Updated Commission deadlines for Key Financial Returns

Following our announcement of 24 March 2020: https://www.gfsc.gg/news/commission-allows-more-time-firms-complete-key-financial-returns], the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding exit from Lockdown, has enabled us to review and clarify our expectations in relation to deadlines for Key Financial Returns going forwards.

One month delay (returns 123, 124, 125, 126, 127, 131, 132, 133, 135, 136, 141, 142, 143, 144 and 145 “the relevant returns”). As per our 24 March news item, the Commission confirms that firms have an additional one month to submit the relevant returns due to be submitted at the end of May, June, July, August and September 2020. After 1 October all new returns will revert to the normal submission schedule.

The information reporting dates for the quarterly returns remains unchanged, it is only the submission dates that have been extended by one month. For example, Form 141 Designated Manager Quarterly Return for Quarter 2 2020 will still cover April to June 2020 but under the extension will not be due for submission until 31 August 2020.

The Commission notes that to date, approximately half of all returns have been received in line with original reporting deadlines (thus the granted extension has not been utilised); this is welcomed by the Commission as submission of timely data enables us to fulfil our core objectives.

The relevant returns will have their respective submission deadlines automatically extended by one month on licensees’ online portal timelines. For example, Form 126 Pension Scheme or Gratuity Scheme Quarterly Return for Quarter 1 2020 would normally be due for submission on 31 May 2020 will now be due on 30 June 2020.  There will be no financial penalty for utilising this temporary one month extension; after 1 October financial penalties for any late returns will revert to normal.

Audited Financial Statements (returns 123, 131, 132, 133, 135, 142 and 143 “financial statements”). As per our 24 March news item, the Commission is temporarily relaxing the requirement for these audited financial statements to be submitted until 1 October 2020. To date the vast majority of the submitted financial statements have in fact been audited, this is both welcomed and commended by the Commission.

However, if licensees need to submit unaudited financial statements in the first instance in line, with the one month extension policy, the Commission will ask for the audited financial statements along with any related management letters to be submitted by 1 October 2020.  If unaudited financial statements are initially submitted a notification should also be sent to the Commission using a Form 200. Please note that the Commission will request the audited accounts by asking for a resubmission of the original form.  The relevant form will be reinstated on an entities’ timeline in the online submissions portal.

Any firm which knows that it will not be able to make the revised filing deadlines should email the Commission to explain what issues it is experiencing, how it is remediating those issues and when it expects to be able to file.  Investment and fiduciary firms should email [email protected] and insurance and banking firms should email [email protected].

The full list of impacted returns is:

• 123      -      Fiduciary – Audited Financial Statements and Statistical Return;
• 124      -      Fiduciary – Annual Return – Full Fiduciary;
• 125      -      Fiduciary – Annual Return – Personal Fiduciary;
• 126      -      Fiduciary Pension Scheme or Gratuity Scheme – Quarterly Return;
• 127      -      Fiduciary – Pension Scheme or Gratuity Scheme – Annual Return;
• 131      -      Insurance Intermediary Annual Return;
• 132      -      Insurance Manager Annual Return;
• 133      -      Insurer Annual Return;
• 135      -      Non-Locally Incorporated Domestic Insurer Annual Return
• 136      -      Insurer Half Yearly Return;
• 141      -      Investment Designated Manager Quarterly Return;
• 142      -      Investment Audited Financial Statements and Compliance Returns (Licensee);
• 143      -      Investment Audited Financial Statements (Funds);
• 144      -      Investment Half-Yearly financial statements Class A Funds; and
• 145      -      Investment Quarterly Return.