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.

Please note:  GAT's response to the following consultation paper has been added to the Members' Area for your information:

• GAT / STEP response - Joint Technical Committee response to Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors

Message from the Chair

To that end we are aware how fortunate we are to be able to come together in a few weeks' time, for our first in-person luncheon of the year, taking place on Wednesday 6th April presented by Tony Mancini of our sponsors KPMG. Booking is available now on Eventbrite or via the Events section below. As always, I would be pleased to hear from members to understand any frustrations or concerns - contact me.

Enjoy your Ferbuary newsletter.

Kind regards

Rhona Humphreys

GAT Chair

FATCA and CRS Deadlines

GAT would like to draw members' attention in particular to the Bulletins accessed via the buttons below and remind members of the new provision which requires all financial institutions (as defined in the CRS or FATCA) to register with the Revenue Service regardless of whether they have a reporting obligation (for example, non-reporting financial institutions).

Where a valid self-certification is not held in respect of new accounts, the first report was due to be submitted on or before 31st January 2022 pursuant to the relevant reporting deadline in
Bulletin 2021/6.  In view of the concerns raised in relation to this reporting requirement, it has been decided to extend the first reporting date to 31st March 2022 for both new and pre-existing accounts (see Bulletin 2022/2 below). Can we therefore remind you to start collating this now in order to be in a position to report it accurately before the end of March.

All reporting Guernsey financial institutions, must submit their 2021 FATCA and CRS reports to the tax authority on or before 30th June 2022.

NEWS

Sanctions Notice - Russia 

All businesses are required to be proactive in monitoring the emergence of new sanctions and the changes to previous designations. All actions taken by the UK in regard to Russia sanctions can be found at this address as soon as they are made:

Financial sanctions, Russia - GOV.UK (www.gov.uk)

Designated persons are subject to an asset freeze and will appear on the consolidated list, which can be found here.

These measures are being introduced under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); these are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law).

Any information or queries should be sent to sanctions@gov.gg with the subject line “Russia Sanctions”.

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions

Cyber Rules Awareness

Given the deteriorating international situation, all firms are requested to check they are familiar with the Commission’s Cyber Rules and Guidance, 2021, noting the need to ensure they:

• have appropriate cyber security software in place;
• implement IT systems updates in a timely manner; and
• encourage their staff to exercise caution by not clicking on or opening unfamiliar links in emails or on websites.

If firms experience any difficulties in relation to these matters, we encourage them to bring those matters to the attention of the Commission through their normal supervisory contacts at the earliest opportunity.

2020 Tax Return deadline extended to March 7th

The deadline for submitting 2020 personal and company tax returns has been extended by a week to the 7th March 2022.

The Revenue Service is extending this deadline following problems for customers signing into the MyGov platform last week. 

Nicky Forshaw, Director of the Revenue Service said

"We know the technical problems in accessing the MyGov platform last week were frustrating for customers trying to complete their returns.  I'd like to thank them again for their patience, and we want to make sure they do still have enough time to get their returns in, which is why we're extending the deadline."

Meanwhile, customers wanting to complete their 2021 tax returns will soon be able to, as these will be made available in early March. 

Details on tax returns, how to register for a MyGov account and other Revenue Service information can be found at https://gov.gg/revenue-service

Policy & Resources Committee to carry out further investigations into corporate tax options as part of ongoing Tax Review

The Policy & Resources Committee is commissioning further work on the issue of corporate taxation as part of its work on the Tax Review. The Committee is engaging with States Members, industry and most recently, the wider community on the Tax Review. Already this engagement has seen many questions raised on the role of corporate tax, the evolving offshore tax landscape and whether it can play a larger part in any solution whilst ensuring that Guernsey's finance sector remains competitive and internationally compliant.

Candidates sought to create a board to oversee the development of St Peter Port and St Sampson’s harbours and the seafront in between.

The Policy and Resources Committee is proposing to create a board to oversee the development of St Peter Port and St Sampson’s harbours and the seafront in between.

The new Development Agency will comprise a chair and five directors, supporting a staff team of three. The board positions are paid non-exec roles.  Please click the button below for further details.

Should you be keen to express an interest, contact Steve Wakelin, Chief Strategy and Policy Officer at steve.wakelin@gov.gg.

Commission elects new Vice-Chairman

The Commission has elected Baroness Couttie as its Vice-Chairman.

Philippa has held leadership roles over the past 30 years in both financial services and politics. She founded, built up and successfully sold two businesses as well as being the Chief Executive of a subsidiary of a publicly quoted company, a director of Citigroup and Leader of Westminster City Council. She sits in the House of Lords where she is a member of the EU Affairs Select Committee. She is also a Non-Executive Director of Mitie. Philippa succeeds Advocate Simon Howitt who continues in his role as a Commissioner.

Speaking about the appointment, Commission Chairman, Julian Winser, said: “I am delighted that Phillipa has been elected as the Commission’s new Vice-Chairman.  She has already made a valuable contribution to the work of the Commission since her appointment as a Commissioner and I look forward to continuing to work with her. I should like to place on record the Commission’s sincere thanks to Simon Howitt for fulfilling the role of Vice-Chairman so well.”

Bailiwick Mind and Management Consultation Paper

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors.

The CP sets out proposals to issue guidance under the Fiduciaries Law1 and the PoI Law2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of business of a licensee under the minimum criteria for licensing. The Commission expects that licensees will ensure that there is a level of local oversight and management of operations within the Bailiwick commensurate with the scale and nature of the activity carried out.

Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub at the following link where a copy of the Consultation Paper can also be found: https://consultationhub.gfsc.gg/

Responses to the Consultation Paper are sought by 21 March 2022.

Commission Issues Thematic Review on Reinsurance and Other Forms of Risk Transfer

The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021.

A copy of the thematic review can be found by clicking here.

Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts. However, there were instances identified where more attention needs to be paid to the Guidance Note for Licensed Insurers on Reinsurance and Other Forms of Risk Transfer.  

The Commission recommends that all insurers and applicant insurers, regardless of whether they currently use reinsurance, read the thematic and consider whether there are any gaps in their own governance, policies, procedures and controls. 

First machinery of government workshop sees good engagement from Deputies

The first workshop on the review of machinery of government took place with Deputies last week, providing an opportunity for Members to provide their views regarding how to improve the way government works.

The workshop was well attended and was the first of several engagement opportunities which will take place as proposals for machinery of government develop.

Private Client Guide 2022 - Guernsey (Legal 500)

This guide to Guernsey's private client sector includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic structures. It 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.

EVENTS

GAT Members' Luncheon - Wednesday 6th April 2022

We are delighted that the recent relaxation of the States of Guernsey restrictions mean that it is possible for the next GAT Luncheon to take place on Wednesday 6th April 2022 in the conservatory at Moores Hotel.

Our guest speaker will be Tony Mancini from our sponsors KPMG, who will be presenting about the European Commission’s proposal for a Directive aimed at fighting the use of shell entities and arrangements.  The proposed Directive will impact on structures that use EU resident investment holding vehicles and may change the choices businesses make when structuring in addition to affecting the EU standards on third country substance rules, which could be equally as important to business on the island to the OECD Pillar 2 proposals.

The luncheon will also feature an industry update from GAT Chair, Rhona Humphreys. 

March Courses by the GTA

Company Law and Administration – Intermediate Course

This one day course has been designed to help delegates build on their existing knowledge of Guernsey company law introducing more complicated concepts including protected cell companies, incorporated cell companies and limited partnerships as well as giving guidance in respect of the requirements in other offshore jurisdiction.

Cost: £295

Enrol by: 3 March 2022

Venue: GTA University Centre

Time: 09:30 to 16:00

Further details and registration here.

Present with Confidence

This full-day course has been designed to be as interactive as possible and aims to inform, support and challenge delegates on all aspects of presenting within the workplace. Topics covered will include preparation, presentation techniques (tailoring your technique depending on what you are aiming to achieve), delivery and evaluating your performance.

Cost: £295

Date: 18 March 2022

Venue: GTA University Centre

Times: 09:00 to 17:00

Further details and registration here.

Effective and Assertive Communication

Effective communication is key to co-operation and success within any organisation and beyond because it leads to better performance and results. This one day workshop will explore different communications and behaviour types. It will equip delegates with the assertive skills that will enable you to effectively convey understanding.

Cost: £295

Date: 18 March 2022

Venue: GTA University Centre

Times: 09:00 to 17:00

Further details and registration here.

Creating a Culture of Compliance

Rules aren’t enough to ensure compliance with regulations. This half day course provides a practical introduction to the steps that every regulated firm needs to take in order to create, build and sustain a culture of compliance. This course will be of particular value to directors, managers or compliance staff concerned with establishing or improving their firm’s compliance culture.

Cost: £195

Date: 24 March 2022

Venue: GTA University Centre

Times: 09:30 to 12:30

Further details and registration here.

Leading Remote Teams

This 45 minute session delivered in real time in a virtual classroom by our UK based tutor will cover the essentials of managing teams remotely. Remote working might by a new experience and one delegates hadn’t anticipated having. This short course will help to identify what will help delegates get the best from remote working and how to avoid some of the pitfalls.

Cost: £60

Date: 28 March 2022

Venue: Virtual Delivery online via Zoom

Length: 09:30 to 10:15

Further details and registration here.

Please contact Camilla Hobbs GTA Programmes Manager for further details on any of the above courses.

Guernsey Finance Industry Update - Tuesday 29th March 2022

2021 presented as many challenges as 2020, but WE ARE GUERNSEY made encouraging progress in its promotional efforts, made a triumphant return to physical events and had plenty of industry success to share.

We invite all our on-island stakeholders and members to join us at St James for our annual Industry Update.

Members of the GF team will give an overview about what the agency has achieved over the past year, take our audience though the process of a promotional campaign, and inform how our plans are shaping up for 2022 and beyond.

SAVE THE DATE - Guernsey Private Wealth Forum 2022

The 2022 Guernsey Private Wealth Forum will take place at the Banking Hall in London on Wednesday 2nd November. 

More information on the theme, speakers and sponsorships will be available in due course. Please click on the button below to view the 2022 Guernsey Finance events calendar.

SPONSOR ARTICLES

Read the Green Line: Out of the frying pan into the fire?.

A bubble in profitless tech and so called ‘meme’ stocks may be bursting in front of our eyes. But so far investors still think there is safety to be found in the last decade’s big winners, whatever their valuation. This risks confusing size and past success with safety.

Please contact Rachel Holdsworth with any questions.

Probate and estate planning administration for non-Guernsey domiciliaries

Through our executorship company, Carey Olsen Client Services (Guernsey) Limited, we provide a professional estate administration service for family members, individuals, lawyers or other professionals who are acting as executors or administrators who are heirs of a deceased person’s estate.

To learn why you may need a Guernsey Grant of Probate or Administration read the full article.

Driving your business forward by providing assurance over controls, systems and processes

An organisation’s control environment should be seen as being among the most important aspects of any successful risk assurance strategy. Businesses must develop strong safeguards that limit their exposure to threats, while simultaneously ensuring operational efficiency and delivering confidence to key stakeholders.

The integration of a culture of risk management as a discipline of good corporate governance is integral to lasting corporate success.  Read more about how Aspida can help and the assurance services we offer by clicking the button below.

Did you know we have a LinkedIn page?