Guernsey: Plus Ca Change – Five Unchanged Guernsey Certainties During A Year Of Global Turmoil

Last Updated: 18 March 2019
Article by Andy Sloan

Most Popular Article in Guernsey, March 2019

A year ago, I was writing my last financial stability contribution in the GFSC's annual report. Clearly unable to resist the allusion to Greenspan's autobiography, I commented then that I believed the recent past would be remembered as a short age of great uncertainty with little accompanying turbulence. I ventured that this would change during the year and made a forecast that turbulence would return to 'more normal' levels. The fourth quarter of 2018 more than confirmed this prediction.

Now at Guernsey Finance, I turn to thoughts of this year. Uncertainties have, if anything increased, not decreased. The IMF warns of a global downturn. Markets are stalked by protectionist fears. The US is poised for a second government shutdown. A Chinese slowdown looks irrefutable. The Fed places normalisation policy on hold and, absent any impact of a no deal Brexit, the Bank of England puts the odds of a UK recession as one in four by the summer.

Against a veritable tsunami of turbulence, I thought it would be informative in my new role directing financial services strategy, to turn to consideration of five facts about Guernsey's finance sector that have remained unchanged over the last year.

  1. Guernsey's stability should be added to the axiomatic certainties of death and taxes. It might sound like a cliche, but over the last year Guernsey has stood out as a rock of stability in world of change as UK Parliamentary events particularly have underlined Guernsey's political autonomy. First and foremost, for global investors security of assets is key, and whether it's driven by concerns with UK political risk, or macroeconomic factors, business has flowed in the last year as global clients recognise Guernsey as a haven from upheaval elsewhere.
  2. With Brexit little more than 36 days away, Guernsey's position as a source of continuity of market access is as it was a year ago. We're a third country today, we're a third country tomorrow, providing continuity of access to market to the UK and to the EU. With our private placement regime providing a proven, smarter, faster route to market into the EU, as confirmed by the European Commission in their own report less than 12 months ago, and the popularity of our placement route into the US, we are finding more and more global managers looking to consolidate their global distribution requirements through Guernsey. 
  3. Our view that we will emerge through the EU and OECD substance reviews in 2019 stronger and more competitive, is as strong today as it was this time last year. Guernsey's commitment to global standards on tax transparency, through the Global Forum, and on substance with BEPS and the emerging global standards on substance requirements, is peerless. Our position as a global finance centre of substance is well recognised and respected, and we are seeing more and more evidence of substance becoming a key criterion of locational choice for global firms and their clients.  
  4. The imperative for the world to pivot to green and sustainable finance remains as urgent today as it did 12 months ago. More than a year ago, Guernsey committed itself to a strategy to being at the forefront of sustainable and green finance. Since then, as a jurisdiction we have committed to strategic action to support sustainable finance, created a specific body – Guernsey Green Finance – to help us fulfil that commitment, and launched world-leading green finance product. We are seeing more and more global clients looking to jurisdictions like ourselves whose values and actions are aligned with their beliefs in a sustainable future. 
  5. Our strategy remains as it was at a year ago. We are building on our strengths of stability, integrity, transparency and professionalism to grow our range of global specialism through innovation and leadership – built on strong fintech foundations to provide a safe, secure environment for the application of technology in financial services. Our pivot to family offices, private capital and wealth has been driven by market demands for the quality and professional service a specialist global finance centre such as ourselves provides. And to support that pivot we will continue to enhance our jurisdictional offer.

There are more certainties than these five. That itself is testament to the strength, specialism and substance of Guernsey's financial services sector. The difficulty with lists is what to leave out. But when I look back in another 12 months' time, I am sure that these five will still be key.

For more information about Guernsey's finance industry please visit www.weareguernsey.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions