January Industry News Round-up
2019 has got off to a flying start for Guernsey’s finance sector; here is our monthly newsletter with all of January’s top stories from the industry and our member organisations.
Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.
BUSINESS NEWS
Looking Ahead With the Guernsey Finance Industry Update
Guernsey Finance’s annual industry update informed the local finance industry on progress made in 2018 and plans for next year at its annual Industry Update on Thursday 24 January.
The event offered a broad overview of the business and political climate in financial services nationally after a tumultuous year and updated attendees on the agency’s activities in business development, strategy, off-island PR and marketing.
If you missed the event, you can review the presentations here.
Guernsey Drafts World-First Laws on Smart Contracts
Guernsey has drafted new laws to offer certainty regarding the use of electronic agents in transactions and contract matters and to create a secure environment for the exploitation of technology for specialist financial services.
The Electronic Transactions (Electronic Agents) (Guernsey), 2019, Ordinance aims to offer greater certainty in the use of artificial intelligence and distributed ledger technology, and to encourage adopters of technology solutions to use Guernsey.
TISE Breaks Records With New Listings in 2018
There were 865 new listings on the International Stock Exchange (TISE) during 2018.
This represents an increase of 160 (22.7%) on 2017 and is the largest number of securities listed in a calendar year on the Exchange since the business was established in 1998.
It took the total number of listed securities on TISE to 2,857 at the end of December 2018. A number of firms joined as Listing Members of the Exchange during 2018, including ILS specialist Solidum Re (Guernsey) ICC Limited, Isle of Man-based FIM Capital and, in Jersey, Intertrust Securities, as well as Maples and Calder.
Finance Sets Out Key Messages to Promote Guernsey
How we all talk about the jurisdiction can make a big difference to how it’s perceived by clients and our colleagues in other locations.
Guernsey Finance has collaborated with industry representatives to produce a set of core messages which define and differentiate Guernsey’s financial services industry.
GUERNSEY GREEN FUND
Global Asset and Risk Manager Receives Guernsey Green Fund Designation
Insight Investment, a global asset and risk manager, has become the latest manager to seek a Guernsey Green Fund designation for one of its funds.
Insight received a Guernsey Green Fund accreditation for its farmland fund, the Global Farmland Fund Limited (GFF), which invests in farming projects worldwide.
BREXIT
Gavin St Pier Issues Statement Detailing Guernsey’s Preparedness for Brexit
In the absence of the UK approving a Withdrawal Agreement regarding Brexit, Gavin St Pier, President of the Policy & Resources Committee, has issued a lengthy statement detailing Guernsey’s preparedness.
Key points included:
- The opportunity for Guernsey to join the UK’s membership of the World Trade Organisation (WTO) is being actively pursued – with a meeting with Dr Liam Fox next week “to progress this matter to a conclusion.”
- Guernsey has adopted legislation based on the EU General Data Protection Regulation (GDPR) and has been granted adequacy status by the EU Commission. This will not change as a result of Brexit.
- With many businesses not wanting to have discussions about Brexit in public, Gavin St Pier is encouraging businesses to make contact for information and support.
Financial services businesses should make contact with Darren Stephens in the Finance Sector Development team via the gov.gg website contact page.
The full statement can be read here.
GIBA NEWS
GIBA would like to thank James Travers for his work as GIBA Council Secretary and inform members that Carl Rosumek has assumed those responsibilities as well as his duties as the council’s technical resource.
GIBA Chair Discusses the Future of the Financial Sector
Guernsey Press Q4 Business Review touches on substance, public registers, Brexit, economic growth for Guernsey and much more.
David Oxburgh, GIBA Chair, also offers his views on Guernsey’s stability as a jurisdiction, alongside the future of the local banking sector.
GIBA Council Meeting
The latest summary of GIBA council meeting minutes is now online in the members’ area of our website.
FINANCE IN THE COMMUNITY
The charitable work done by Guernsey’s finance sector continues to support many people, groups and services in the community. Follow our Twitter feed and the hashtag #GsyFinance4Community, here are just a few examples:
Loud Tie Day
Bowel Cancer Guernsey received some fantastic support from the industry for its annual Loud Tie Day and inaugural Skipton Smith Street Dash which saw teams from Louvre Group, Ravenscroft and Equiom Group take part.
Saffery Rotary Walk
A fantastic 23 local charities will benefit from this year’s Saffery Rotary Walk. It’s the sixth year that the accountancy firm has sponsored the fundraising event.
Sign up here
FEBRUARY DIARY DATES
14 February
ILS Insight London
25 February
Compliance Briefing: Guernsey’s AML/CFT Handbook Updates
26 Feb – 1 March
Super Return International