Welcome to your March 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 March edition of the GAT monthly newsletter. Thanks to our sponsors Lloyds Bank International, Carey Olsen, KPMG, Ruffer and Aspida Group for their sponsorship and support throughout the 2023/2024 term. An opportunity is available for one new sponsor for the 2024/2025 term, which commences in April. Please get in touch if your firm would like to support GAT. |
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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 the ongoing 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 22nd May when Neil Hoolahan and Charisma Lyall of Grant Thornton will present for members. Please note that from May the GAT Luncheons will move back to the Conservatory at Moores, following the completion of their refurbishment project. Further information and booking will be circulated via the mailing list in due course. 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. Finally, may I take this opportunity to wish you all a relaxing Easter weekend. 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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GAT Sponsorship opportunity |
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The new annual sponsorship term commences on 1st April and GAT has one sponsorship opportunity available, expressions of interest are invited. Should you be interested or like further information on what is included with sponsorship, please contact us. |
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Updates to the AML/CFT/CPF Handbook |
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Throughout March the Commission has issued amendments to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, relating to Appendix to which Namibia has been added. Changes to note have also been actioned for Belarus, Burundi, Bolivia, Lao PDR, Egypt and Togo. Both Gibraltar and the United Arab Emirates have been removed from Appendix I. Chapter 7 of the Handbook has been updated to reflect changes made to the Beneficial Ownership (Definition) Regulations, 2017 which amended the list of recognised stock exchanges within paragraph 7.59. The clean and tracked version of the Handbook (including Appendix I) can be accessed via the Handbook page, with Appendix I available on the Notices, Instructions & Warnings page. The FATF page on High-Risk and Other Monitored Jurisdictions can be found here. |
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Fourth Quarter 2023 Investment Statistics |
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Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £289.9 billion, an increase over the quarter of £1.1 billion (+0.4%). Over the past year, total net asset values have decreased by £1.7 billon (-0.6%).
Closed-ended Schemes Within these totals, Guernsey closed-ended funds increased over the quarter by £0.7 billion (+0.3%) to £240.1 billion. This represents a decrease of £0.8 billion (-0.3%) in the past year.
Open-ended Schemes The Guernsey-domiciled open-ended sector increased over the quarter by £0.4 billion (+0.9%) to £49.9 billion. This represents a decrease of £0.9 billion (-1.8%) in the past year.
Guernsey Green Funds Within these totals for Guernsey funds, Guernsey Green Funds held a total net asset value of £5.4 billion at the end of the quarter.
The full set of statistics is available here. |
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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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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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States of Guernsey Events: Combatting Proliferation Financing |
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The Policy & Resources Committee has arranged for Tom Keatinge, Director of the Centre for Finance & Security at RUSI, to deliver presentations to the private sector on combatting proliferation financing on Tuesday 2nd April. The presentation will include information on the international context, private sector risks, particularly with regards to sanctions evasion activities, and risk mitigation measures that can be taken. There will also be time for questions and answers. The aim of the events is to reinforce knowledge within the private sector on Proliferation Financing. The presentations will be relevant to C-suite executives, other directors of firms, compliance officers, MLROs and, more generally, officers of firms engaged in firms’ strategic and operational activities to counter proliferation financing. It is important that firms make every effort to send at least one delegate to one of the events. For further information and to register for one of the three events, please click the button below. |
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Industry Briefing on the National Risk Assessment on Legal Persons and Legal Arrangements |
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On Tuesday 9 April from 10am to 1pm at Beau Sejour, representatives from the States of Guernsey and the Guernsey Financial Services Commission will present on the Bailiwick’s assessment of the risk of Guernsey administered legal persons and legal arrangements being abused for financial crime. The National Risk Assessment on Legal Persons and Legal Arrangements will form part of the Bailiwick of Guernsey’s commitment to combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The objective of the event is to help firms to identify the financial crime threats associated with the use of Legal Persons and Legal Arrangements, analyse, assess and understand these risks and then identify actions to enable firms to better manage and mitigate these risks and update their business risk assessments. During the event, the Guernsey Financial Services Commission will also give a refresher session on beneficial ownership requirements. Please click the button below to register. |
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Members are warmly invited to the next GAT Luncheon taking place on Wednesday 22nd May 2024 at 12.30pm in the Conservatory at Moores Hotel. Our guest speakers will be Neil Hoolahan and Charisma Lyall of Grant Thornton. GAT Chair, Rhona Humphreys will also deliver the an industry update. Further details and an invitation to book will be sent via the GAT mailing list in due course. |
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STEP Guernsey Lunchtime Lecture 2023/2024 Series |
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Venue: The Colborne Room, OGH Hotel Date/Time: Wednesday 10th April, 12pm Topic: What Next? The UK Tax Treatment of Non-Doms and Offshore Trusts Speakers: Rebecca Hartley and Lucy Saunders, BDO UK Guest speakers Becky Hartley and Lucy Saunders of BDO UK will be discussing the UK tax treatment of non-UK domiciled individuals and offshore trusts following the UK Spring Budget 2024 and in the context of the upcoming General Election. Becky and Lucy will look to cover the announcements made on 6 March 2024 along with any subsequent developments, including:
The new proposed 4-year “FIG” regime from 6 April 2025; The transitional provisions for existing non-UK domiciled individuals; The impact on non-UK resident trusts; The implications for internationally mobile employees; The consultation on inheritance tax; Investment in HMRC and expected HMRC activity
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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 Introduction to Green and Sustainable Finance Guernsey is aiming to be one of the pioneering jurisdictions for Green Finance and this course aims to provide an introduction and overview of Green Finance, including Guernsey’s initiatives in this area. Cost: £215
Date: 16 April 2024
Venue: GTA University Centre Course Length: 09:30 to 13:00 Further details and registration here Minute Taking Masterclass This course has been designed to provide essential skills to those required to attend and minute meetings and to enable you to confidently put those skills into practice at meetings of all levels. Cost: £215
Date: 16 April 2024
Venue: GTA University Centre Course Length: 13:30 to 16:30 Further details and registration here Introduction to Investments Designed for relative newcomers to investments, this one day course assumes no prior knowledge and aims to provide delegates with a basic understanding of investments and their uses; it is ideal for those who are new to the role or those who require a refresher. Cost: £325
Start Date: 17 April 2024
Venue: GTA University Centre
Times: 9:30 to 16:00
Further details and registration here Time Management for Busy Professionals Do you want more time? This practical course is designed to provide busy professionals with the opportunity to take a focused look at their current operating style and approach to their work. The aim of the course is to enable you to identify areas where you may be able to work more effectively and efficiently and in doing so create more time. Cost: £225
Date: 18 April 2024
Venue: GTA University Centre Course Length: 09:00 to 13:00 Further details and registration here Introduction to Taxation for Trust Professionals This course is intended as an introduction for trust administrators who require an understanding of taxation. Cost: £325
Date: 18 April 2024
Venue: GTA University Centre Course Length: 09:30 to 16:00 Further details and registration here Guernsey Pension Provision Fundamentals This course is for those wishing to gain a basic understanding of how pension schemes work together with an overview of the different types of pension arrangements administered in Guernsey. Cost: £355
Date: 25 April 2024 & 02 May 2024
Venue: GTA University Centre Course Length: 2 half days 09:00 to 12:30 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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Private Client Guide 2024 - Guernsey (Legal 500) |
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Carey Olsen has published its guide to Guernsey's private client sector, which includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic structures.
The guide also looks at capital gains, withholding and wealth tax rules along with issues relating to real property, immigration, succession, making a will and estate planning considerations, legislative changes and disclosure obligations. |
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Change of trustees in Guernsey – what documents do outgoing trustees have to provide? |
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On the back of recent advice to outgoing trustees, and based on the 2017 decision of the Royal Court of Guernsey in Rawlinson & Hunter Trustees v ITG Limited, Carey Olsen have published an article as a reminder of the law relating to the obligations of an outgoing trustee to hand over documents to the incoming trustee. Please read the full article by clicking the button below. |
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Succession of digital assets in Guernsey |
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Dealing with the succession of digital assets has become increasingly important with an estimated 5 million UK adults holding crypto assets in 2022, and can be complex and time-consuming. It can also raise many practical challenges for those administering estates, both in terms of access and ownership. However, by taking certain preparatory steps in relation to their estate planning, testators can ensure that their digital assets are dealt with in accordance with their wishes and will not be lost. |
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Will machines make us or break us? Is the stock market really a ‘market’? Is cricket a game for cheaters? And what the hell is water? Those are a few of the questions we tackle in this year’s Ruffer Review – our annual collection of thoughts and ideas from inside and outside the world of investing. The 6th edition of the review includes Co-CIO Henry Maxey’s annual piece focused on some newer - potentially dangerous - features of the financial system, guest contributions from Olive Heffernan and Russell Napier, and articles by senior Fund Managers, Alexander Chartres and Duncan MacInnes. You can read the review by clicking the button below. Please contact Rachel Holdsworth if you would like to discuss further or would like a paper copy. |
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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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