Government measures in key jurisdictions 3rd edition final - Flipbook - Page 60
Guernsey
60
Company
law matters
•
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.
Have any measures
been put in place to
accommodate social
distancing (such as
remote general
meetings)?
•
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:
•
https://www.mourant.com/news-and-views/2020/Covid-19--key-regulatory-considerations-forfinancial-services-businesses.aspx
•
All the most recent Mourant updates relating to Covid-19 are available at Mourant Covid-19 Updates.
Government measures in key jurisdictions