Guernsey funds legal and regulatory update – June 2023

• Intermediary Annual Multi-Scheme Return (annual return of data in respect of intermediary relationships on collective investment schemes authorised or registered under the POI Law) by administrators of authorised and registered collective investment schemes by 31 May 2024 following the end of the reporting period 1 April 2023 to 31 Match 2024.

These returns have been in place for some time during which the Commission has fed back to those licensees that had made errors, omissions or delayed submissions. There will however be administrative penalties for the late or inaccurate submission of returns from 2024 onwards.

4 Investment statistics – Quarter 4 of 2022

The investment statistics for Quarter 4 of 2022 (here) show that the total net asset value of Guernsey funds stands at £297.3 billion, broken down as follows:

• Guernsey domiciled open-ended funds decreased by £2.8 billion (5.3per cent) to £50.8 billion (representing a net decrease of £3.7 billion (-6.9 per cent) in 2022)

• Guernsey closed-ended sector decreased by £8.2 billion (-3.3 per cent) to £240.9 billion (representing a decrease of £8.2 billion (-3.3 per cent) in 2022) and

• Guernsey Green Funds held a total net asset value of £5.6 billion at the end of the Quarter 4.

The total net asset values over 2022 decreased by £12.0 billion (-3.9 per cent).

5 TISE – news

In March 2023, the International Stock Exchange (the TISE) published its annual report and consolidated financial statements for the year ending 31 December 2022 in March 2023 (here).

Highlights include:

• record-equalling turnover of £10.0 million

• second best year for new listings and profitability

• geographic diversification underpinned by the continued growth and internationalisation of Member firms

• international membership grew by 13 per cent to 43 Listing and Trading Members by the end of 2022

• 4,020 listed securities at the end of 2022, representing a 9.6 per cent year on year increase

• fall in profits of 13.2% year on year but the second highest on record at £4.1 million and

• earnings per share of 145.6p, totalling £8.0 million returned to shareholders in 2022.

6 Data protection – news

From the start of 2023, the Office of Data Protection Authority (ODPA) has moved from bi-monthly to quarterly reporting data breaches and has added two new reporting criteria, namely the severity of the reported breach and the total number of people affected. The breach statistics for Quarter 1 of 2023 reveal that 38 personal data breaches were reported to the ODPA. One of the breaches involved a UK-based company that was subject of a large cyber-attack which reported the breach to the ODPA as Guernsey was one of several jurisdictions where it had customers affected by the breach.

Further details are available here.