GUERNSEY INTERNATIONAL BUSINESS ASSOCIATION
Summary Minutes of the meeting held on Tuesday6April2016
Consultations
The consultation on the Wire Transfer Directive is expected to go ahead in May.
As reported at the Finance Sector Forum in March, the GFSC anticipates commencing consultation on the revision of regulatory laws in July.
A discussion paper relating to the Lending, Credit and Finance Project is expected to be issued around June.
AML/CFT Handbook
As reported at the Finance Sector Forum in March, consultation on the revised FSB Handbook is expected to commence during Q4 2016.
Channel Islands Financial Ombudsman (CIFO)
Currently, both Guernsey and Jersey pay equal contributions to CIFO, despite Jersey being home to a greater number of relevant firms. Relevant firms in Guernsey therefore pay greater per-firm sums to CIFO than their peers in Jersey.
It is the intention of GIBA to call for more egalitarian treatment in the future.
GTA University Centre
It is the intention of the States of Guernsey to assume ownership of the share in the GTA University Centre previously held by the GFSC.
The Chairman has written to representatives of the government to express industry’s dissatisfaction and to request they show proper process including 1) engaging the trustees of the GTA University Centre, and 2) refunding the GFSC (and by extension, licensees) for their share.
Double Taxation Arrangements
The Council discussed the threats and opportunities related to signing a DTA with Russia.
Annual Meeting
Patrick Firth and the rest of the Council would like to thank those of you who attended the association’s annual meeting at Old Government House on 6 April.
The audience listened to a panel including William Mason, Director General at the GFSC, Mark Pattimore, Chairman of the Guernsey Association of Trustees, Lyndon Trott, Chairman of Guernsey Finance, and Paul Whitfield, Chief Executive of the States of Guernsey.