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 GAT/STEP Joint Technical Committee continue to work alongside other industry associations to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis to 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

CONSULTATIONS / FEEDACK

Lending, Credit & Finance

On 19th January the Commission published its feedback paper following the consultation on Lending, Credit & Finance issued on 21 July 2022, together with the final Lending, Credit & Finance Rules and Guidance and a s40 instrument giving notice of various exemptions from the requirement to hold a licence in respect of the carrying on of business regulated by the law.

The Commission received an excellent response to the consultation, with more than 50 responses from across a range of stakeholders. It has reviewed all of the responses received and made a number of changes to the draft Rules and Guidance which are designed to strike a balance between proportionate regulation and the protection of customers without unduly restricting the market and maintaining access to services from a variety of providers.

The Commission will accept licence applications from 1 February 2023. Forms are available HERE and persons requiring a licence are strongly encouraged to apply early. Those applying before 31 March 2023 will benefit from a significant (50%) discount on the application fee. The Commission is expecting a considerable number of new licence applications and is aiming to process all applications received by 31 March 2023 by 1 July 2023.

Please view and/or download the feedback paper by clicking the button below.

Proposed amendments to the Handbook on Countering Financial Crime to cover counter proliferation financing

A reminder that responses to the consultation paper issued by the Commission on 12 January which seeks comments on the proposed amendments to rules and guidance in the Handbook to support the extension of the existing obligations upon specified businesses to countering proliferation financing are required by Friday 2nd February.

The Commission is also taking the opportunity to update the Handbook to take account of the recent publication of the second national risk assessment on the money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”) 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.

Please view and/or download the consultation by clicking the button below and you may respond to the online survey HERE.

NEWS

Industry update on the National Strategy and National Risk Assessment

Last week, more than 500 members of the financial services industry attended an update on the National Strategy and National Risk Assessment (NRA). The Bailiwick’s AML/CFT authorities once again came together to present on how the updated National Risk Assessment, or NRA2, demonstrates our understanding of the Bailiwick’s money laundering, terrorist financing and proliferation financing threats and vulnerabilities, which drives the risk-based approach taken across the AML/CFT authorities; and now covers, and importantly gives equal treatment to, countering proliferation financing.

During the event, the Commission’s Director and Deputy Director of Financial Crime, Fiona Crocker and Nick Herquin, told audience how NRA2 represents an ‘evolution’ rather than a ‘revolution’ as like the first NRA, the key finding of the second NRA with regard to money laundering risk is that as an international finance centre with a low domestic crime rate, the Bailiwick’s greatest money risk comes from the laundering of the proceeds of foreign criminality. Whilst the risks of terrorist financing and proliferation financing for the Bailiwick are lower it still remained important for everyone to understand these risks. The updated NRA includes the Bailiwick’s first assessment of the risks of financing of proliferation of weapons of mass destruction.

The slides used in the presentations are available on the Commission’s dedicated NRA page.

Please click the button below to direct you.

Sign up to receive The Leopard

The Commission invites firms and individuals to sign up to receive its new newsletter, The Leopard, which will provide a digest of recent news and updates, share upcoming events, and help to keep firms and individuals up-to-date with Commission priorities.

The newsletter will complement rather than replace the RSS (or Really Simple Syndication) feeds, which are available to subscribe to on the Commission website, and provide real time notifications of news, sanctions and other updates from the Commission.

Firms and individuals are encouraged to sign up to receive the newsletter by completing a short form, ahead of publication at the end of January.

Updates to Sanctions, Terrorist Financing and Proliferation Financing Guidance

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.

Bailiwick confirmed as leading non-EU jurisdiction for safe and secure data following EU decision

The Bailiwick of Guernsey has achieved the significant milestone of being confirmed by the European Union has having proportionate, robust and well-implemented privacy laws for islanders and businesses.

Achieving 'EU data adequacy status' confirms that the Bailiwick of Guernsey is a leading jurisdiction for safe and secure data.

It means that EU Member States and institutions view the Bailiwick's legislative framework as ensuring an adequate level of protection - comparable to that of EU Member States - for the safe flow of data between the EU and the Bailiwick.

The Bailiwick is home to many global businesses which rely heavily on the flow of data to and from EU Member States, and this is particularly crucial for parts of the financial services sector. This decision enables the Bailiwick's business sectors to continue to transfer data unhindered. In addition to private sector requirements, the Bailiwick of Guernsey's public authorities also routinely share data in crucial areas such as policing and security, healthcare, and education.

S&P Global confirm Guernsey's credit rating

The international credit rating agency S&P Global has affirmed Guernsey's rating at A+/A-1 with a stable outlook. This confirms the island's position as having an investment grade rating and "one of the wealthiest" jurisdictions they rate.

S&P Global typically provide a credit rating assessment approximately once every six months. These ratings are published on their website. They are typically used by prospective lenders and businesses seeking to invest in Guernsey to help assess the level of risk associated with the jurisdiction.

Deputy Lyndon Trott, Chief Minister said, "I am very pleased that we have been able to retain a good credit rating, signalling to the world that Guernsey is somewhere to invest and do business.

S&P recognises the important steps we have taken to prevent the structural deficit from significant deterioration. That said, it is also quick to highlight the need for us to continue to prioritise sustainable public finances and I know our community also appreciates how important this is.

The current direction, with some limited revenue raising and a significant curtailing of the capital programme, is a temporary solution which allows us some more time and space to look for a genuinely sustainable long-term solution that is right for Guernsey. But we cannot be complacent, and we must continue that work even if ultimate decisions are made by the next Assembly."

Companies, charities and NPOs must file annual validation by end of February

All Guernsey companies, and all charities and non-profit organisations registered with the Guernsey Registry before 1st December 2023, must file an annual validation submission by 29th February 2024.

The annual validations must be filed using the Guernsey Registry online services portal and all companies and charities/NPOs need to have submitted an authorised filer submission in order to file the Annual Validation (except for corporate service providers and regulated presenters).

Companies and charities/NPOs that fail to file an annual validation by the deadline will be liable to a civil penalty.

Where a charity/NPO is also a registered company (LBGs) they are required to file both a company and a Charity/NPO annual validation.

For further information and details of drop-in sessions being held to assist companies, charities and NPOs with their annual validation please visit www.guernseyregistry.com or email enquiries@guernseyregistry.com.

Guernsey Finance and DIFC Collaborate to Unlock Dynamic Economic Growth

Guernsey Finance has today announced it is joining forces with Dubai International Financial Centre (DIFC), a global financial hub in the Middle East, Africa and South Asia region, to foster growth and innovation in a continued effort to drive the future of finance.

Under an agreement signed recently by Arif Amiri, Chief Executive Officer, DIFC Authority, and Rupert Pleasant, Chief Executive Officer, Guernsey Finance, both entities will work collaboratively to drive the development of the financial services industry through digital and in-person events, which will nurture talent, and support the exchange of knowledge and information.

The agreement will also strengthen the relationship between the two international financial centres (IFCs) and enhance commitment to global collaboration. The agreement supports investment inflows between the two jurisdictions and nurtures and protects investors.

EVENTS

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.

STEP Guernsey Lunchtime Lecture 2023/2024 Series

Venue: The Colborne Room, OGH Hotel

Date/Time: Wednesday 7th February, 12pm

Topic: The Moneyval Guide and Recent Changes to the Registry

Speakers: Alice Joy, GFSC with Helen Gains, Guernsey Registry and Steve Wakelin, States of Guernsey

Guest speakers will be Alice Joy of the Guernsey Financial Services Commission who will be providing an overview of the recently-published Moneyval Guide. Following this presentation, Helen Gains from the Guernsey Registry and Steve Wakelin from the States of Guernsey who will be addressing recent changes.

Guernsey Funds Forum 2024

The next Guernsey Funds Forum will be held on Wednesday 15 May 2024 at 155 Bishopsgate in London.

Guernsey is globally recognised as a stable place to do business and is Europe's leading private equity domicile. The island boasts five decades of experience as a mature financial services jurisdiction, proffering high standards and low regulatory costs.

The island's success is built on its agility and nimbleness in responding to the demands and requirements from both investor and global standard setter, providing a flexible and responsive legal, regulatory and business environment for specialist fund managers and sophisticated administrators.

If you have any queries on this event, please contact Leanne Cuttill or Fiona Murray.

A selection of upcoming courses through the GTA

Demystifying Finance – Management Accounts Back to Basics 

In this session you will learn how the provision of financial data and advanced forecasting to companies can help in the organisation and development of that company’s business. You will go over the basics of budgeting, forecasting and cash flows.

Cost: £225
Date: 5 February 2024
Venue: GTA University Centre

Course Length: 09:00 to 13:00

Further details and registration here

Board AML and CFT Updates

This course offers a comprehensive and interactive refresher on AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) and is aimed at directors and senior management of financial services businesses in Guernsey.

Cost: £245
Date: 20 February 2024
Venue: GTA University Centre

Course Length: 09:00 to 13:00

Further details and registration here

FATCA and CRS Visits – Preparation and Practical Tips

This session will take delegates through what they can expect of a visit from the Automatic Exchange of Information (AEOI) team of the Guernsey Revenue Service. Under the bilateral FATCA agreement and the multilateral OECD agreement the Guernsey Revenue Service is the “competent authority” (or regulator) for both FATCA and CRS.

The Revenue Service, specifically the AEOI team, have a responsibility to perform regulatory supervision of reporting entities. This is being done via a combination of routes including data quality analysis, thematic and regulatory oversight visits. This course will help you and your business prepare for the visit.

Cost: £110
Date: 21 February 2024
Venue: GTA University Centre

Course Length: 09:30 to 11:00

Further details and registration here

Introduction to Bookkeeping

This two-day course is designed for those new to an accounting role or for those who simply need to refresh their bookkeeping skills. The course is designed to provide you with a sound knowledge of bookkeeping, enabling you to return to your office and immediately apply the skills learned.

Cost: £525
Start Date: 21 & 28 February 2024
Venue: GTA University Centre
Times: 09:30 to 16:00
Further details and registration here

Introduction to FATCA and CRS

This course provides an introduction to the basic concepts of FATCA and CRS as well as the practical implications. If dealing with FATCA and CRS for the first time, this course will assist you in getting to grips with the purpose, terminology and execution of Automatic Exchange of Information.

Cost: £125
Date: 22 February 2024
Venue: GTA University Centre

Course Length: 09:30 to 11:00

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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