August Industry News Round-Up
GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.
August Industry News Round-Up
GIBA’s monthly news round-up keeps you abreast of the latest news affecting Guernsey’s finance sector and our member organisations
Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.
BUSINESS NEWS
Guernsey Wins Best Non-Asian Domicile Award
Guernsey’s position as an established international captive domicile and its strong commitment to the Asian market were key factors as the island was named best Non-Asian Domicile at the inaugural 2018 Asia Captive Review Awards.
The awards recognise and reward exceptional providers of captive insurance products and services that have outperformed their competitors and demonstrated the highest levels of excellence over the last 12 months.
Guernsey Identified as a Leading Jurisdiction for US Private Placement
Midshore Consulting Limited has been working with the Guernsey Investment Funds Association (GIFA) on global funds distribution and the opportunity of private placement into the United States under Regulation D.
Paul Smith, Chairman of GIFA, commented that: ‘Guernsey is the second highest offshore fund domicile utilising Regulation D private placement in the US and is well-placed ahead of other key domiciles such as Luxembourg, Ireland and Jersey. This is a further demonstration of the reach and accessibility to markets of Guernsey funds and strengthens Guernsey’s status as a global fund centre. ‘
Guernsey’s Relationship with London is Ideal Backdrop to First-Ever Private Wealth Forum
Guernsey fiduciary experts are reinforcing the message that the island’s relationship with London is mutually beneficial and paramount ahead of the inaugural Guernsey Private Wealth Forum in the capital on Thursday 8 November.
The Guernsey Finance event, hosted in conjunction with the Guernsey Association of Trustees (GAT) and STEP Guernsey, is being held in Spitalfields and Guernsey-based practitioners are excited about the initiative and the chance to make further connections with the island’s principal source of new business flows.
Guernsey Claims more than Half of New Captive Growth in Europe
Guernsey captives made up more than half of the European market last year, according to figures compiled by the industry magazine Captive Review.
The research, conducted in partnership with Wilmington Trust, showed that of 17 new structures licensed in Europe in 2017, nine were domiciled in Guernsey. Captive Review reported that there are more than 800 captives in Europe of nearly 6,500 worldwide, with Guernsey’s market share of the European business at 38%.
Must Read – The Future of Crown Dependencies & Overseas Territories
A white paper by Alternative Domicile Intelligence, sponsored by Guernsey Finance – The Future of Crown Dependencies & Overseas Territories – Sustainable development for the 2020s – focuses on substance and some of the other political and economic challenges Guernsey and other CDOTs face in the coming years.
Guernsey Finance reports: ‘The real challenge ahead looks like being over substance. The need to develop sufficient substance to comply with BEPS, to avoid being placed on the EU’s blacklist of uncooperative jurisdictions and probably to meet other threats that are coming, including the growth of tax activism, is what the CDOTs should focus on.’
GIBA NEWS
The minutes for July’s council meeting, the August technical update and the latest consultation response to the GFSC’s Banking Law Fatal Flaws Review are online in the members’ area of our website. If you don’t have a password, please get in touch with your member association or email: secretary@giba.gg
FINANCE IN THE COMMUNITY
Our Twitter feed this month has been swamped with events and activities being sponsored by firms in the finance sector and related professional services.
Check them out using the hashtag #GsyFinance4Community, and you’ll see what incredible support the industry gives our community. Here are just a few examples:
Set Sail Trust brings Butterfield Bank on Board
Butterfield Bank has been announced as Set Sail Trust’s new trustee and core sponsor and will support the charity’s work in the Bailiwick.
The new partnership will help to ensure the continued delivery of a programme of water-based initiatives for local school children and more underprivileged members of the community.
Louvre Group helps raise money for charity at Open Castle Swim
Two local charities will benefit from this year’s Guernsey Swimming Club Open Castle Swim which took place on Saturday 25 August.
Proceeds from the event, which is sponsored once again by Louvre Group, will be donated to Guernsey Mind and The Sunflower Project.
Oak Group sponsors Male Uprising Guernsey (MUG) Bike Ride
Male Uprising Guernsey is asking islanders to round up their friends, family or colleagues and get peddling to support those affected by male cancers in Guernsey.
The fourth MUG Bike Ride, sponsored by Oak Group, will take place on Saturday 1 September. From young to old, leisure bike rider or serious road racer, there is a route for everyone this year as well as a family-friendly ride that can be enjoyed by youngsters.
DIARY DATES
Consultation deadlines include the Committee for Employment & Social Security’s survey on minimum wage legislation: