An incoming Manco needs Guernsey Financial Services Commission (“GFSC”) consent to migrate to Guernsey as well as a licence to conduct fund management under the Protection of Investors (Bailiwick of Guernsey) Law 2020 (the “POI Law”). The fast track regime can be used to combine these two processes within 10 business days or alternatively the licencing of a newly incorporated Guernsey entity within 10 business days ...
Guernsey: an ideal domicile for deal-by-deal structures A recent article in the Financial Times (Private equity turns to new fundraising tactics in tough market, 21 February 2024) highlights a growing trend we have been seeing for some time: bespoke structures set up for single asset (deal-by-deal) acquisitions ...
Guernsey: an ideal domicile for continuation funds Guernsey provides an ideal domicile for continuation funds, with proportionate, principle-based regulation, and a neutral tax environment, facilitating quick-to-market establishments and competitive ongoing costs ...
Contents Legal framework Security Restructuring Insolvency Cross-border/Groups Liability risk The COVID-19 pandemic Other Trends and predictions Tips and traps Legal Framework What domestic legislation governs restructuring and insolvency matters in your jurisdiction? Parts XXI to XXIV of the Companies (Guernsey) Law 2008, as amended, contain the main statutory provisions relating to corporate insolvencies and reorganisations of Guernsey companies ...
ESG The Guernsey Financial Services Commission (GFSC) ran its Sustainable Finance Week in September and announced three initiatives that came into force from 20 September. The Natural Capital Fund Regime was launched and allows a regulatory designation for biodiversity and natural capital projects that positively contribute and/or reduce harm to the natural world. The regime has arguably more stringent criteria than those for the Guernsey Green Fund Regime ...
This guide provides an overview of the following: The growth of GPUTs GPUT trustees What is a GPUT? Regulation of GPUTs in Guernsey Collective Investment Schemes (Funds) Introduction As a politically stable and tax neutral jurisdiction with over 40 years accumulated experience as an international finance centre, Guernsey has gained a strong reputation as a prime location in which to establish investment structures of all descriptions including a large number of property funds
With the introduction of foundations as an alternative type of structure to companies, the trustee can be formed as a private trust foundations (“PTF”) instead of a PTC, offering increased choice to the client. To help guide this choice, this briefing note considers key issues relating to the establishment and use of a PTC or a PTF in the context of private wealth management. References to “PTVs” are to both PTCs and PTFs ...
Guernsey poised to benefit from new LSE rules to boost growth and innovation The UK’s Financial Conduct Authority (“FCA”) has announced new rules for listings on the London Stock Exchange (“LSE”), which come into effect from 29 July 2024. The new rules are the biggest change to the listing regime in over 30 years and aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors ...
One solution to this issue is for pension funds to transfer longevity risk to the reinsurance market. Such a transfer can be attractive for both parties. From the pension fund’s perspective, a life reinsurer is often an attractive counterparty, both because of its deep understanding of the nature of the risk being transferred, and because it can provide a balance sheet big enough to assume a meaningful amount of risk from the fund ...
Guernsey Litigation Guides 2024 (Chambers) CONTENTS General Litigation funding Initiating a lawsuit Pre-trial proceedings Discovery Injunctive relief Trials and hearings Settlement Damages and judgment Appeal Costs Alternative Dispute Resolution (ADR) Arbitration Outlook GENERAL General Characteristics of the Legal System The Bailiwick of Guernsey is a British Crown dependency ...
CONTENTS General Litigation funding Initiating a lawsuit Pre-trial proceedings Discovery Injunctive relief Trials and hearings Settlement Damages and judgment Appeal Costs Alternative Dispute Resolution (ADR) Arbitration Outlook and COVID-19 GENERAL General Characteristics of the Legal System The Bailiwick of Guernsey is a British Crown dependency ...
Guernsey investment funds update Q1 2024 Guernsey funds up Q4 2023 The total net asset value of Guernsey funds at the end of Q4 2023 was c. US$368.2 billion, an increase of c. US$3.6 billion (+1.0%) over the quarter. Guernsey closed-ended funds increased over the quarter by just under c. US$3.1 billion (+1.0%) to c. US$305.2 billion. The Guernsey-domiciled open-ended sector increased over the quarter by just under c. US$638 million (+1.0%) to c. US$63 billion ...
Guernsey investment funds update - Q4 2023 Changes to the requirements for individuals acting as a director As noted in our previous update, on 8 July 2023 new regulations to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) came into operation, introducing additional exemptions from the need to obtain a personal licence pursuant to the Fiduciaries Law ...
Guernsey investment funds – autumn 2024 update Guernsey funds statistics The Guernsey Financial Services Commission (“GFSC”) has published its Investment Statistics Summary for Q2 2024 (see here). The full statistics can be viewed here, but the key statistics are as follows: Guernsey funds The total net asset value of Guernsey funds at the end of the quarter was £295.7 billion, an increase over the quarter of £3.2 billion (+1.1%) ...
Background On 15 July 2021 the States of Deliberation (Guernsey's parliament) approved the Income Tax (Guernsey) (Amendment) Ordinance, 2021 (the "Ordinance") which makes a number of important amendments to Guernsey's Income Tax Law ...
Guernsey insurance mergers and acquisitions (M&A) Our specialist insurance mergers and acquisitions (M&A) team have advised on a number of other high-profile insurance industry transactions, including: the sale of Humboldt Re by the Credit Suisse Pension Fund; the acquisition of Kelvin Re by Humboldt Re, and the subsequent merger to create Marco Re; the acquisition of Old Mutual Guernsey by Northstar Bermuda; the acquisition by Islands Insurance Group of Hepburns Insurance, incl
Guernsey Insurance M&A Our specialist insurance M&A team have advised on a number of other high-profile insurance industry transactions, including: the sale of Humboldt Re by the Credit Suisse Pension Fund; the acquisition of Kelvin Re by Humboldt Re, and the subsequent merger to create Marco Re; the acquisition of Old Mutual Guernsey by Northstar Bermuda; the acquisition by Islands Insurance Group of Hepburns Insurance, including its operations in both Jersey and Guernsey; the
The registered fund regime offers a significantly faster approval process than that of authorised funds (other than QIFs): three days for RCIS Funds and one day for PIFs, relying in each case upon increased due diligence obligations on the part of the fund’s administrator ...
The board of directors Composition and conduct The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”) Where the entity is a licensee under the POI Law (“a POI Licensee”), the POI Law requires each director, controller, partner or manager of the POI Licensee to be a “fit and proper person” to hold that position. Factors such as his/her probity, competence, experience and judgment will go to making this determination ...
Guernsey’s funds industry Guernsey is one of the world’s largest offshore finance centres, with a thriving funds industry. Over 800 investment schemes are currently domiciled in the island. At the end of Q2 2021, there were over 1,400 investment funds and sub-funds under management and administration in Guernsey with a total net asset value of US $533 billion ...
ESG The Guernsey Financial Services Commission (“GFSC”) ran its Sustainable Finance Week in September and announced three initiatives that came into force from 20 September: The Natural Capital Fund Regime was launched and allows a regulatory designation for biodiversity and natural capital projects that positively contribute and/or reduce harm to the natural world. The regime has arguably more stringent criteria than those for the Guernsey Green Fund Regime ...
Guernsey is a Crown Dependency. The Bailiwick of Guernsey (Guernsey, together with Herm, Sark, Alderney and the surrounding islets) is part of the British Isles but independent of the UK. It is neither a member nor an associate member of the European Union (the “EU”) and as such is classified das a third- country. Guernsey is therefore not required to comply with EU directives such as the Alternative Investment Fund Managers Directive (the “AIFMD”) ...
Contents Creation Legal personality and duration Founder Guardian Beneficiaries Council and counsillors The register of foundations Resident Agent Disclosure of Beneficial Ownership Confidentiality and disclosure Regulation of foundations Tax position Tax Filings of a Foundation CRS, FATCA and Foundations Economic Substance and Foundations Creation A foundation comes into being upon the founder endowing the foundation with its initial capital, subscribing his name to th
Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl
We are often asked to opine on the status of anti-discrimination law on the island, as many believe that it does not exist. In fact it does exist, albeit to a limited extent: The Sex Discrimination (Employment) (Guernsey) Ordinance 2005 renders it unlawful for employers to discriminate against employees and job applicants on grounds of sex, marriage or gender reassignment ...
