News

Investment fund statistics for the third quarter of 2022 have been published by the Guernsey Financial Services Commission.

Guernsey Finance has appointed two new members to its Board of Directors, as representatives of the Guernsey International Business Association. Kate Storey is a Guernsey Advocate with over 22 years of experience as a commercial lawyer. She has spent the last 16 years in Guernsey practising financial services law, specialising in investment funds and financial transactions.

The Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes ("the OECD's Global Forum") has assessed Guernsey’s implementation of the standard for the automatic exchange of financial account Information (more frequently known as the Common Reporting Standard (CRS). According to the report published in November, the overall determination is that the island’s legal framework is ‘in place’ to meet the required standard. The island’s overall rating concerning the initial assessment of effectiveness in practice is ‘on track’ – the highest possible rating.

Guernsey's new insolvency law and rules, due to come into force on 1 January 2023, are expected to significantly modernise the insolvency process. The new law will bring Guernsey's insolvency legislation – which historically had limited operational provisions – in line with comparable jurisdictions such as England and Wales. It remedies issues in the previous regime such as the lack of creditor oversight in a voluntary liquidation and the lack of statutory clawback provisions.

Guernsey Finance, the promotional agency for the island’s financial services industry, is pleased to announce the appointment of a new Business Development representative for the Middle East. Aaron Russell-Davison brings a wealth of industry expertise to the role, following a 30-year career in finance and banking.  Previously he has held the role of Standard Chartered Bank’s Global Head of Debt Capital Markets.