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 media@black-vanilla.gg