Categories for Industry News

November Industry News Round-Up

GREEN FINANCE STRATEGY PUTS DOWN ROOTS

 

Guernsey Participates in the Launch of UN’s FC4S European Green Finance Network

The United Nations’ Financial Centres for Sustainability (UN FC4S) launched its European arm this month in Dublin, Ireland, with Guernsey one of nine financial centres involved.

The new European network, which has its base in Dublin, sees Guernsey join other leading financial centres including London, Frankfurt, Paris and Zurich, in a broader European commitment to sustainable finance.

Read more

 

Green Insurance in Guernsey Discussion Paper

Guernsey Financial Services Commission (GFSC) has launched a discussion paper considering how the Bailiwick could become a supportive jurisdiction for green insurance.  

The paper covers regulatory changes in addition to wider sectoral issues relevant to the local insurance industry.

The closing date for responses to the paper is 29 March 2019.

Read the paper

 

TISE Launches Green Market Segment

The International Stock Exchange (TISE) has recently announced the launch of a new green market segment, TISE GREEN.

The segment has been established to enable those seeking investment in environmentally beneficial initiatives to highlight their green credentials. It also aims to provide easier access for investors who are looking to allocate towards those investments which have been verified as meeting globally recognised standards in green finance.

Read more

 


BUSINESS NEWS

 

Guernsey Responds to Economic Substance Concerns

In 2016, the EU Council committed to coordinated policy efforts in the fight against tax fraud, evasion and avoidance.  The Code of Conduct Group was instructed to undertake a screening process whereby jurisdictions, including Guernsey, were assessed against three standards in respect of tax transparency, fair taxation, and compliance with anti-Base Erosion and Profit Shifting (“BEPS”) measures.

Guernsey has responded to these concerns by publishing draft regulations and initial key aspects guidance. A copy of the draft Income Tax (Substance Requirements) (Implementation) Regulations, 2018 can be found here.

 

GFSC Issues Handbook on Countering Financial Crime

The Guernsey Finance Financial Commission (GFSC) has issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing.

The revisions to the rules and guidance in the Handbook, together with revised legislation, will bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Taskforce. It also addresses recommendations made by MONEYVAL following its mutual evaluation of Guernsey.

Read more

 

Guernsey to Secure New Customs Union with UK

Guernsey’s fiscal independence will be secured through a new customs deal with the UK – which will also help ensure businesses benefit from ‘frictionless’ trade after Brexit.

Home Affairs Vice-President Deputy Rob Prow, who has led the work on the new customs union agreement between the UK and the three Crown Dependencies, is positive about the new arrangements which mean there will be no trade barrier between Guernsey and the UK.

Read more

 

Guernsey Hosts Channel Islands 5G Summit

The regulator, representatives from the various telecos and government and industry representatives came together to discuss the introduction of 5G to Guernsey.

Many of the positive aspects of 5G connectivity were discussed during the day, including the ambition that it will help the island improve productivity, create the conditions for the Internet of Things to develop and support more technological innovation in Guernsey.

Read more

 

 

Private Wealth Forum Highlights Guernsey as Major Base for Family Office Moves

Guernsey is increasingly being considered as a base for family office structures, an expert in the sector told the first-ever Guernsey Private Wealth Forum in London.

Guernsey’s commitment to tax transparency and sharing information – while still offering privacy – is seen as a positive differentiator for the island.

Read more

 

GIBA NEWS

 

Technical Report

GIBA’s latest technical status update is now online in the members’ section of our website:

If you need a password to access this area, please get in touch!

Read more

 

GIBA supports Skills Guernsey’s New Action Plan for a Highly Skilled Workforce

GIBA looks forward to contributing to the development of a financial services apprenticeship scheme and also to playing its part in encouraging local graduates to return and join the island’s workforce.

The Action Plan has been shared with industry groups throughout its development, to gain insight from businesses and understand how they may be interested in working in collaboration with Skills Guernsey.

Read more

 

FINANCE IN THE COMMUNITY

 

Our Twitter feed this month has been busy 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:

 

Beard Up for MUG

Male Uprising Guernsey’s annual Beard Up event has seen a wealth of support from the finance community throughout November. Northern Trust, Louvre, Carey’s Richmond Group and BDO Guernsey have all sported facial hair in support of the charity.

 

Arts for Impact

Generali Worldwide has teamed up with local charities Arts for Impact and Art for Guernsey to help improve the patient experience at Princess Elizabeth Hospital.

Read more

 

Guernsey Community Foundation Awards

Fantastic work by people and organisations within the finance community was recognised at the Guernsey Community Foundation Awards. Congratulations to all the winners and those shortlisted.

Read more

 

DIARY DATES

 

D&O Insurance: Same Old Cover – New Risks?

13th December

St Pierre Park

The Guernsey Investment Funds Association seminar will examine the cover and liability management in today’s market.

Read more

 

Guernsey Finance Industry Update

24th January

St James

The event’s keynote speaker Miles Celic, Chief Executive of TheCityUK, returns for a second year, alongside Guernsey Finance speakers Chief Executive Dominic Wheatley, Deputy Chief Executive, Strategy, Dr Andy Sloan, and Marketing Director Barnaby Molloy.

Read more

 

To share your event news and community activity on GIBA’s social media channels, please send information and images to hello@black-vanilla.gg.

October Industry News Round-Up

GIBA NEWS

 

Implementation of States Economic Development Strategy

David Oxburgh, welcomes the recent update published by the Committee for Economic Development (CfED) on the implementation of the States of Guernsey Economic Development Strategy and is encouraged by the prioritisation of the 20 growth actions.

He says: ‘GIBA is encouraged that the 20 actions to promote stronger growth’ have been categorised as critical, important or beneficial.

‘In particular, we are pleased that GIBA’s three main focus areas of transport links, skills and growing and developing the finance sector are all regarded as critical.  The other three action areas which have been categorised as critical are the digital, telecoms and the seafront enhancement area.’

Read David’s full statement here

 

Technical Report

The latest GIBA technical status report is now online in the members’ area on our website. If you need a login, please get in touch secretary@giba.gg.

Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.



BUSINESS NEWS

 

Guernsey Agribusiness Fund Becomes World’s First ‘Regulated Green Fund’

Guernsey has registered a Guernsey-domiciled agribusiness fund as the world’s first regulated green fund.

The Cibus Fund, launched last year, becomes the first fund to be awarded the Guernsey Green Fund regulatory “kitemark” by the island’s regulator, the Guernsey Financial Services Commission, following the launch of the Guernsey Green Fund rules in July this year.

Read more

 

Dr Andy Sloan Discusses Guernsey’s Global Positioning

At a recent IoD seminar, Guernsey Finance’s Dr Andy Sloan announced that a ‘clarity and definition of the islands positioning’ was needed to make the island’s financial services sector relevant and successful in a post-2020 world.

He said it was time for: ‘a very deliberate positioning or re-positioning of ourselves as a sophisticated and specialist global finance centre.’

More news about the key messages and strategy he discussed will be available shortly but, in the meantime, he urged the audience to consider Guernsey as a specialist global finance centre servicing sophisticated global clients.

 

Guernsey PIF is a ‘Great Fit’ for ‘Non-Traditional’ South African Fund

The launch of a new Private Investment Fund in Guernsey from a South African manager is the latest of what is hoped could become a pipeline of fund launches from the country.

Guernsey Finance and industry practitioners were in Cape Town this spring promoting the island’s funds offering, including the popular Private Investment Fund, introduced in late 2016.

Read more

 

TISE updates Listing Rules to Attract Scale-Up Businesses

The International Stock Exchange (TISE) has revised its Listing Rules for trading companies, in particular, to appeal to Small and Medium Sized Enterprises (SMEs).

TISE has a long-term strategy of attracting more listings from growth companies based in the UK as well as its ‘home’ markets of the Channel Islands and the Isle of Man.

Read more

 

FINANCE IN THE COMMUNITY

 

Our Twitter feed this month has been busy 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:

Biggest Swimarathon to Date

This year’s Skipton Swimarathon saw around 3,000 people taking part in the fundraising event, 1,000 more than last year’s record-breaking figure.  

The main beneficiary this year will be Le Murier School’s Village Project. Money raised will go towards the building of four log cabins designed to help the students learn independent living skills.

Read more


Children, Parents and Teachers Enjoy Free Football

78 children, parents and teachers from La Mare Primary and La Mare High School took advantage of the free tickets provided by Aspire Guernsey in the Guernsey FC Aspire Youth Zone and witnessed an eight-goal thriller.

 

#BeardUp for MUG

The charity’s annual beard-growing fundraiser kicks off on Thursday 1st November. Weighbridge Trust has already pledged its support, and no doubt other firms will follow.

Chairman of MUG, Dan Collins says: ‘The financial services sector has always been a big supporter of MUG’s various male cancer awareness campaigns and fundraising activities. Beard Up is no exception and we encourage as many firms as possible to get involved and grow some facial hair this November.

‘Without everyone’s support, the charity could not carry on its work to help male cancer patients and spread our #GetChecked message.’

Sign up here

 

DIARY DATES

 

Monday 5th November – Disclose or Be Dammed

STEP Guernsey welcomes Michael Cash and Henrietta Mason from Penningtons Manches LLP who will review the recent English case of Lewis v Tamplin and the current state of the law on the rights of beneficiaries to information. They will examine the request by trust beneficiaries for more information about the trust, the actions taken, outcome and implications for trustees to consider.

Venue: The Dorey Room, St James

Time: 12:00 – 13:00 pm

For more information and to book your place click here

 

Wednesday 7th November – Following the Money
The Financial Intelligence Service in conjunction with the Policy & Resources Committee invite you to a presentation by Clark S Abrams, Chief, Money Laundering and Financial Investigations Unit at the Office of the Special Narcotics Prosecutor for the City of New York.

The presentation will focus on how financial services businesses can help prosecutors to crack down on the global drugs trade and will include:

  • Trade Based Money Laundering (TBML); Fraudulent trade documents and alternative payment systems
  • KYC; The antidote to money launderer’s sleight of hand
  • Be aware, or beware, of civil forfeiture (confiscation)

Venue: OGH, Regency Room

Time: 11:00 – 12:15 pm

For more information and to book your place click here

 

Thursday 8 November – Guernsey Private Wealth Forum

The first ever Guernsey Private Wealth Forum takes place next month, discussing political risk and its impact on private wealth.

The event will feature a keynote speech from Sir John Sawers, a former diplomat, followed by an afternoon tea. Session two will consist of a panel discussion of professional advisers to wealthy individuals and their families.

Venue: Graysons Christ Church Spitalfields, London

Time: 2:00pm – 5:10 pm

For more information and to book your place click here

 

Wednesday 14 November – Collas Crill Director’s Duties Conference

Collas Crill will be hosting a conference on directors’ duties during the life cycle of a company. From local cases, such as Carlyle to the much-publicised UK examples of BHS, Carillion and Sports Direct, the role of directors and the importance of corporate governance is an increasingly scrutinised subject.

Venue: Duke of Richmond Hotel

Time: 8.30am

Read more

 

Wednesday 14 November – Mourant Privilege Seminar

Mourant is hosting a privilege seminar with regulatory specialists, Robert Shepherd and Sally French.

The seminar will consider the SFO v Eurasian Natural Resources Corporation Ltd case. This case concerned documents created by a company investigating a whistleblowing complaint and whether the SFO was entitled to see those documents for its own enforcement action.

Venue: The Upper Rotunda, Royal Chambers

Time: 8.00am

Read more

 

Thursday 15 November – KPMG Tax breakfast seminar

Introduction of substance requirements for certain Guernsey tax resident companies.

The event is an opportunity to hear from KPMG on how the proposed changes may impact local companies. Speakers will provide insights on which companies are affected, what such companies need to do to comply with the proposals, the increased reporting required by companies, and finally what happens if everything goes wrong, which could ultimately result in the company being struck off.

Venue: KPMG, Glategny Court, Glategny Esplanade

Time: 8.00am

For more information and to book your place email gg-fmtaxeventsgsy@kpmg.com

 

To share your event news and community activity on GIBA’s social media channels, please send information and images to hello@black-vanilla.gg

CfED Update October 2018

Economic Development Strategy Priorities Welcomed by GIBA

GIBA welcomes the update published by the Committee for Economic Development (CfED) on the implementation of the States of Guernsey Economic Development Strategy which will be debated at the States meeting on 28 th November.

Bearing in mind the concerns voiced at the recent Institute of Directors Convention that 20 priorities are too many, GIBA is encouraged that the 20 ‘actions to promote stronger growth’ have been categorised as critical, important or beneficial.

In particular, we are pleased that GIBA’s three main focus areas of transport links, skills and growing and developing the finance sector are all regarded as critical. The other three action areas which have been categorised as critical are the digital, telecoms and the seafront enhancement area.

Transport – Critical

On transport links, we are pleased that there will be an update to States members on the external strategic review of air and sea links infrastructure before Christmas. Hopefully coming from this will be action to develop the runway at Guernsey Airport. The repositioning of the safety area may well be a medium-term improvement and potentially could be dealt with in addition to and on a quicker time frame than any longer-term runway extension.

Given the inevitable timing of infrastructure improvements, GIBA continues to press for short-term action on air links including the waiving, or significant reduction, of landing charges at Guernsey Airport which are amongst the highest at airports in the British Isles. GIBA, therefore, welcomes CfED’s plan to bring an air routes policy letter to the same States meeting which will consider the infrastructure review. We very much hope that this will allow the flexibility for existing as well as new routes to be supported, whether through a reduction in landing charges or other means.

Keeping Young Talent on Island

On skills, whilst there have been many years of discussion and research, GIBA is pleased that a plan is now being developed to ensure Guernsey has and retains a highly skilled workforce. GIBA will play its part in encouraging local graduates to return and join the island’s workforce. We also look forward to contributing to the development of an on-island financial services apprenticeship scheme.

Financial Sector – Solid Foundation for Economy

The finance sector, of course, provides the foundation on which our economy is built, and whilst efforts are made to diversify the economy it remains critical that government continue to support the growth and diversification of the finance sector. Work continues apace on five key development areas, and a financial services policy framework is due to be published in November, with much of this work being led by Guernsey Finance.

Government funding of our promotional agency is, however, a fraction of the financing of the equivalent agencies in our competitor jurisdictions. Increased support and funding of the agency by both industry and government will be critical in maintaining and growing our finance and professional services sector which provides the bulk of the tax which funds government spending.

Attracting new financial services business to the island will also be key and with the new team at Locate Guernsey now announced and its funding renewed, we look forward to more joined-up working between these agencies to this end.

Update – Proceeds of Crime Legislation

Amendments to the Proceeds of Crime legislation will be considered by the States of Guernsey in December and the effective date for the commencement of the Ordinance will be 31st March 2019.

In light of this, the opportunity has also been taken to revisit the deadlines for the transitional provision arrangements. The matrix below outlines the revised timings:

Crime Legislation Matrix

For the avoidance of doubt, any MLRO or Nominated Officer who has been appointed under the current regulations will be grandfathered over to the revised framework, with no requirement to further advise the Guernsey Financial Services Commission or the FIS of the appointment.

September 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

10 Years Beyond the Financial Crisis

‘Ten years on from the global financial crisis Guernsey has a well-diversified finance sector of which we can be proud,’ says GIBA Chair, David Oxburgh.

Read his summary of the island’s primary economic contributor here.   


2018 Proving a Positive Year for M&A Deals

The value of global offshore M&A deals in the first half of 2018 nearly matched the total recorded for the entirety of 2017, according to a report released by offshore law firm Appleby.

The latest edition of Offshore-i, an Appleby insight report on merger and acquisition activity in major offshore financial centres, focuses on transactions announced over the first half of 2018.

Read more

 

BREXIT UPDATE

Bailiwick’s Interests are Being Considered During Brexit Negotiations

Lord Keen has provided assurance that Guernsey’s interests are being looked after in London during Brexit.

Lord Keen is the Ministry of Justice spokesman in the House of Lords, as well as the minister with responsibility for the Crown Dependencies. He was on the island during September and said: ‘The UK government respects the constitutional position of the Crown Dependencies.’

 

Meanwhile, Deputy Gavin St Pier, President of the Policy & Resources Committee, has written to Prime Minister Theresa May to outline the island’s position regarding a ‘No Deal’ Brexit.

‘We continue to plan for the prospect of a new partnership between the UK and the EU.  It is vitally important that our interests continue to be taken into account in the UK-EU negotiations and to ensure that our ancient and historic constitutional relationship with the Crown is upheld and respected.’

Read the full letter here

 

CHINA UPDATE

Guernsey Continues to Make Captive Developments in China

Guernsey’s progress in the Chinese market was reported at a We Are Guernsey update event in September.  Guernsey Finance gave an on-island update on China, with the audience of more than 100 hearing about developments in the Far East.

Local businessman Charles Scott, from Alternative Risk Management, also spoke at the event. He has made significant progress introducing captives to the region over the past couple of years.

Read more

 

A second event focused on the China market, Guernsey Finance Masterclass in Hong Kong, examined the potential of accessing a selection of alternative asset classes through Guernsey investment structures.

Read more.

 

GIBA NEWS

The summary of the August council meeting minutes and September technical status report are now 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

Click here

 

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:

 

Finance Community supports Herm Swim 2018

This year’s successful Herm Swim 2018 challenge was supported by a host of financial sponsors.  Around 45 swimmers made the crossing to Herm Island to raise money for the Guernsey Society for Cancer Relief and This is Epic.

Read more

 

Swimarathon Invites Corporate Teams to Make a Splash

The Skipton Swimarathon is encouraging more corporate teams to join its Corporate Sponsor Awards Scheme and raise funds for charity. The Awards will recognise three levels of fundraising, with Accreditation Rosettes being given to companies to acknowledge their support.

Read more

 

Guernsey Photography Festival Supported by Raven Property Group

Raven Property Group has partnered with Guernsey Museums & Galleries and Guernsey Arts Commision to deliver the 2018 Guernsey Photography Festival.

 

Running from 20 September to 20 October, this year’s festival is themed ‘Political Landscape’. The popular event will bring together some of the world’s leading and emerging contemporary photographers alongside the usual mix of educational and community events.

Read more


DIARY DATES

Thursday 4th October – Deadline to Register to Vote

Anyone wishing to vote in the referendum must register to vote by 4th October. The referendum to select the way Guernsey votes for its Deputies will take place on 10th October.  

More information about the referendum can be found here.

 

Friday 19 October- Sanctions Explained

Collas Crill is hosting an event to address a range of sanctions issues with leading barrister Maya Lester QC

Event details:

The Duke of Richmond
Friday 19 October from 8:30am to 10:30am.
Tickets are £40.00

Read more


Thursday 11 October – Deloitte Breakfast Briefing

Deloitte is hosting a breakfast briefing to explore the expected framework of the new EU Code of Conduct Group (Code Group) economic substance legislation and examine the practical implications of the changes.

Event details:
8am – 9.45am (presentations starting at 8.30am)
Duke of Richmond Hotel, Somerset Suite.

 

RSVP: Mandy Sangan, email: ukgurmarketingevents@deloitte.co.uk or Tel: 01481 703285.