Government measures in key jurisdictions 4th edition - Flipbook - Page 57
Guernsey
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 entirely normally.
•
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
•
•
57
All the most recent Mourant updates relating to Covid-19 are available at Mourant Covid-19 Updates.
Government measures in key jurisdictions