July 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.
July has been a brilliant month of firsts for the finance industry and GIBA is excited for what the coming months will bring.
Guernsey and the UK Sign New Double Taxation Agreement
Guernsey and the UK have recently signed a Double Taxation Agreement (DTA), replacing the last DTA issued in 1951. The new agreement will ensure that individuals are not taxed twice on the same stream of income by the two governments.
Policy & Resources President Gavin St Pier signed the DTA on behalf of the States of Guernsey on 3rd July.
Guernsey’s Regulated Green Fund Product is a World-First
The Guernsey Green Fund was recently launched by the Guernsey Financial Services Commission (GFSC) as part of its plan to make Guernsey the ‘go-to’ financial centre for green finance.
The Fund has the objective of seeking a return for investors while mitigating environmental damage on both a local and global scale.
Westminster Politicians Reminded that Guernsey’s Beneficial Ownership Policy Approach is Verified
Policy & Resources President Gavin St Pier stressed to Westminster politicians that the island’s policy approach to beneficial ownership is the right one:
‘Guernsey’s central register contains data verified by regulated service providers and updated on a regular basis, as opposed to the UK’s register of self-declared information updated only annually. To adopt a model similar to that currently operating in the UK would effectively lower our own regulatory standards.’
TISE Approves First Guernsey-based ILS Specialist
The International Stock Exchange (TISE) has approved its first Insurance Linked Securities (ILS) specialist as a member firm. Solidum Re (Guernsey) ICC Limited, a wholly-owned subsidiary of ILS manager Solidum Partners AG, has become a Category 1 and Category 2 sponsor, which enables the company to arrange and sponsor the listing of debt securities and investment vehicles, respectively, on TISE.
It is also the first time that the core of an Incorporated Cell Company (ICC) has been admitted as a member of TISE.
Island Receives Top Marks for Transparency
Following a recent round of reviews, the OECD’s Global Forum has rated Guernsey as “Compliant” for adhering to and effectively applying international tax transparency standards.
GIBA Maintains Campaign to Have Landing Charges Waived
In light of the open skies policy approval, GIBA continues to support winter landing charges being waived.
GIBA Chairman, David Oxburgh comments: ‘We reiterate our view that a suspension of landing charges should be trialled this winter, reflecting a practice adopted by many far larger airports to encourage demand in the quieter months.
‘Both the main local operators have confirmed that any reduction in landing charges would be passed on in full to travellers; we encourage the Committee for Policy & Resources to give the States Trading & Supervisory Board the budgetary flexibility to implement such a trial commencing in October.’
Submission to GFSC Revision of Laws Definitions Review Published
Corporate and individual members of GIBA are reminded that our Submission to the GFSC Revision of Laws Definitions Review can be found in the Consultation Responses section in the Members Area of the website.
Technical Committee Update
Our Technical Committee’s monthly update is available to view in the Members Area of the website.
FINANCE IN THE COMMUNITY
July has been a busy month for the local community and the finance industry, who have united through various events and initiatives to support local charities.
A few of these events are featured below. For a broader take, look out for our #GsyFinance4Community hashtag on Twitter.
Intertrust Wins National Award for Donating Cycle Helmets
Earlier this month, Intertrust won an award at the Citywealth Brand Management and Reputation Awards for donating 400 cycle helmets to children across the Channel Islands.
FCG EPIC Week
From the 2 July, individuals and teams from across the finance industry took part in the FCG EPIC Week, setting themselves personal fitness challenges to complete within a week.
All funds raised went towards The Guernsey Cheshire Home and This is EPIC.
Dozens of finance firms got involved in the Hel(l)vetia Challenge on the 12 July, organised and sponsored by Credit Suisse.
The fundraising challenge was a triathlon-style event, where participants ran, swam, and cycled in aid of various local charities.
Canaccord Genuity Inter-firm Relay
The annual Canaccord Genuity Inter-Firm Relay took place on 16 July, where participants each ran a lap of one mile in teams of four around the centre of town.
All money raised has helped fund the Guernsey team in the 2019 Natwest Island Games.
Banking Supervision Law – Comments on Draft Deadline
28 August – Give your feedback here
China Update – 6 September
Join Guernsey Finance at The Old Government House Hotel to get the latest updates on their activities in China. The event will be led by speakers Wendy Weng and new GF member, Dorothy Kwok.
Insurance Forum – 11 October
Taking place in London’s Banking Hall, Guernsey Finance is hosting an Insurance Forum where the theme ‘Creative Destruction’ will be explored, featuring a speech from the CEO of Carrier Solutions Aon, Karl Hennessey and panel sessions guided by Naga Munchetty.
Private Wealth Forum – 8 November
Another first for our industry – Guernsey Finance are leading a Private Wealth Forum taking place at Graysons Christ Church, London. The new forum will hold discussions on political risk and its influence on private wealth.