Global Vision, Local Wisdom


Consultation on Revised Pension Rules

Erin Bisson

The Guernsey Financial Services Commission (“GFSC”) published draft revised pension rules for consultation in September. The proposed changes clarify the existing requirements as well as reducing the current overlap and duplication of requirements placed on licensed pension providers. A key change is that the conduct of business provisions (covered by chapters 2 to 9 of the current rules) have been absorbed into the new draft Fiduciary Handbook. Some new requirements are also proposed.

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Economic Substance Rules

Carl Hansen

Guernsey, Jersey and the Isle of Man have all recently introduced “economic substance” rules which come into effect for accounting periods commencing on or after 1 January 2019. The rules are in response to an European Union and Organisation for Economic Co-operation and Development (OECD) initiative to increase transparency and to crack down on perceived abuses in certain sectors. The rules apply to all companies which are tax resident in one of the Crown Dependencies.

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