Welcome to your September Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: We have capacity for one additional sponsor. 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 GAT September newsletter. It has been a busy month for our various sub-committees, who continue to engage in consultations and collaborative discussions with GAT’s stakeholders, including Guernsey Finance, the Registry, the GFSC and the States of Guernsey. Issues we are looking at, and ensuring the interests of the fiduciary sector are represented, include the proposed age discrimination legislation, the application of trading standards legislation, airlinks with the UK and beneficial ownership registers. |
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With the UK’s Autumn Budget, which will be held on 30 October 2024, expected to have a significant impact on our sector, it is likely that the next few months are likely to be busy for our members. Those of you who attended GAT’s Luncheon in September, will have heard from Natasha Kapp and Jo Caen from one of our sponsors, Carey Olsen, on the expected changes, how they are likely to impact Guernsey structures and how you can start to prepare for them. Hopefully, the changes will bring opportunities for Guernsey’s private wealth industry, although at the time of writing it is not clear exactly what those opportunities may be. As always, legal and tax advice from the experts will be key. I look forward to seeing you over the next few months and as ever, encourage all members to engage with the GAT Executive Committee with any concerns, suggestions or issues. Kind regards Kerrie Le Tissier GAT Chair |
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Updates to the AML/CFT/CPF Handbook |
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The Guernsey Financial Services Commission regularly updates the AML/CFT/CPF Handbook. GAT encourages all members to check the Handbook Page on a regular basis to ensure you are informed. Current Notices, Instructions and Warnings can be found HERE. |
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Commission consults on fees for 2025 |
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On Wednesday 11 September the Commission launched a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Friday 4 October. The Commission is consulting on an overall increase in fees of 5.3%. Other specific proposals relating to fees that are outlined in the consultation paper are: Increasing fees for Retail General Insurers (‘RGI’); Applications to operate an investment exchange in the Bailiwick of Guernsey; and A rationalisation of the fee regulations.
GAT will be compiling a response to the consultation and would encourage members to contact us with any feedback they may wish to be taken into consideration within this. |
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Consultation Paper on proposed new Regulated Investment Exchange Operator Rules |
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On Tuesday 17 September the Commission issued a Consultation Paper seeking comments from interested parties on the creation of a new set of rules and associated guidance to be made under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) – The Regulated Investment Exchange Operator Rules and Guidance (“the RIEO Rules”). The RIEO Rules are intended to replace the current Investment Exchange (Notification) Rules 1998 (“the IEN Rules”) and will apply to any firm licensed under the POI Law to operate an investment exchange. They will provide one consolidated and transparent point of reference for an operator of an investment exchange, incorporating relevant elements of the IEN Rules and other applicable rules made under the POI Law. Respondents are encouraged to submit any comments online using the Commission’s Consultation Hub by clicking the button below, where a copy of the Consultation Paper and draft RIEO Rules may also be found. |
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Discussion paper on the future of sustainability reporting in the Bailiwick of Guernsey |
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A reminder that on 30 July the Guernsey Financial Services Commission issued a discussion paper seeking views on international sustainability reporting in the Bailiwick. Responses are sought by 25 October 2024. The paper is intended to enable the Commission, in discussion with the finance industry, to explore the next steps that the Bailiwick of Guernsey can take to meet the challenges presented by sustainability and climate change risk. This discussion paper provides a summary of recent international developments in the area of sustainability reporting, including the work of the International Sustainability Standards Board (ISSB), and seeks to gather information and views from the finance sector on the potential impact the introduction of these standards could have. The paper also seeks views on additional steps which might be taken to enhance licensees’ sustainability risk governance and management. Commenting on the discussion paper, Co-Deputy Director General, Investment, Fiduciary and Pension Division, Gillian Browning, said: “This discussion paper is deliberately discursive because we are eager to receive feedback regarding what could be appropriate and proportionate regarding sustainability reporting for the Bailiwick. The Commission considers this to be an important topic but remains open minded regarding what the next steps should be”. We would like to encourage your engagement on this issue. Members are invited to either participate directly and/or share any comments with our ESG Subcommittee which has been formed jointly with the local branch of STEP. The ESG Subcommittee is compiling a comprehensive response, and your feedback is an important part of this process. Please send your comments to Greta Pender. |
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2023-2024 Household Expenditure Survey |
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GAT encourages members engage with the 2023-2024 survey, the results of which will primarily be used to update Guernsey’s price inflation indices, to ensure they remain accurate and representative of what people in Guernsey spend their money on, and will also be published for public reference. These indices impact on almost all Islanders in some way or other, including: For further information on how to volunteer to take part, please click the button below. |
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New study to provide valuable insight on Guernsey's digital economy |
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A reminder that a survey was launched in August inviting input from Guernsey organisations on the island's digital economy. This survey forms part of a study being carried out by PwC on behalf of the Committee for Economic Development, which seeks to provide up-to-date accurate detail on the size, role and opportunities of Guernsey's digital economy. While data is already gathered and published on the size of the digital sector, including its employment levels, GDP and GVA contribution, the new analysis of the wider digital economy will inform policy decisions so Guernsey can maximise the potential and growth supported by digital technology across all local industries. The study supports the States' existing Digital Framework, as well as other key objectives from providing the right skills in the workforce to enabling Guernsey's involvement in international trade agreements. The deadline to complete the survey is Friday 4th October. |
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Committee for Economic Development launches Guernsey Enterprise Investment Scheme |
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The Committee for Economic Development is pleased to announce the new Guernsey Enterprise Investment Scheme (GEIS). The scheme aims to encourage angel investment into high growth, early-stage businesses in Guernsey by providing an investment linked payment to individuals investing into eligible start-ups and developing businesses. Qualifying companies will be able to use GEIS to attract local investment by promoting the benefits of the scheme. For investors, GEIS enables them to apply for a payment of up to 30% of their investment value. The launch of GEIS follows a 2023 consultation concerning the scheme and takes inspiration from the successful Enterprise and Seed Enterprise Investment Schemes (EIS and SEIS) provided in the UK. Through the provision of investor incentives, GEIS aims to encourage an estimated £2.2m of investment into Guernsey businesses during the trial. The initial round of applications for GEIS will open on the 1st October 2024. Businesses and investors are encouraged to visit gov.gg/geis in advance to learn more about the scheme and how to apply. |
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Emerging Findings from the Committee for Economic Development's Review of Competition Law and Regulation in Guernsey |
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The Committee for Economic Development is currently undertaking a review of competition law and regulation in Guernsey. The Committee has consulted key stakeholders and, to date, has received 19 consultation responses from a wide range of stakeholders, including the Guernsey Competition & Regulatory Authority, regulated entities, business and consumer bodies, States Members and Committees of the States of Deliberation. In addition, the Committee has commissioned a review of the competition and regulatory frameworks in comparable jurisdictions by Frontier Economics and has commissioned Island Global Research to undertake research to understand consumers' views to competition and regulation in a range of different sectors including telecoms, water, electricity, gas & oil, postal services, residential construction and off-island travel. The consumer survey being conducted by Island Global research is available via the button below. |
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Guernsey Finance Business Development Plan |
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Please click the button below to view the Guernsey Finance Business Development Plan for the remainder of 2024. GAT members are strongly encouraged to engage with Guernsey Finance, therefore ensuring they are working with the views and aims of the industry. Please take a couple of minutes to complete a short survey which Guernsey Finance have compiled for GAT Members: TAKE THE SURVEY. |
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Are you interested in sponsoring this year’s Guernsey Private Wealth Forum? |
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This event is taking place on Wednesday 16th October at 8 Northumberland in London. The details of our remaining sponsorship packages can be viewed by clicking the button below. Please contact Rosie Courtney in order to secure sponsorship for this event and/or if you have any queries. |
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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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The next GAT Luncheon will take place on Wednesday 20th November 2024 at 12.30pm in the Conservatory of Moores Hotel. Our guest speakers will be Gillian Browning of the GFSC and Helen Gains of the Guernsey Registry. Gillian and Helen will be providing a general industry update and would be very happy to address any specific issues or queries from GAT Members. Should you like to raise any concerns, please contact us so we may pass on your comments to Gillian and/or Helen for consideration. GAT Deputy Chair, Adele Perrot, will also deliver the latest industry update. The ticket price includes a buffet lunch served from 12.30pm. To register to attend, please click the button below. |
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STEP Lecture Series 2024/2025 - Lunchtime Lecture No. 3 |
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Date: Wednesday 9th October 2024 Time: 12pm - 1pm Venue: The Colborne Room, OGH Hotel Speaker: Adrian Hale, Financial Intelligence Unit Adrian, who is Head of the FIU, will provide a background of the wide range of frauds and scams that Organised Crime Groups are using to target local businesses and personal bank accounts. There will also be an update on emerging threats and risks that the FIU are identifying from incoming suspicious activity reports and other forms of information, including topics such as cyber enabled fraud, money mules and sextortion. |
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Approach to Risk-based Supervision - a refresher |
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The Commission will be running three one-hour Approach to Risk-based Supervision – a refresher sessions on Tuesday 8 October. The voluntary sessions, aimed at anyone interested in learning more about risk-based supervision, will cover: The Commission's approach to risk-based supervision, including what risk-based supervision is and how it works; How the Commission engages with firms, from onsite and thematic visits to returns and notification reviews, and what these may involve; and The different supervisory tools the Commission uses, including third party reviews and skilled person appointments, risk mitigation programmes and conditions.
All sessions will be held in-person at Les Cotils. The sessions will not be recorded however slides will be published at a later date. For further information and/or to book your place at one of the sessions, please click the button below. |
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A selection of upcoming courses through the GTA 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. Cost: £125
Start Date: 17 October 2024
Venue: GTA University Centre
Times: 9:30 to 11:00
Further details and registration here AML and CFT Annual Update for Guernsey This course has been designed specifically for middle-level staff with some experience of the financial services industry, who have received AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) training in the past. Cost: £215
Date: 23 October 2024
Venue: GTA University Centre Course Length: 09:00 to 13:00 Further details and registration here Regulatory & Governance for a Fiduciary Director For those working towards a directorship position, new to the role or as an annual refresher for experienced directors of Guernsey Fiduciary businesses. This course will cover Fiduciary specific regulatory requirements and expectations as well as duties and responsibilities and corporate governance for directors. Cost: £215
Date: 5 November 2024
Venue: GTA University Centre Course Length: 09:30 to 12:30 Further details and registration here How to Read a Set of Accounts For those not used to dealing with accounts, trying to read and interpret a set of accounts can seem a challenge. This course will help you to understand the terminology so that you can understand what you are reading. Cost: £325
Date: 6 November 2024
Venue: GTA University Centre Course Length: 09:30 to 16:00 Further details and registration here Corporate Governance This course will delve into corporate governance, in particular the Finance Sector Code of Corporate Governance. The focus will be on practical application of the rules as well as successful implementation. The course will also include director responsibilities and risk assessments. Cost: £245
Date: 12 November 2024
Venue: GTA University Centre Course Length: 09:30 to 13:00 Further details and registration here AML for New Entrants This course will give you grounding in the risks of financial crime, including money laundering, countering the financing of terrorism, bribery and corruption and how it is relevant to your role. Cost: £215
Date: 15 November 2024
Venue: GTA University Centre Course Length: 13:00 to 16:00 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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Summary of Guernsey Taxation |
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Published on Friday 27 September, this briefing summarises certain key aspects of Guernsey taxation law for the calendar year 2024. Topics covered include corporate income tax, personal income tax, withholding tax, anti-avoidance, FATCA, CRS double tax treaties and TIEAs, base erosion and profit shifting, economic substance and other taxes and tax reporting information. Please read and/or download the full article by clicking the button below. |
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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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