Welcome to your

December Newsletter

Our monthly roundup of news, events and sponsor reading material.

Get Our Latest Updates
Subscribe

GAT is generously sponsored by:

 

  • Carey Olsen
  • KPMG
  • Ruffer LLP
  • Aspida Group
  • Lloyds Bank International

 

If your member firm is interested in sponsoring GAT, please contact us. 

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

Dear Members,

 

Welcome to the December 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.

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 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. The senior Guernsey Finance team will also 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.

 

I do hope you have had an enjoyable and restful Christmas. On behalf of the GAT Committee, warm wishes to all members for the year ahead.

 

Kind regards

 

Rhona Humphreys

GAT Chair

CONSULTATIONS

Message to GAT Members from the States of Guernsey - NRA v2

Dear Members,

On Thursday 21st December I wrote to all members to advise you that I had been contacted by Richard Walker and the Guernsey Registry regarding a two-part project that they are requesting assistance with.

As you are aware Richard has been focused on the preparation for Moneyval, and part of that project is issuing the 2nd version of the National Risk Assessment. In order to assist with this, Richard has been working with the Guernsey Registry to obtain statistics with regard to Beneficial Ownership and the use of Nominees – and it is apparent that there are anomalies in the data.

I have previously mentioned that you should expect letters regarding Beneficial Ownership at my industry updates and therefore you should have been broadly aware of those.  These have now been issued – and relate to specific entities.

An email will also be received from the Registry requesting that you check where you have indicated the use of Nominee Shareholders (or not).  The statistics currently available from the Registry show a surprisingly low number of entities have indicated that they use Nominees, particularly as it is common practice in our sector.  I am informed that if you have completed beneficial owner training then you will be able to review your filings and correct them should they be incorrect.  (You will need to check all entities for which you are a CSP with regard to this piece of work).

The deadline for both of these projects is at short notice – Monday 15th January 2024. I have indicated that this may be challenging to achieve, but I have been urged to ask you to comply if at all possible – and to speak to the registry if you do not think you can meet the deadline.

As always, please do contact me should you have further questions or concerns.

 

Warm regards,

 

Rhona Humphreys

GAT Chair

NEWS

Distribution of Annual Fee Invoices

In early January, the Commission will be distributing 2024 annual fee invoices using the generic email address held on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact annualfees@gfsc.gg quoting the entity name and GFSC reference number, which can be found on the GFSC website (Regulated Entities and Registered Entities).

 

If you wish to update your email address please note that the Commission will only accept one email per licensee or registrant, and that the email should preferably be to a generic email address, as opposed to a named individual.

 

Invoices emailed from the Commission will carry the GFSC logo, but will be distributed by Quickbooks (a product of Intuit, their invoicing service provider). These emails will contain an attached invoice and a link to a portal hosted by Intuit, giving further detail on the invoice to be paid and the payment status. One email will be sent out per invoice. Should you have any concerns about an email that you have received, you may contact the Commission at annualfees@gfsc.gg to check its validity.

 

For FAQs on what to expect from the annual fee process, including what licensees should do to ensure they receive their invoices in a timely manner, please visit the GFSC website or click the button below.

2024 Fees FAQs

Explanatory Note - Surrender of the Authorisation or Registration of Collective Investment Schemes

On Thursday 30th November the Commission issued an Explanatory Note regarding the surrender of the authorisation or registration of collective investment schemes. The note clarified the typical circumstances under which the Commission will consider granting consent to the surrender of a scheme’s authorisation or registration, as required under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”).

 

Relevant persons are reminded that where a collective investment scheme remains authorised or registered under the POI Law as at 1 January 2024 (including where such authorisation or registration is suspended), then the Commission’s (non-refundable) annual fee for 2024 will apply.

Explanatory Note

Guernsey Registry has launched its new online portal.

Following the successful move of the charity and NPO register onto a new online portal in December 2022, the next stage of the IT upgrade was moving the company, foundation, limited partnerships, and limited liability partnerships to the new online portal, which was completed on Monday 4th December and which marked a significant step in modernising the Registry's services, representing a big change for the limited liability partnership and foundation register users, removing the requirement to file using paper forms, as now they can quickly and easily register changes online.

 

The new system will assist the Registry in continuing to provide an improved service by ensuring a better customer experience through a modern and intuitive system. It will enhance the ability of the Registry team to administer submissions more effectively and efficiently, as well as ensuring the ongoing security, quality and reliability of the data held by the Registry.

Changes made to the system include a new look and feel to the portal, enhanced functionality for users, and greater reporting and analysis capability for the Registry. This includes an in-portal messaging function, the ability to pay accounts in the portal and view balances, enhanced user role permissions and the ability to easily see the status of submissions.

 

Users will not be able to submit filings, or the company Annual Validation, without first becoming an authorised filer. The deadline for company annual validations is 29th February 2024. It is therefore recommended that the process of becoming an authorised filer is carried out as soon as possible and by 12th January 2024 at the latest.

 

Full guidance on what is required to become an authorised filer and other changes as a result of the new portal, is available at www.guernseyregistry.com.

 

The Registry is also offering online and in-person training sessions on the new portal until the end of February 2024. Users can pre-register for training HERE.

 

Drop-in sessions are also being held every Wednesday afternoon at the Registry from 2pm-4pm from 6th December 2023 to 22nd February 2024 (except for 27th December) to help users with the new system.

New Portal Guidance

New Policy & Resources Committee agrees lead roles for more key areas of its mandate

The new Policy & Resources Committee has held its first meetings, following its election by the States Assembly on Thursday 14th December The new members of the committee were elected following a vote of no confidence in the previous members.

 

President Lyndon Trott alongside deputies Heidi Soulsby, Bob Murray, John Gollop and Johnathan Le Tocq discussed the Committee's priorities for the remaining 18 months of the current term and in particular which members would lead across the range of areas that fall within its mandate.

 

Deputy Bob Murray will continue to be a lead member for the Government Work Plan, a role he held under the previous Policy & Resources Committee. He will be supported in that area by the Committee's Vice-President Deputy Soulsby who led on the Government Work Plan earlier in the political term.

 

Deputy Murray will also be the Committee's lead for the States' property portfolio, for Corporate Services, for the transformation of the public services and digital workstreams. He will also be the Committee's representative on the Electricity Strategy Working Group.

 

Deputy John Gollop will lead the Douzaine Working Group, the dedicated group which liaises between the States and parish officials, following a handover period from Deputy Murray who led in this area previously. He will represent the Policy & Resources Committee on the Children and Young People's Board and the SEND Alliance Political Oversight Group; and on the Prioritisation of Legislation Working Group, where he will work alongside Deputy Murray. Deputy Gollop will also support Deputy Soulsby on third sector engagement, and Deputy Jonathan Le Tocq on the Reshaping Government Sub-Committee.

 

In addition, given Deputy Gollop's significant political experience stretching over the last twenty-six years he will take up a new cross committee senior advisory role. Given the nature of its mandate, the workload in some areas can and does significantly increase at times as new developments arise. The Committee believes it is valuable to designate this role to someone with Deputy Gollop's considerable experience to act as a first point of call to other Members of the Committee to provide additional political support whenever and wherever it is needed.

Crown Dependencies publish commitment to increase accessibility to company beneficial ownership information

On Wednesday 13th December the Crown Dependencies published a joint commitment to increase transparency and accessibility to information held on their registers of beneficial ownership.

 

The central registers of company beneficial ownership in Jersey, Guernsey, and the Isle of Man already exchange information with international law enforcement entities and tax authorities around the world. In line with the shared global aim of combatting financial crime in all its forms, access to the information will be extended to include:

 

  • financial services business and certain other businesses in our own jurisdictions (collectively described as 'obliged entities') who are required to conduct customer due diligence

  • those media and civil society organisations who can demonstrate a legitimate interest in accessing relevant information in order to combat financial crime

     

The joint commitment follows careful consideration of recent decisions of the Court of Justice of the European Union and the European Court of Human Rights which recognise the incompatibility with public access with the right to privacy, and recognises recent international developments in response to this.

Further information

New data allows improved accuracy in Guernsey's GVA and GDP figures

The Guernsey Annual GVA and GDP Bulletin 2022 was published on Monday 11th December. It included figures that have been recalculated using data sourced from the Annual Economic Activity Return, which was launched in 2022 in order to improve the accuracy of these statistics.

 

The planned changes follow new legislation enacted in 2020 and the introduction of the Economic Activity Return which was piloted in 2021 and launched in 2022. The results of the 2023 Return corroborated those of 2022 and the UK Office for National Statistics validated the new approach recently.

 

The Bulletin contains first estimates of economic activity in 2022 and restated figures for earlier years. While the level of GDP has been restated at a lower level across the time series, the published statistics show a second successive year of healthy growth, with GDP in 2022 increasing by 4% in real terms. Activity within the Finance and insurance sector made a particularly strong contribution to growth, with positive contributions also made by the Construction sector and Accommodation and food service activities.

Read on

Employers encouraged to complete SOHWELL survey

Employers are being invited to complete a survey to inform potential policy developments aimed at providing greater support to people in work, to those returning to work, and improving access to occupational health services.

 

The Supporting Occupational Health and Wellbeing (SOHWELL) programme is a Government Workplan initiative that offers early intervention and support, where appropriate, to people who have an illness, injury or disability to help them stay in work or get back to work more quickly which also helps to maximise the islands workforce.

 

It is a well-established principle that, in many cases, it is better for a person's long-term health to be in work. Active and preventative occupational health measures are often an important tool in preventing common health issues from becoming long-term. Therefore, supporting employees in managing health conditions within the workplace, and supporting employers with return-to-work plans and reasonable adjustments is an important activity.

 

In addition to the SOHWELL programme, when people submit a medical certificate to social security, case managers are now offering support to individuals and employers to help people stay in work or return to work more quickly.

 

Please click the button below to complete the survey, which will be open for 6 weeks, closing on 15th January.

Take the Survey

EVENTS

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.

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.

BOOK HERE

STEP Guernsey Lunchtime Lecture 2023/2024 Series

Venue: The Colborne Room, OGH Hotel

Date/Time: Thursday 18th January, 12pm

Topic: Help us help you

Speakers: Catherine Moore & Teyha Morgan, Ogier with Lauren Ker & Ash Jarman, Clermont Trust

 

Join Catherine Moore and Tehya Morgan of Ogier with Lauren Ker and Ash Jarman of Clermont Trust for a fireside chat where senior and next gen members of their teams will come together to discuss how to navigate scenarios where complex family issues can arise.

BOOK HERE

Guernsey Finance Industry Update

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.

Register here

A selection of upcoming courses through the GTA

 

Demystifying Finance

This course (in its entirety) aims to demystify the world of finance so that you can be confident in your own understanding of the information presented to you by company accountants. Whilst this course has been designed as a series you are free to book on one or more sessions depending on your personal needs and requirements.

Cost: £607.50

Dates:

Essential Accounts - (17 January 2024)

Management Accounts - Back to Basics (24 January 2024)

Understand and Interpret Data like a Pro! - (31 January 2024)

Venue: GTA University Centre
Times: 09:00 to 13:00
Further details and registration here

 

Demystifying Finance – Essential Accounts

In this session you will learn to translate accounting terminology, learn the basics of bookkeeping and discover the essentials of financial accounting.

Cost: £225
Date: 17 January 2024
Venue: GTA University Centre

Course Length: 09:00 to 13:00

Further details and registration here

 

Demystifying Finance – Management Accounts Back to Basics

In this session you will learn how the provision of financial data and advanced forecasting to companies can help in the organisation and development of that company’s business. You will go over the basics of budgeting, forecasting and cash flows.

Cost: £225
Date: 24 January 2024
Venue: GTA University Centre

Course Length: 09:00 to 13:00

Further details and registration here

 

Demystifying Finance – Understand and Interpret Data like a Pro

In this session you will learn the importance of financial analysis and how the process of evaluating businesses, projects and other finance related data can determine your performance and suitability.

Cost: £225
Date: 31 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

 

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: 23 January 2024
Venue: GTA University Centre
Times: 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.

SPONSOR ARTICLES

Carey Olsen named Channel Islands Law Firm of the Year at WealthBriefing Awards

Carey Olsen has been named Channel Islands Law Firm of the Year at the second annual WealthBriefing Channel Islands Awards 2023.

 

Independently evaluated by expert panels, these awards celebrate outstanding achievements in the wealth management sector within the Channel Islands. The awards encompass various categories, highlighting excellence among individuals, teams, products, and services catering to wealth managers, clients, and institutions of diverse sizes and types.

 

This recent recognition adds to Carey Olsen's string of successes, including being recognised as the top offshore law firm in Chambers UK, securing the leading position in the offshore legal rankings in the Legal 500 UK 2024 guide, and earning the title of Guernsey Firm of the Year according to Who's Who Legal.

 

Commenting on the firm's latest success, partner and head of the firm's trusts and private wealth group in Jersey Alexa Saunders said: "Carey Olsen is delighted to have been named Channel Islands Law Firm of the Year by WealthBriefing and the independent panel of judges. Together with our recent success at the Chambers UK and Legal 500 Awards, recognition like this is a testament to our commitment to excellence and delivering the highest level of service to our clients around the world."

Read the article

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.

Did you know we have a LinkedIn page? 

Follow Us
Follow on LinkedIn

Share on social

Share on FacebookShare on X (Twitter)

Go to the GAT Website