Welcome to your November 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 November edition of the GAT monthly newsletter. Thanks to our sponsors Lloyds Bank International, Carey Olsen, KPMG, Ruffer and Aspida Group for their continued sponsorship and support. 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. |
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You may view the recent feedback, submitted by the joint GAT/STEP Technical Committee on the proposal to introduce a Government Levy, below. All responses can be found in 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 The next GAT Luncheon and the first of the new year, is due to take place on Tuesday 30th January 2024 in the Regency Room of the OGH Hotel when Gillian Browning of the GFSC will be providing an overview of the recently-published Moneyval Guide and the senior Guernsey Finance team will be outlining how they intend to promote and connect the fiduciary industry during 2024. 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. With warmest wishes from GAT, enjoy your November newsletter. Kind regards Rhona Humphreys GAT Chair |
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Consultation on proposal to introduce a Government Levy |
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Earlier this month, the Committee for Economic Development requested feedback from industry associations on Amendment 18 to the States of Guernsey Budget 2024, which seeks to raise additional revenue, above that agreed in the Funding & Investment Plan debate in October, for the purposes of helping members make the decision to progress the funding for the Transforming Education Programme. The revenue raising agreed by the States in October assumed an additional £5m from the corporate sector, largely from the introduction of a corporate levy. The proposal in the amendment is to increase the revenue raising to be achieved through a corporate levy by a further £5m. The Policy & Resources Committee is leading on this work through its Tax Sub Committee which is preparing a detailed consultation document on the matter which is expected to be released early in the new year. At the present time, the fees collected through the Guernsey Registry through Annual Validation fees are effectively a hybrid between cost recovery and a contribution to the cost of delivering services. The consultation will look at disaggregating this so that there is a clear fee structure for Registry services alongside a separate government levy which would be collected at the same time. Raising £5m through this process would imply a new levy equivalent to about 50% of the current Annual Validation fee for the different company categories. Raising a larger amount - £10m – would be the equivalent of levying a similar amount to the current level of the Annual Validation fee. The Committee was interested in the association's views on the levy proposal in general but also in relation to any risks it might raise, such as in relation to the Bailiwick’s competitive position and/or the risk to the Bailiwick of losing business to competitor jurisdictions. Please view and/or download the amendment and the response submitted by the joint GAT/STEP Technical Committee by clicking the buttons below. |
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The Commission plans to increase licence fees paid by firms from 1 January 2024 by 6.3%. 1% less than the figure upon which it consulted. On 26 July 2023, the Commission issued a consultation paper on the fee rates and administrative penalties to apply from 1 January 2024, which contained the following proposals: a proposed increase in fees of 7.3%, with the exception of fees introduced in 2023; a rebalancing of fees within the insurance sector on request of the industry body with an aim to provide greater comparability with other jurisdictions; an increase in the regulatory fee for operating an investment exchange within the Bailiwick of Guernsey an update to the fees for VASPs within an Actively Managed Certificate (‘AMC’) structure.
The consultation period ran for eight weeks, until 20 September 2023 and the Commission’s response to the feedback received as part of the consultation can be viewed HERE. |
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AML/CFT Handbook – Appendices C and I Updates |
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On Monday 6th November the Commission issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Bulgaria. FATF has removed Albania, Cayman Islands, Jordan and Panama from its list of jurisdictions under increased monitoring, therefore these countries have also been removed from Appendix I with the exception of Panama, as it is listed by other relevant external sources. The Handbook amendments include the removal of Bulgaria from the list of equivalent jurisdictions in Appendix C and its addition to the list of countries and territories identified in Appendix I which may present a higher risk of money laundering and terrorist financing. At the same time an instruction is issued to all specified businesses specifying the steps to be taken before the end of March 2024 in respect of business relationships they have which are connected to Bulgaria. |
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New Commissioner appointed |
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The Commission is pleased to announce that the States of Guernsey have appointed The Rt Hon The Lord Henley as a new Commissioner. The vacancy arose following the sad death of Baroness Couttie. Oliver Henley is a longstanding member of the House of Lords. He is currently a member of the Joint Committee on Human Rights. He previously served as a Minister under four Prime Ministers, from Margaret Thatcher to Theresa May, in a range of departments including Social Security, Defence, and DEFRA and as a Minister of State at the Department of Education and the Home Office. His most recent ministerial position, from 2017 to 2019 was at the Department of Business, Energy and Industrial Strategy where, among other responsibilities, he covered regulatory reform and the Life Sciences Industrial Strategy. Between 1997 and 2010 he served as Opposition Chief Whip in the Lords, and subsequently as opposition spokesman for Home Affairs and Justice. Oliver was called to the Bar in 1977. He was an elected member of the County Council in his native Cumbria from 1986 to 1989, resigning on his appointment to the Government. He was appointed to the Privy Council in 2013. Speaking about Lord Henley’s appointment, the Commission's Chairman Mr Julian Winser said: “I’m delighted to welcome Lord Henley to the Board of Commissioners. He brings considerable experience of UK politics and high-calibre expertise, which will prove invaluable as we work to deliver proportionate regulation to meet international standards.” |
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Guernsey Registry online portal is changing |
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Guernsey Registry is upgrading its IT systems including the online services portal. The charity/NPO register was successfully moved into a new IT system in December 2022. The Registry is now embarking on the next stage of the IT upgrade and is moving the company, foundation, limited partnerships, and limited liability partnerships to the new online portal on Monday 4th December 2023. To enable this transition there is a cut off for making filings in the existing system of 5pm on Friday 1st December 2023, and both the old and new systems will be offline over the weekend until the new online portal is available at 9am on Monday 4th December 2023. As part of these improvements there are some changes to what users will need to do to access and use the new online portal. These changes will help ensure the security and accuracy of the data held by the Registry. Guernsey Registry is keen to help manage the impacts of these changes and is offering training on the new portal until the end of February 2023. You can find more information about the changes and register to attend training on the Guernsey Registry website - www.guernseyregistry.com. The Registry appreciates that moving to a new system will be challenging but hope that they can work together with users to ensure this process is as smooth as possible, to ensure that the new system works for users and to ensure that Guernsey continues to be a jurisdiction of choice for businesses both now and in the future. |
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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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Members are warmly invited to the next GAT Luncheon taking place on Tuesday 30th January 2024 at 12.30pm in the Regency Room of the OGH Hotel. Our guest speakers will be Gillian Browning of the GFSC, who will be providing an overview of the recently-published Moneyval Guide and the senior Guernsey Finance team will be outlining for members how they intend to promote and connect the fiduciary industry during 2024. GAT Chair, Rhona Humphreys will also deliver the an industry update and a look ahead to 2024. |
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STEP Guernsey Lunchtime Lecture 2023/2024 Series |
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Venue: The Colborne Room, OGH Hotel Date/Time: Wednesday 6th December, 12pm Topic: Key Regulatory Challenges of 2024 for Trust Service Providers Speaker: Charisma Lyall, Grant Thornton Charisma Lyall, Director in the Regulatory Consulting Team at Grant Thornton, will draw on her extensive knowledge of financial services regulation to discuss the main regulatory challenges for 2024. During the session, Charisma will cover: The Key Regulatory Challenges for 2024 How these challenges may affect your business What your firm can do to meet these challenges
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Guernsey Finance Industry Update |
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Guernsey Finance warmly invite members to St James for their annual Industry Update, where they will provide an update on progress over the course of 2023, and the outlook for the coming year. The theme for 2024 is 'Guernsey's place in the world' and developments will be shared in the chosen strategic markets over the past year. The event will begin with a welcome from Guernsey Finance Chief Executive Rupert Pleasant, followed by an address from Deputy Chief Executive Barnaby Molloy who will give an insight into Guernsey Finance's recent developments. A new piece of research will also be launched, commissioned by Guernsey Finance and carried our by Frontier Economics, on Guernsey's value to the UK. Guernsey Finance's Business Development team will also be joining from their respective jurisdictions to reveal the current trends from their parts of the world. The event will close with remarks from Guernsey Finance Chairman Deputy Lyndon Trott. |
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A selection of upcoming courses through the GTA Getting it ‘Write’ This course aims to provide the practical tools to ensure that written communications are of a high standard. You will learn what is involved in accurate and clear writing, including a focus on common errors in spelling and grammar, and the importance of plain English. Cost: £215
Start Date: 5 December 2023
Venue: GTA University Centre
Times: 09:00 to 12:30
Further details and registration here Microsoft Excel - Beginners This half-day course is designed to assist those wishing to learn the basic functions of Microsoft Excel. You will learn how to create calculations and graphs, as well as getting to grips with formatting. Cost: £215
Date: 11 December 2023
Venue: GTA University Centre
Times: 09:00 to 13:00
Further details and registration here Microsoft Excel - Intermediate This half-day course is designed to assist those wishing to build upon their basic knowledge of Microsoft Excel. Cost: £215
Dates: 14 December 2023
Venue: GTA University Centre Times: 09:00 to 13:00
Further details and registration here Demystifying Finance – Essential Accounts This comprehensive course has been designed to provide those working in management from a non-accountancy background with all of the tools they will need to master the essentials of company accounting and bookkeeping. Cost: £225
Date: 17 January 2024
Venue: GTA University Centre Course Length: 09:00 to 13:00 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: 23 January 2024
Venue: GTA University Centre Course Length: 09:00 to 17:00 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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After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds. Read our article to read how much money would you need to invest in 30 year TIPS to preserve $1,000 of purchasing power? Please contact Rachel Holdsworth if you have any questions. |
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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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