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 Luncheon which was scheduled to take place as part of We Are Guernsey's Sustainable Finance Week on Monday 19th September was postponed due to the state funeral of Her Majesty Queen Elizabeth. All who were registered for the event will be contacted in due course when a new date can be rescheduled and tickets can be transferred or refunded in full.

Our next 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 September newsletter.

Kind regards

Rhona Humphreys

GAT Chair

NEWS

Submission of Guernsey Financial Services Commission Consultation Papers

On behalf of members, GAT submitted responses to the GFSC's 2023 Fees Consultation Paper and the Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation.

Both responses are now available in the Members' Area of the GAT website, or via the buttons below.

‘Green Isle’ Guernsey launches Natural Capital Fund regime

The Guernsey Financial Services Commission is pleased to announce three significant developments in its policy framework for sustainable finance which came into effect on Tuesday 20th September.

First, the Commission is launching its Natural Capital Fund framework, a new offer in the growing Guernsey Sustainable Funds Regime marking the completion of a pledge made as part of COP26 to extend the Commission’s regulatory regime to include sustainable funds.

The Natural Capital Fund regime creates a regulatory designation for funds to help channel investment into biodiversity and natural capital projects that make a positive contribution and/or significantly reduce harm to the natural world. The intention is to provide environmentally conscious investors with assurance that their capital is deployed in efforts to promote the protection and recovery of the Earth's natural environment.

The Natural Capital Fund framework will complement the Bailiwick’s existing regulated Guernsey Green Fund regime, which now channels more than £4.9 billion into green investments. Together the Guernsey Green Fund and Natural Capital Fund regimes are designed to provide Guernsey funds with a suite of sustainability designations based on international standards.

Professional Indemnity Insurance Requirements - Revised Rules

Following the recent publication of the PII consultations regarding requirements for Investment, Fiduciary and Insurance sectors, when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three respondents.

Some minor changes have been made to the final rules to ensure consistency of drafting but there has been no change to the substance of the requirements. The amending instruments include transitional provisions concerning insurance arrangements which enable licensees to make any necessary changes to comply with the amended rules at the point at which their insurance renewal falls due. The rules and guidance have been updated.

Consolidated versions of the rules are available on the Commission’s website or via the following links:

The Fiduciary Rules and Guidance, 2021

The Licensees (Capital Adequacy) Rules and Guidance, 2021

The Insurance Intermediaries Rules and Guidance, 2021

The Insurance Managers Rules and Guidance, 2021

Committee for ESS to oppose nine out of eleven amendments to Discrimination Ordinance

The Committee for Employment & Social Security will oppose nine out of the 11 amendments to the Prevention of Discrimination (Guernsey) Ordinance.

Amendment 1 is a simple correction of a typo in the legislation and Amendment 2 seeks to ensure protection from discrimination due to secular beliefs. The Committee will support both of these amendments.

The Committee believes that the majority of the remaining nine amendments are either unnecessary and will oppose them on that basis, or it will consider laying its own alternative amendment to seek to address issues where there appears to be a lack of clarity.

Amendment 8, which seeks to make businesses of five or fewer employees exempt from the need to make reasonable adjustments for a disabled person and from the protected ground of carer status, is the most strongly opposed by the Committee.

Independent Taxation to come into effect in 2023

A change in law allowing for Independent Taxation will take effect in 2023. The move will bring Guernsey into line with international norms and bring about a fairer and more flexible system which respects all Islanders as equal, independent individuals.

Currently for married couples, only one partner has responsibility for managing the couple's tax affairs. This change will see both partners treated as individuals, with their own individual Tax Reference Numbers and each being responsible for their own tax affairs, including submitting their own tax returns.

The new arrangements will also bring Islanders' tax affairs in line with their social insurance contributions which are already managed and paid by individuals.

Deputy Mark Helyar, Treasury lead for the Policy & Resources Committee said: "This is a big and important change for our tax system. We're very pleased to see that the decision made by the States in 2020 to recognise all taxpayers as equal and independent individuals is now about to take effect, in line with the originally agreed timeframes for its introduction."

World-wide recruitment opportunities for businesses as part of far-reaching plans announced following Population and Immigration Policy Review

Businesses will have significant opportunities to recruit much-needed staff from anywhere in the world as part of far-reaching plans announced by the Committee for Home Affairs today following the completion of the Population and Immigration Policy Review.

The review is a top 10 priority for the States Assembly for this term and the Committee's policy letter presents a wide range of actions and proposals designed to set the island's strategic direction on population and immigration for at least the next five years.

Sponsorship opportunities: Guernsey Private Wealth Forum, Wednesday 2nd November, London

Sponsorship opportunities for the 2022 Guernsey Private Wealth Forum, taking place in London on Wednesday 2nd November are available via Guernsey Finance.

Please email Cara-Leah McKay to register your interest and/or with any questions.

The available packages can be viewed by clicking the button below.

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 third STEP Lunchtime Lecture of the new series, sponsored by Ogier, is taking place on Monday 3rd October.

Nicholas Bennett, Barrister at 29 Bedford Row Chambers will cover the following issues:

• Where is English law on pre-nuptial agreements now?

• How possible is it to exclude “family” property?

• What does “meeting needs” actually mean?

• Should your trust instruments include clauses requiring beneficiaries to enter into pre-nuptial agreements?

• Should you consider family policies for standard agreement terms?

• Civil-law jurisdictions and the English divorce courts: an uneasy match

KPMG Virtual Private Equity Forum | Autumn 2022

KPMG warmly invites you to join their virtual Private Equity Forum on Wednesday 12 October at 12.30pm

The guest speaker will be Dennis Tatarkov, a Senior Economist at KPMG’s London office who works alongside KPMG’s Chief Economist.

We will also hear from some of our PE experts who will provide relevant industry updates:

•Sarah Hume, Audit Director | KPMG, Guernsey will give a Valuations update

•Simon Guilbert, Audit Director | KPMG, Guernsey will give a US regulatory update

•Paul Eastwood, Tax Partner | KPMG, Jersey will give a Tax update

Please register for the livestream version of the event by clicking HERE and a livestream link will be issued to you ahead of the event.

A selection of October Courses through the GTA

NED Responsibilities within the GFSC Framework – Financial Services Businesses 
This course offers an interactive and lively look at non-executive director responsibilities.

Cost: £195
Date: 5 October 2022
Venue: GTA University Centre
Times: 09:00 to 13:00
Further details and registration here.

Practical Learnings from Recent Enforcement Cases

This course will look at the key practical learnings that can be gleaned from the recent enforcement cases in Guernsey and Jersey. You 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: £195
Date:  6 October 2022
Venue: GTA University Centre
Times: 09:30-12:00
Further details and registration here.

Practical Board Meetings
This course is designed to provide essential skills to those who are required to arrange and attend board meetings, produce agendas, board packs and board minutes.

Cost: £195
Date: 10 October 2022
Venue: GTA University Centre

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

Annual Requirements of a Guernsey Company

This course will look at all of the documents and reporting needed on an annual basis to maintain a Guernsey company.

Cost: £125
Date: 11 October 2022
Venue: GTA University Centre
Times: 13:00 to 14:30
Further details and registration here.

Effective Team Working

This course will equip you to better understand what makes an effective team, what barriers can occur, and the impact of your own role and behaviours on the performance of your team.

Cost: £295
Date: 28 October 2022
Venue: GTA University Centre
Times: 09:30 to 16:30
Further details and registration here.

STEP Advanced Certificate in the Principles of International Taxation, AML and Compliance
This course is designed to enable practitioners in the industry to develop a deep and critical understanding of the global regulatory framework in which the private wealth industry operates.

Cost: £1,625
Start Date: Enrol by 31 October 2022
Delivery: Online
Time: 4 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

The last domino to fall – Are we nearing the end of Yield Curve Control in Japan?

The Bank of Japan's long battle against deflation may be nearing its end. A change in policy would send ripples through fixed income markets as investors are lured back by more attractive yields on Japanese bonds.

The repercussions could be severe, as Jamie Dannhauser explores in this month's green line, please click the button below to read the article.

Please contact Rachel Holdsworth with any questions.

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