £295
Date: 31 May 2023
Venue: GTA University Centre
Times: 09:30 to 16:00 Further details and registration here. Please contact camilla.hobbs@gta.gg, GTA Programmes Manager, for further details on any of the above courses. |
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Guernsey Private Wealth Forum 2023 - Save the Date |
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Save the date for the return of the annual Guernsey Private Wealth Forum in London, where experts will discuss the latest trends in the sector and share the strengths of Guernsey as a jurisdiction of choice for private wealth. Providing specialist wealth management services for sophisticated clients and their families is a long-established tradition for Guernsey. With its robust constitutional, legislative and regulatory framework, the island provides a safe and secure environment for private wealth. More information on speakers and content to follow, should you have any questions, please contact Emily Wild. |
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Read Jonathan Ruffer’s latest Investment Review |
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Portfolios have been alert to the dangers of a liquidity crisis for some time. Now that it has arrived, Ruffer’s task is to analyse how events are likely to play out. Certainly, it doesn’t appear to be a repeat of 2008. It isn’t quite like 1929 either. Reaching for either of those investor playbooks would be a mistake. But, as Jonathan Ruffer notes in his latest quarterly review, past circumstances can be instructive. Click the button below to read the review. 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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