July Industry News Round-Up
From the UK Home Office and OECD Reports to green finance, it has been another busy month for Guernsey’s finance sector. Here is our monthly newsletter with all of the top stories from the industry and our member organisations.
Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout
the month.
Minutes and Technical Update
The July GIBA Council minutes are now online in the members’ section of our website. You can find them here.
BUSINESS NEWS
OECD Tax Review
The Organisation for Economic Co-operation and Development (OECD) recently reviewed a number of jurisdictions that have no or low rates of corporate taxation, including Guernsey. The review concluded that Guernsey’s taxation regime is not harmful when reviewed against the OECD’s standards concerning the requirement for legal persons to have sufficient economic substance.
IAIS Report
A report by the International Association of Insurance Supervisors (IAIS) has endorsed the island’s high level of insurance management. The IAIS is one of the principal international standard-setting bodies, to which the Bailiwick has a long-standing commitment.
Guernsey’s New Representative in Westminster
Robert Buckland, the MP for South Swindon, has been promoted to be Lord Chancellor and Secretary of State for Justice. The Ministry of Justice is responsible for managing the constitutional relationship with the Crown Dependencies.
UK Home Office Praise
Guernsey’s information sharing with UK law enforcement agencies was praised by the former UK Home Secretary Sajid Javid.
Private Capital
In the decade following the global financial crisis, allocations to alternative assets such as private equity and venture capital have doubled. We Are Guernsey undertook research revealing the rising significance private capital plays as a source of funds in private equity.
Expat Survey
People moving to Guernsey to work earn more than the average expat and a third find love, according to an HSBC Expat Survey.
GREEN FINANCE
Guernsey Green Fund
We Are Guernsey reported an increased awareness of and interest in green finance. Three quarters of those surveyed had increased exposure in green and sustainable finance – and everyone planned to do so in the near future.
FINANCE IN THE COMMUNITY
The charitable work
done by Guernsey’s finance sector continues to support many individuals, groups
and services in the community. Follow our Twitter feed and the hashtag
#GsyFinance4Community, here are just a few examples:
Doing their #utmost
Guernsey’s Island Games Team supported by Utmost Worldwide enjoyed one of their most successful Games in Gibraltar.
Julius Baer celebrates its 30th anniversary
Julius Baer celebrates its 30th anniversary in Guernsey and to mark the occasion the bank’s staff have taken part in a range of events to raise money for Les Bourgs Hospice.
BWCI Mini Soccer Festival
The 18th mini soccer festival took place this month, supported by BWCI, and saw more than 200 footballers compete over the two-day festival.
AUGUST/SEPTEMBER DIARY DATES
Channel Island Information Security Forum
“In through the out door: the shocking truth about physical security”
Thursday 15 August 2019
12:45-14:00
With the growing interest in and awareness of cybersecurity, we could be forgiven for thinking that security is all about computers, the internet and hi-tech crime. The reality is that often the easiest way into an organisation and to its data is literally through the front or back door.
Local security expert Carl Ceillam of The Chain Limited will share some of his experiences gained during physical penetration tests that he has performed on local businesses.
Guernsey Chamber August Lunch
Monday 19 August 2019
OGH 12:00-14:00
August’s Chamber Lunch will discuss the proposed Employment and Social Security legislation. Deputy Shane Langlois, Vice-President, Committee for Employment Social Security, and Deputy Emilie Yerby, Member, Committee for Employment Social Security, will answer queries and present insight into this hugely important new area of proposed legislation.
We Are Guernsey Funds Masterclass
18 September 2019
London, 16:00 – 18:00
A panel of experts will discuss the factors behind this trend together with a greater understanding of how fund structures and fund jurisdictions are evolving and how best to meet the growing complexity of requirements and future-proof your business in 2020 and beyond.