Midshore Updates

Key Changes to Up-Coming Regulation

We would like to highlight to you two key changes in the local regulatory environment, which have an immediate impact and where we could assist you.

Beneficial Ownership Law

This came into effect on 15 August 2017, and requires that the resident agent of any Guernsey company, foundation of limited liability partnership must register beneficial of that entity with the Guernsey Registry either by 31 October 2017 (foundations & limited liability partnerships) or 28 February 2018 (companies).

Clearly there is an immediate requirement to start pulling together the information for reporting, which may be complex where one of these entity types is held within a trust arrangement. If you need help with any stage of this please contact us to discuss your requirements.

Pension Regulatory Regime

The new Pension Regime is live, and places requirements both on the licensee and the pension or gratuity scheme.

Under the transitional provisions full compliance is not required until 30 September 2018, however by 30 September 2017 a licensee carrying on pension or gratuity scheme business must conduct an assessment of their internal controls to identify and plan for any amendments required.

To assist licensees in complying with this we are offering a gap analysis at a fixed price of £1,750. We are also happy to discuss any further services you may require.

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