by Paul Bannier | Mar 15, 2019 | News
Well, what a week this has been in UK politics! After several days of fierce debate, the UK parliament voted yesterday to ask the EU for a delay to Brexit. No doubt for those managing UK-based businesses, this is likely to lead to a further period of uncertainty. In contrast, this week has seen two significant announcements in Guernsey which further enhance the Island’s reputation as a stable, secure financial centre. The first was an announcement that the EU Council’s Code of Conduct Group and the European Council of Finance Ministers has confirmed that the Island has satisfied its legal substance requirements for entities operating in or through the jurisdiction. This effectively removes the Island from the “grey list” and arguably gives the Island a competitive advantage over the likes of Cayman, BVI and Bermuda. The second was news that the Guernsey Financial Services Commission has signed a Memorandum of Understanding with the Financial Conduct Authority in the UK. This MOU is separate to the market access agreement with the 28 EU Member States that is already in place and was necessary to ensure continued market access for Guernsey investment funds into the UK after Brexit. As a long-established finance centre, clients choosing to domicile or invest in funds and other structures in Guernsey can do so confident that the Island meets international standards and has the stability which is so often lacking in other jurisdictions. If you would like to know more about either of the above topics or require further information about setting up an investment fund or fund management company in Guernsey, please contact Independent Corporate...
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