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Private Wealth Events 2015

The remainder of the 2015 events have been published and details found here. For T&Cs of assisting with a GF stand, click the links below:
To register your interest in attending any of these events, contact Jen Baudains
 April 2015 

Another busy month and we would like to thank those of you who attended the GAT AGM on Monday 27th April and we are pleased to provide you with the Report from outgoing Chairman Michael Betley.

We would like to thank Michael for his energetic and very positive contribution to GAT during his term. as Chair. We are delighted now to welcome newly appointed Chairman Mark Pattimore, Deputy Chairs Rhona Humphries & Paul Hodgson, Secretary Marie McNeela.

Please click here to view Committee list and contact details

This month we have our usual round up of news for you with an update on GF events, the STEP Lectures for May and the GIBA summary minutes from last month.

In addition a questionnaire for you about a potential Fiduciary Forum event in conjunction with GF, Consultation on Beneficial Ownership, ending of GDF, Revision of Laws and an update on FATCA Guidance Notes.

STEP Lunchtime Lecture No 8.

When:  18th May 2015
Where:  The Colbourne Room, OGH

Prest & other recent Trust developments

Guest Speakers:
Mark Ferbrache, STEP Committee & AFR Advocates

A review of recent developments in Trust Law including consideration of key cases such as Prest v Petrodel Resources Ltd.

To book on either or both lectures, please click here.
STEP Evening Lecture No 9. 

When:   21st May 2015
Where:  The Colbourne Room, OGH

Investment Views and Innovative Solutions to Common Problems

Guest Speakers:
Federico Ceresole & Tristan Blood of Goldman Sachs


A brief overview of US Investment Bankers Goldman Sachs & following up with an insight into their global views on the current markets.

Also discussing  strategic/innovative solutions to current problems within the global market place


Fiduciary Forum

GAT has been liaising with Guernsey Finance (GF) to explore the possibility of holding a Fiduciary Forum in London later this year or in 2016. Please see here for more details on the background to this event and the next steps towards a Forum for the Fiduciary Sector.

In order to determine the likely support for such an event, GAT would like to ascertain the views of its membership and therefore should be most grateful if members would comment on the proposal. Here is a link to our Questionnaire for you to download.

Kindly send responses by email to: or post to Lauren Stubbert, Cogent Limited, PO Box 409, St Peter Port, Guernsey, GY1 3WA.

Without the support of the fiduciary sector it is unlikely such an event will go ahead; consequently, as much feedback as possible will enable a representative decision to be reached.
GAT has issued a statement in response to the Income Tax Office circular in regard to the MOU that Guernsey has with HMRC and the ending of the GDF. Please click here to read a note on the background to this and the letter to the ITO.
Central Registry of the Beneficial Ownership of Guernsey Companies – Consultation Paper

The States of Guernsey has issued the following statement with the consultation paper to follow imminently:

"The States of Guernsey has a long-standing commitment to meeting international standards on transparency of beneficial ownership of legal persons and legal arrangements. Transparency is facilitated by several important and interlinked mechanisms.  These mechanisms include long-established and strong requirements for industry for the purposes of anti-money laundering and countering terrorist financing; a robust framework for the supervision of trust and company service providers established fifteen years ago; and commitment in practice to the highest standards of tax information exchange.

International standards, including those that underpin transparency, have continued to be developed.  Guernsey, like all other jurisdictions which wish to engage with the international community, will need to play its part in enhancing current approaches to meet the expected outcomes of these developments.

Accordingly, on Thursday (30 April) the States is issuing a consultation paper on transparency of beneficial ownership of companies, and in particular whether or not there should be a central register of beneficial owners.  The timing of this consultation means that both the content, and the responses to it, can take account of and benefit from the development of the international debate on transparency of beneficial ownership of legal persons. This means that we have reflected the progress made by G20 countries; the issue of guidance by the Financial Action Task Force; the UK Government's conclusions on the establishment of a publicly accessible central register of beneficial ownership of companies; and the finalisation of the EU's further money laundering directive.

Feedback from respondents will allow more detailed consultation on transparency to be developed, and I hope that you will be able to respond. The consultation closes on 10 July 2015.

Deputy Jonathan Le Tocq
Chief Minister of Guernsey"

GAT will be looking at this closely and will want to have an in depth review of the consultation paper with members as part of its considered response. We had anticipated that the consultation paper would have been available today to send out with this news letter but this will now have to follow when it has been released.  
Revision of Laws Consultation Paper

GAT responded to the consultation and the full response can be found here. Members may also wish to review this alongside the actual consultation paper which can be found here.

The full details of the consultation process will, we understand, be published including the GAT response. It is also understood that there are likely to be subsequent work streams arising from the consultation and when these become clearer we may seek help from the membership for further views and participation.
FATCA Guidance Notes

The Income Tax Office has today released its update FATCA Guidance notes in line with its common approach with the other Crown Dependencies and also contains updated information in respect of the schema and IGOR reporting obligations as at 30 June 2015 as well as addressing the approach to be adopted for the Common Reporting Standard. 

Click here to view the Guidance Notes in pdf. And here for a link to the document on the States website.
Sponsors ASL have been implementing this system over the last 12 months, the objective is to ensure business continuity and to minimise business damage by preventing and minimising the impact of security incidents. Please click here to read their article on Data Media - Secure Destruction as part of an ISMS.
Please click here to view a briefing note from Sponsors Mourant Ozannes on Trustee indemnities and liens – a valuable resource and a pragmatic process.  

The recent Jersey case of In the matter of the Representation of C and in the matter of the Z trusts I to VII1 has provided some welcome reassurance to former trustees who are faced with liabilities in respect of trusts from which they have retired.


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