Guernsey's Mandatory Disclosure Rules
16 July 2020
Mandatory Disclosure Rules are now expected to be in place in Guernsey by the end of the year, imposing reporting obligations for intermediaries who are promoters or service providers for Reportable Arrangements that meet the trigger threshold.
There are practical steps that could usefully be taken now, including undertaking some internal due diligence, developing training and policies and procedures to identify Reportable Arrangements, checking client terms and conditions and/or privacy statements and developing new procedures for collecting the required information and reporting to the Guernsey Revenue Service.
Our latest Update sets out the scope of the new Regulations that are being adopted in response to Guernsey's commitment to the EU Code of Conduct Group to introduce a mandatory disclosure regime and provides some practical guidance on next steps for affected intermediaries.