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