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

You may view recent consultation papers and our responses via the Members' Area. If there are any consultations which you would like to feedback on, we always welcome your thoughts. Please email info@guernseytrustees.org.

After a short summer break the next luncheon is scheduled to take place on Wednesday 13th September in the Regency Room at the OGH, when Jeavon Lolay, Head of Economics and Market Insight for Lloyds Bank will present an economic overview, during which he will discuss key global themes and his latest thoughts on the UK economy. An invitation has been sent to all members and booking is available via the events section below or Eventbrite.

GAT is also hosting an event to complement Sustainable Finance Week on 22nd September at which John Pepin, CEO of Philanthropy Impact will present "Intergenerational Investment and Philanthropic Drivers: Money for Good". For further details 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.

With warmest wishes from GAT, enjoy your August newsletter.

Kind regards

Rhona Humphreys

GAT Chair

NEWS

AML/CFT Guidance for Registered Directors

On Wednesday 9th August the Commission issued in final draft form guidance for registered directors on their anti-money laundering and counter terrorist financing ("AML/CFT") obligations.

This follows the introduction last month of a director registration regime for individuals using the up to six directorships exemption from fiduciary licensing where no other exemption from registration applies.

This guidance is being issued in draft form to allow for addressing any technical issues with the guidance which could hinder or prevent a registered director complying with their AML/CFT obligations. It will be issued in final form when the AML/CFT obligations upon registered directors, contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) ( Bailiwick of Guernsey) Law, 1999, take effect from 1 October 2023.

This guidance is for registered directors only as it reflects the very limited activity they can undertake. It takes account of feedback from the consultations held late last year on the establishment of a director registration regime.

New Fiscal Policy Panel to provide independent assessment of Funding & Investment Plan

A new Fiscal Policy Panel has been appointed to provide an independent assessment of the States of Guernsey's fiscal policy and the risks and opportunities it may face in that area. The Panel's initial work will focus on the Funding & Investment Plan, which is due to be published by the Policy & Resources Committee next month and debated by the States Assembly in October.

The Funding & Investment Plan (F&IP) will be debated alongside options for a revised Capital Portfolio, which will set out the States' priorities for the major, essential infrastructure projects it believes need to be progressed this term. The F&IP will address how it intends to finance those projects alongside the States' other essential strategic and policy work and the funding of day-to-day public services. To do that, the F&IP will look at the stability and resilience of public finances over the next 10 years.

The Policy & Resources Committee recognises the importance of giving States Members and the community as much confidence as possible in its forecasting, and that the right fiscal challenges have been identified. It also wants to ensure its proposed solutions are viable and sustainable.

Commission consults on fees for 2024

The Commission has launched a consultation paper on proposals for increasing the licence fees paid by firms. The Joint GAT/STEP Technical will be submitting a response, please contact us by Friday 15th September if you have any comments you would like taken into consideration. The consultation period will close on Wednesday 20 September.

The Commission is consulting on an overall increase in fees of 7.3%. Other specific proposals relating to fees that are outlined in the consultation paper are:

• a rebalancing of fees within the insurance sector on request of the industry body with the aim of making Guernsey’s Special Purpose Insurance sector comparable with others;

• an increase in the regulatory fee when operating an investment exchange within the Bailiwick; and

• an update to the fees for virtual asset service providers within an Actively Managed Certificate structure.

EVENTS

Members are warmly invited to the next GAT Luncheon taking place on Wednesday 13th September at 12.30pm in the Regency Room of the OGH Hotel.

Our guest speaker will be Jeavon Lolay, Head of Economics and Market Insight for Lloyds Bank who will present an economic overview, during which he will discuss key global themes and his latest thoughts on the UK economy.

A short talk from Lawrence Malcic of the Victor Hugo Centre will precede the main presentation, within which opportunities for Trustees to be involved in this philanthropic project will be outlined.

GAT Chair, Rhona Humphreys will also deliver the latest industry update.

Members are warmly invited to a special GAT Luncheon taking place to complement Guernsey Finance Sustainable Finance Week, on Friday 22nd September at 12.30pm in the Conservatory at Moores Hotel.

John Pepin, CEO of Philanthropy Impact, will deliver a presentation to members.

Philanthropy Impact’s recent research findings with a sample of GEN Z and millennial wealth holders will be discussed including their desire to align their wealth with their values, the expectation being that their private client professional advisors to provide professional support in numerous, increasingly complex areas related to responsible, sustainable, impact investing and philanthropy.

STEP Guernsey Lunchtime Lecture 2023/2024 Series

STEP Guernsey warmly welcomes you to the first lecture of the 2023/2024 series, presented by series sponsors, Ogier.

PLEASE NOTE: The first event will commence at the slightly earlier time of 11.30am and will include time prior to the lecture for coffee and networking. The presentation will start promptly at 12pm.

Venue: The Colborne Room, OGH Hotel

Date/Time: Tuesday 12th September, 11.30am

Topic: Reserved Powers Trusts and the Retention of Control by Settlors

Speaker: Matt Guthrie, Ogier

The presentation will look at the position of reserved powers trusts, a frequent planning tool particularly for clients in the Far East, and the pitfalls to avoid to minimise risk of attack on such structures.

STEP Guernsey launches NextGen Initiative

We are encouraging those interested to attend the STEP NextGen Initiative Launch Party at Octopus on Thursday 28th September.

The NextGen Initiative will focus exclusively on the next generation of fiduciary professionals. ​

A selection of upcoming courses through the GTA

Trust and Company Bookkeeping – Level 1

The session gives trust administrators and those new to client accounting a sound grasp of basic trust and company accounting; it will ensure that you understand debits and credits and the basics of preparing simple financial statements.

Cost: £355
Date: 06 September 2023

Venue: GTA University Centre

Times: 09:00 to 17:00
Further details and registration here.

Trust and Company Bookkeeping – Level 2

This course is a useful follow on from Level 1 and gives those working in client accounting a general refresher regarding the preparation of trust and company accounting. It looks at some of the more advanced transactions covered in the trust and company accounting world and how these transactions should be handled.

Cost: £355
Date: 27 September 2023
Venue: GTA University Centre
Times:  09:00 to 17:00
Further details and registration here.

Introduction to Taxation for Trust Administrators

By attending this course, delegates will be given a "back to basics" overview of a wide range of taxation issues that can affect their clients, raise their awareness of client structures and transactions and understand when a client taxation issue needs to be addressed.

Cost: £325
Dates: 19 September 2023
Venue: GTA University Centre

Times: 09:30 to 16:00
Further details and registration here.

How to Conduct Enhanced Due Diligence Efficiently: from Open Source to Human Intelligence

This course is intended to provide OSINT tools and knowledge above and beyond compliance checks to help you fine tune your due diligence skills, whether you are working in finance or any other profession which requires such skills. The course will then provide an overview and scenarios of cases which require human source intelligence in addition to open source research.

Cost: £215
Start Date: 20 September 2023
Venue: GTA University Centre
Times: 09:00 to 12:30
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: £110
Date: 21 September 2023
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.

Guernsey Private Wealth Forum 2023 - Thursday 02 November 2023

Broadcasting legend Sir Trevor McDonald has confirmed his appearance at Guernsey Finance’s Private Wealth Forum in November.

One of the most recognisable figures in British journalism, Sir Trevor has worked for the BBC, ITN and Channel Four News during a career which has seen him covering the biggest stories of the twentieth century.

Sir Trevor will take part in a fireside chat with Guernsey Finance Chief Executive Rupert Pleasant at the forum, which is the flagship event for Guernsey’s Private Wealth sector.

Titled Changing Families in a Changing World, this year’s forum will explore the nature of change and explore changing cultural dynamics, examine the non-nuclear family, and the discuss importance of the next generation.

Registration will open soon and more information on speakers and content will follow. Should you have any questions, please contact Emily Wild.

SPONSOR ARTICLES

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