Award Winning Consultants 2018

It has been a busy few months for Midshore Consulting, and we would like to take the opportunity to share with you some of our achievements and appointments.

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FinTech Awards & GFSC’s Soundbox Sprint

Firstly, in the FinTech Awards given by Wealth & Finance International, Midshore have won “Best Fintech Consultancy 2018 – Channel Islands”. These awards showcase the talents of those who have played a vital role in shaping the Fintech industry, in our case moving to integrate reg-tech into our consultancy work – an area that has historically been purely people-driven.

Secondly, and more importantly in the local environment, we competed in the Guernsey Financial Services Commission’s Soundbox Sprint on Friday 22nd June. Against some serious competition from some much bigger firms we took home the Silver Bailiwick Innovation Award following our pitch to the judges for our solution to using technology to improve innovation. Our solution involved optical character recognition, artificial intelligence and application programming interfaces in a new application that would be an overlay to legacy systems.

Bill Green Award for Entrepreneurial Spirit

Following nomination by the Past President of the Young Business Group, we were shortlisted and invited to give a short presentation to the Bill Green Award judging panel. The winner was announced at the YBG Ball on 30th June, and whilst we didn’t win (congratulations to the School of Popular Music) it was an honour to be a finalist for this award.

New Committee Positions for Christopher

In May 2018, following his re-election as Vice-Chairman of the Guernsey Investment Fund Association (GIFA) the previous month, Christopher was selected to be one of the GIFA representatives on the Council of the Guernsey International Business Association (GIBA). Furthermore, last week Christopher became the Vice-President of the Guernsey Branch of the Chartered Institute for Securities and Investment.

Midshore Moving Forward

Remaining in key positions within the financial services sector is key to Midshore’s positioning as a leading innovative consultancy. We have access to the right people, and can marry this level of access to our unique team composition to bring a technological approach to compliance and anti-money laundering. One of our key goals is to use technology to reduce the cost of compliance and assist Guernsey financial services businesses with being more competitive in today’s international market.

Christopher talks GDPR with Fintech Finance

With GDPR creeping ever closer to it’s implementation date of 25th May 2018, we thought this would be a great opportunity to share with you some of the topics that Christopher covered whilst talking about GDPR with Fintech Finance in 2017.

Please watch the video below to see Fintech Finance “speak with Christopher Jehan and Sam du Feu from Midshore Consulting, to talk about some of the challenges associated with a digital transformation, and how to best use the tools of technology to respond to this.”

If you would like to speak to either Christopher or Sam about any GDPR questions you may have, please contact us.

Please note: During the video we mentioned our upcoming training, as this was recording long before our training existed, those training options can be found here: Midshore’s GDPR Awareness Training, Workshops & Certificate in Data Protection.

GDPR Services – Before & After May 25th – [Online email]

GDPR Services, Before & After May 25th

Plus, your chance to book our May 3rd Workshop at our new Early Bird rate.

Email sent on 11/04/2018

There are now only 43 days until the new Data Protection Laws & Regulations go live! So what should you do?

By now most companies should have started making their way towards Data Protection compliance. With the implementation date of 25th May 2018 just around the corner, making sure you’re prepared is more crucial than ever. With this is mind, Midshore are able to provide you with a variety of services to help make sure that your company complies with the upcoming Data Protection Laws & Regulations and that compliance continues.

For those interested in our 3rd May Workshop (event information here), you can book this at our Early Bird rate of just £180 if your booking is before 18th April 2018. Please Contact enquiries@oldmidshore.com to reserve your space.

Before May 25th:

  • Workshop Designed to help implement your data protection strategy
  • Health Check To determine the current state of data protection in your business
  • Awareness Training To give your staff the knowledge to help your business be compliant
  • DP Ready Document Templates To provide your business with the fastest solution to having the right policies in place

After May 25th

If you would like to speak to one of our key contacts for Data Protection about any of the services listed above, please contact:

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Christopher Jehan Managing Director & Principal Consultant christopher@oldmidshore.com

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Sam du Feu Marketing & Data Consultant sam@oldmidshore.com

Did you know Midshore also offer services such as…

And that’s just a start… to see all our services, please visit our website.

 

Upcoming GDPR / Data Protection Events (View all)

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Data Protection Workshop Packages

Date: 3rd May 2018 Time: 9:30 am till 12:30 pm

Our popular workshop package includes:

  • The practical GDPR Workshop
  • Access to our GDPR Health Check tool
Early Bird Rate: £180 Early Bird Package: £275
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Certificate in Data Protection – Practical Application

Starts: 24th April 2018 Time: 9:30 (1.5 days)

The Practical Application Unit of our Certificate in Data Protection goes live on the 24th April.

The units can be taken in any order and when combined with the Regulatory Unit completes the certification.

Data Protection Law and practical steps to be taken – Guernsey Press

This is a copy of our Article that was featured in the Guernsey Press (28/02/2018)

GDPR / Data Protection Law and practical steps to be taken

New data protection requirements, both the EU’s GDPR and the new Guernsey law, and the fines that may be imposed have caused significant concern within organisations. There are some simple steps that can be taken towards compliance with the new requirements.

  • Data Audits

The starting point – a list of personal data held within an organisation, answering the following:

  • What types of personal data do we hold/process?
  • Where do we hold it?
  • Why do we hold/process it?
  • Who can access/use the data?
  • How long do we keep it for?
  • Privacy Impact Assessment

This helps to determine what the risk of processing the personal data is and should contain:

  • A description of the processing
  • The need for the processing
  • The risks posed is processing the data
  • Whether processing complies with relevant codes
  • Safeguards and security measures in place to protect the data
  • Lawful processing

There has been a lot of talk about consent; the common misunderstanding is that consent is required for any processing of data. This is not true as there are other mechanisms that also result in processing being lawful – for example fulfilling a contract with a client.

  • Governance

This relates to the directors (or other governing body) of the organisation. They should review the output from the previous sections to understand the data processed by the organisation and risks associated with it. Governance should ensure that the “tone from the top” results in good data protection practice feeding down through the organisation.

  • Policies

There are two policies that an organisation should have relating to data protection:

  • Data Protection Policy
  • Data/Document Retention Policy

These are approved by the directors, driven by the data audit and privacy impact assessment, and set the high-level approach to data protection within the organisation.

  • Processes & Procedures

The processes and procedures used by the organisation on a day-to-day basis should be reviewed and updated to reflect the policies. This means that compliance with data protection requirements becomes embedded in the practices of the organisation.

  • Training

Training is important at all levels. All staff have responsibility for ensuring data is protected and should receive training. Directors and senior managers should have a greater level of awareness of the responsibilities of the organisation, whilst the data protection officer, or other responsible person, should receive detailed training on the requirements and their role.

  • Re-Assess

Once all measures have been put in place go back over the steps and see whether further improvements can be made.

Measures taken to comply with data protection should be proportional to the business and the categories/volume of personal data held. If you need help, there is training available and consultants available to assist you. Nobody wants to be the first breach under the new law.

Time to Celebrate!

We are pleased to announce that our business has now reached the ripe old age of 1! It’s been an interesting first year, and we have ended up working on projects more diverse than our wildest expectations.

Amongst other projects, a key one was becoming a founding member of the Association of Data Protection Officers (ADPO) in Guernsey. With our Managing Director being both Chairman of ADPO and Vice Chairman of the Guernsey Investment Funds Association we are well positioned for the future.

We’ve even won our first award, which couldn’t have happened without such a great team in the office. A quick mention has to be made to Christopher, Sam & Rob for their efforts in the past 12 months and to you for your support.

Onward & upward

To all of our existing clients, thank you for your custom over our first year and we look forward to working with you in the future. To all prospective clients, please feel free to contact us with your requirements. We will be pleased to assist!

Whilst this is a note to say thank you for being a part of the success of Midshore in its first year, we would also like to tell you more about the developments going on and a continued positive outlook to the rest of Midshore’s endeavours. So please read on.

Midshore – bringing together Onshore and Offshore

Like all regulatory consultancies we work with local regulation… AML/CFT, Governance, POI, Pension Regulations, Beneficial Ownership, Data Protection and more. We specialise in implementing regulatory requirements, are adept at remediation, and can assist wherever your business may need it. Our background is in all of these areas, and with an experienced financial services director at the helm we truly understand governance. In addition to bespoke consultancy we are now able to offer a cost-effective fixed-price regulatory analysis services to help ensure that your business can identify gaps between your own operational and compliance monitoring processes and requirements under new or existing regulation.

What we additionally bring, which is unusual in the offshore consultancy space, is a true understanding and ability to work with international and foreign regulation and legislation. Yes, included in this we mean AIFMD, MiFID II/MiFIR, GDPR, FATCA, CRS and other cross-border pieces of regulation. Christopher has served on the Guernsey working parties for both AIFMD and MiFID II/MiFIR giving him a good insight to both, he has also been working on regulatory implementation projects since the EU Savings Directive in 2005.

We also understand foreign regulation, and can work with regulation in many jurisdictions, to give you a few examples:

  • South African Financial Advisory and Intermediary Services Act (FAIS), Financial Intelligence Centre Act (FICA) and Collective Investment Schemes Control Act (CISCA – including Board Notices 92, 257 & 74)
  • Swiss Collective Investment Schemes Act (CISA) including transparency and distribution guidelines
  • The Dodd-Frank Act and Volcker Rule from the United Stats
  • In China QFII, RQFII, QDII, QDLP and more
  • Saudi Arabian QFI/QFIC regime</li

The Channel Islands are International Financial Centres, this means not simply understanding our own regulatory regime but also the regulations that apply in the jurisdictions where our clients (and their clients) are based. This is going to be key to the ongoing growth of the islands. We can also provide assistance with Islamic Finance requirements.

Conversely, we can also work with foreign businesses to assist them with understanding the requirements of an offshore financial centre. To this end, Christopher will be in South Africa from 11th to 14th September with the intention of facilitating more South African originating funds business for Guernsey. We wish him every success in this.

Compass by Midshore

As part of our international regulatory offering, we are pleased to bring our new Compass service to market.

The first phase of this will be a service offering information or assistance with selling, or registering for sale, offshore investment funds for sale in fifteen key international markets. This will be increased monthly so that by January 2018 we can offer this service in over fifty markets. This service will be specifically tailored to the type of offshore funds established in Guernsey or Jersey.

Phase Two will relate to the provision of investment services. Whilst this is largely being driven by the requirements of MiFID II and MiFIR we also intend to include other markets, such as South Africa under their FAIS regulation.

We expect to implement the third phase in late-2017 or early-2018; this will focus on markets that are more complex to invest into. Examples of this would be China (under the QFII, RQFII and Stock Connect regimes) and Saudi Arabia (QFI/QFIC).

Over time Compass will continue to evolve and identify other areas where we can provide a standardised service for assisting offshore businesses with accessing international markets.

View more information on Compass

Expansion

As part of our ongoing evolution and expansion, we have added a fourth member, Billy Page, to our team.

Billy has a background working in various sectors of the financial services industry, a licensed online gambling firm and the local stock exchange. He brings a wide skillset including AML/CFT and bookkeeping to the team at Midshore, and will spend part of his time focusing on business development. Bringing in additional resource enables us to continue providing a high level of service to our expanding client base.

It’s also been a triumphant return back to the office for Rob Allen after a successful operation. Since his return, Rob has taken up the role of Client Relationship Manager and we hope he is keeping you all happy with our services and updates.

Our Awards

Whilst still in our first year, Midshore were pleased to be the recipient of the following award, which recognise the expertise we bring to the regulatory consulting market:

  • Midshore Consulting – Best FinTech Partnering & Consulting Firm – Channel Islands

Awarded by Wealth And Finance International

We are also proud to have received confirmation of two more awards which we will be able to tell you about shortly!