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.

Message from the Chair

The next GAT Luncheon will take place on Thursday 10th November when our sponsors Ruffer will be presenting "The Inflation Genie is out of the Bottle – the Impact on Investment Portfolios and Trustees". Booking is now available via Eventbrite or in the events section below.

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

Enjoy your October newsletter.

Kind regards

Rhona Humphreys

GAT Chair

NEWS

The Policy and Resources Committee issues Consultation Paper on proposed changes to the Beneficial Ownership Register

The States' of Guernsey Policy and Resources Committee have issued a consultation paper which seeks views from businesses supervised by the Guernsey Financial Services Commission and the Alderney Gambling Control Commission on proposed changes to the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 so as to allow increased access to information held by the Guernsey Registry.

The proposed changes will seek to meet a commitment made jointly by the Crown Dependencies in 2019 to the UK on increased access to information as part of the increased global drive on further transparency of beneficial ownership of legal persons.

This consultation paper seeks views on the way in which the commitment is proposed to be met in relation to those businesses subject to the Bailiwick’s AML/CFT obligations and GAT Members are encouraged to submit their views by the closing date of Thursday 17th November 2022.

You can view and/or download the consultation paper via the button below and responses will be accepted by email to policyandresources@gov.gg

Deputy Heidi Soulsby resigns from the Policy & Resources Committee

The following is a statement issued jointly on behalf of the five members of the Policy & Resources Committee: Deputy Peter Ferbrache, Deputy Heidi Soulsby, Deputy Jonathan Le Tocq, Deputy Mark Helyar and Deputy Dave Mahoney.

The Policy & Resources Committee can confirm that Deputy Heidi Soulsby has today tendered her resignation from the Committee of which she is Vice-President.

Deputy Soulsby wrote to the President of the Committee, Deputy Ferbrache, earlier today.

The letter read:

"It is with regret that I tender my resignation as Vice President of the Policy & Resources Committee. It has been obvious for quite a while that my views and advice have not been valued by some on the Committee and I think there is little point in me continuing in the hope that things may get better.

I thank you personally for inviting me on to the Committee after the last election. However, two years on, I now believe I will be able to make more of a positive contribution to the future of Guernsey outside of the Committee."

2022 Financial Crime Risk Return Reminder - deadline today, Monday 31st October

The Commission wishes to remind all financial services businesses and prescribed businesses (with the exception of personal fiduciary licensees and general insurers) that the 2022 Financial Crime Risk Return (“the Return”) is due for submission by today, Monday 31st October 2022.

The Return can be found via the Commission’s Online Submissions Portal. Should you have any technical difficulties/queries relating to the Online Submissions Portal please email support@gfsc.gg

Please ensure you have read the Guidance document prior to submission of the Return. A template showing all questions within the Return is also available to assist with completion.

Should you have any queries after having read the guidance, please email amlcft@gfsc.gg

Guernsey Green Fund four years on... a trusted and transparent product

In 2018, Guernsey launched the Guernsey Green Fund, a world-first regulated green fund product. The regime is trusted, transparent and investors can be assured that their investments have a positive environmental impact on the planet, which is monitored against internationally recognised criteria. Since its launch, the net asset value of Guernsey Green Funds has steadily risen, with a NAV of £5.3 billion recorded at the end of Q2 2022.

The Cibus Fund was the first Guernsey Green Fund and four years on from its launch, Jeremy Alun Jones of ADM Capital tells us why he chose Guernsey – and the impact the fund has had. Read the article via the button below.

The International Stock Exchange Launches Transition Offering

The International Stock Exchange (TISE), headquartered in Guernsey, has launched a new transition offering within its sustainable finance segment, TISE Sustainable.

The new offering will enable TISE Sustainable to cater for transition bonds and issuers, supporting initiatives which lead to a lower carbon economy and society. TISE Sustainable was launched in July 2021 to be a reputable sustainable finance segment. Today, more than £13 billion worth of listings on TISE support environmental, social and sustainable initiatives.

Cees Vermaas, CEO of TISE, said: "Climate risk means it is vitally important that globally we transition to a lower carbon and more sustainable way of life. A significant amount of investment is required to ensure that this happens – and that this happens in a fair and equitable manner – and so we are pleased that through the launch of this transition offering at TISE we will continue to play our part in the just transition to net zero."

EVENTS

Members are warmly invited to the next GAT Luncheon taking place on Thursday 10th November at 12.30pm in the Conservatory at Moores Hotel.

Annabel Mackenzie and Lucy Meagher from our sponsors Ruffer will present "The Inflation Genie is out of the Bottle – the Impact on Investment Portfolios and Trustees".

GAT Chair, Rhona Humphreys will deliver a welcome and industry update. Booking is available via Eventbrite or by clicking the button below.

STEP Lunchtime Lecture - 2022/2023 Series Commences

The sixth STEP Lunchtime Lecture of the new series, sponsored by Ogier, is taking place on Monday 14th November.

With the rising impact of unstable financial markets, rocketing fuel prices, increased inflation and interest charges being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow. The right response will depend on the specific circumstances and type of business.

Using Grant Thornton's Resilience Wheel, Ben Rhodes (Director) and James Pirie (Associate Director) will illustrate what management approaches can be put in place for:

• Cash management

• Contingency Planning

• Stakeholders

• People

• Crisis teams

   

Come along and understand how the resilience wheel could be your wheel of fortune.

IoD November breakfast seminar - Friday 18th November

IoD Guernsey's November breakfast seminar, sponsored by Butterfield, will focus on the importance of having a clear vision - and, most importantly, how to deliver that vision in the public sector. Key topics to be covered include: the importance of having a long-term plan, how to run projects effectively, and best practices in governance and oversight.

Stuart Falla, appointed as Chair of the Guernsey Development Agency in July, will open the session and share his thoughts on the importance of project vision and the need for that to be maintained through project execution and delivery.

Professor Adam Boddison, Chief Executive Officer of the Association for Project Management (APM), will then discuss the interconnection of project vision, strategy and delivery. At the event on Friday 18th November, Adam will share several relevant case studies to show best practice and speak about the challenges of balancing ‘business as usual’ with change programmes.

For further information and/or to book your place, please click the button below.

A selection of November Courses through the GTA

Taxation for Trust Administrators 
This course is intended for Trust Administrators who require an understanding of taxation.

Cost: £295
Date: 9 November 2022
Venue: GTA University Centre
Times: 09:30 to 16:00
Further details and registration here.

Advanced Minute Taking for Guernsey Fund and Trust Professionals

This course is designed 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: £195
Date:  14 November 2022
Venue: GTA University Centre
Times: 09:30-13:00
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.

Cost: £195
Date: 17 November 2022
Venue: GTA University Centre

Times: 09:30-13:00  
Further details and registration here.

How to Conduct Enhanced Due Diligence Efficiently: from Open Source to Human Intelligence

This course is intended to provide OSINT tools and knowledge above and beyond compliance checks to help you fine tune your due diligence skills, whether you are working in finance or any other profession which requires such skills. 

Cost: £195
Date: 21 November 2022
Venue: GTA University Centre
Times: 09:00-12:30
Further details and registration here.

Project Management Fundamentals and Techniques

This course is aimed at delegates with limited or no project management experience or knowledge and will introduce best practice planning techniques as well as developing project management competencies and skills.

Cost: £295
Date: 22 November 2022
Venue: GTA University Centre
Times: 09:00 to 17:00
Further details and registration here.

STEP Professional Postgraduate Diploma in Private Wealth Advice

This is an innovative, masters level qualification developed to assist practitioners operating in a fast-moving environment with the opportunity to explore the most topical and relevant subjects and skills impacting on private practice today.

Cost: £6,050
Start Date: Enrol by 18 November 2022
Delivery: Online
Times: 6 months
Further details and registration here.

Please contact Michelle Morley GTA Head of Programmes for further details on any of the above courses.

SPONSOR ARTICLES

Lloyds Bank Foundation Channel Islands

The mission of the Foundation is to support charities who make a real difference to the lives of the people they serve. Over 36 years, the Foundation has distributed more than £21 million in funding in the Channel Islands, while also providing charities with developmental support including mentoring.

In 2022 to date, nearly £0.5 million has been awarded and in 2021 over £1 million was distributed to a wide range of charities, focusing on those which serve the most vulnerable and disadvantaged in our communities.

The Foundation can fund salaries across multiple years offering security of core funding for charities. Alongside funding, charities are offered a mentor, a Lloyds Bank colleague who volunteers their time to act as a sounding board and critical friend to the charity.

Johanna Le Poidevin, Executive Director, Lloyds Bank Foundation, said “It is with great pleasure that we showcase some of the vital work of the charity sector across the Channel Islands. Charities continue to innovate and adapt their delivery of services to meet client need during the ongoing challenges of the pandemic and now the cost of living crisis.”

Contact us to learn more about how Lloyds Bank Foundation supports local charities and/or click the button below for further information.

Reasons to Be Fearful, Part 3

This year has served as a reminder that 'risky' assets are just that - risky. Asset prices have withered, but we haven't seen real panic... yet.

Ruffer Investment Director Steve Russell looks at why the emergence of an alternative and deteriorating liquidity conditions might mean the worst is yet to come in markets. Read the article by clicking the button below.

Please contact Rachel Holdsworth if you have any questions.

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