Coronavirus - Government measures in key jurisdictions - Flipbook - Page 44
Guernsey
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44
Company
law matters
•
Have any measures •
been put in place
to accommodate
social distancing
(such as remote
general meetings)?
•
The Guernsey Corporate Registry is functioning normally in respect of searches and
company incorporation, although some services, especially where hard copy documents
are required, are more limited. Mourant can advise on any specific issue.
The GFSC has simplified some of its measures to reflect the changed environment
including allowing more time for certain regulatory returns – see ‘Commission allows
more time for Firms to complete Key Financial Returns’ – and more flexibility on verifying
client identities remotely – see ‘Can video calling be used to verify the identity of
individuals’.
The Data Protection Commissioner has assured business that it will respond pragmatically
to the new challenges arising – see its update here.
•
For guidance on corporate formalities in a world without face to face meetings, see
our updates on ‘Overcoming Barriers to Completion of Transactions amidst COVID-19
Challenges‘ and ‘ICSA Guidance on holding virtual board meetings’.
•
A pragmatic approach to economic substance has been promised by the Guernsey
Revenue Service. We anticipate this will follow the guidance issued in Jersey where, if
a company’s operating practices have to be adjusted to compensate for the COVID-19
pandemic, the company will not be deemed to have failed the economic substance test.
See release from the Guernsey International Business Association.
•
Mourant has produced a briefing regarding regulatory considerations for licensed
financial services businesses in the Channel Islands when responding to the COVID-19
outbreak, found here.
•
All the most recent Mourant updates relating to COVID-19 are available at Mourant
COVID-19 Updates.
Government measures in key jurisdictions
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