The UK Bribery Act 2010 has come into force, affecting all UK companies and, potentially, the firms that do business with them. The wide jurisdictional scope of the act will impact organisations and individuals in the Channel Islands. We h...

Welcome to the first Risk and Regulatory update for 2012 from Collas Crill's Risk and Regulatory team.    In this edition, we pick up a number of topics that crossed our desks or otherwise came to prominence during the fourth quarter o...

This factsheet explains the two types of cell companies available in in Guernsey: • The Protected Cell Company (PCC); and • The Incorporated Cell Company (ICC) and its Incorporated Cells (ICs)

The ability to take security is often a key requirement for commercial and banking transactions. This note sets out the steps involved in taking security over intangible moveable property under Guernsey law (Intangibles), such as shares in a Guernsey company.

A brief information factsheet on The Channel Islands Stock Exchange (CISX), which is based in Guernsey, but services all Channel Island, The CISX offers a highly personalised approach and fast track processing of listing applications within a well regulated and innovative marketplace.

The Banking Business (Depositors Compensation) (Jersey) Regulations (the “Regulations”) established a Jersey depositors compensation scheme (the “Scheme”) designed to provide compensation to any person who has a bank account in Jersey with Jersey registered bank which enters bankruptcy. This has the effect of introducing a depositors compensation scheme equivalent to that in the United Kingdom.

The Security Interests (Jersey) Law 1983, governing the creation of security over intangible movables, is due to replaced in 2012 and will offer secured parties new flexible methods of creation of security to enhance their position. This Factsheet explains the new law and suggests what a secured lender should be doing now.

The Security Interests (Jersey) Law 1983, governing the creation of security over intangible movables, is due to replaced in 2012 and will offer secured parties new flexible methods of creation of security to enhance their position.

The Channel Islands Stock Exchange (“CISX”), which is based in Guernsey, commenced operations in October 1998, since when it has approved over 4,000 securities for listing with a total market capitalisation of over US$50 billion. Some of the strengths of the CISX are competitive pricing, responsive and approachable market authority that meets daily to consider its applications for listings, a highly personalised approach, international standards of issuer regulation, enhanced marketability and added value service, as well as a premier location. This Factsheet summarises some of the important factors when considering listing Eurobonds on the CISX, CSX or LuxSE.

Ian Kirk, partner and head of Collas Crill’s Commercial Department, chaired the panel discussion of the first Guernsey Financial Services Commission-led Internal Capital Adequacy Assessment Process workshop for Non-Executive Directors earlier this year. Here, Ian summarises the key ‘take home’ points from the workshop for NEDs.

Jersey vehicles are popular entities for asset holding structures and therefore lending institutions are often asked to put in place debt structures for Jersey vehicles. In doing so a lending institution must secure and protect its position. Consequently it is essential the differences between Jersey and English law are known. This briefing highlights issues that may be relevant when lending to a Jersey entity, including creation of security, corporate benefit issues and insolvency regimes relevant to Jersey.

FATCA will be one of the most significant, and onerous, developments in compliance over the next couple of years. FATCA is the means by which the United States intends to make Foreign Financial Institutions (“FFIs”) work for them to provide information on their US account holders or owners. The US, specifically the IRS and US Treasury Department, intend to use the information to uncover US citizens who may be holding untaxed income offshore. This article provides a brief overview and Collas Crill will be holding an in-depth seminar on the issues surrounding FATCA in Guernsey on 18 October and in Jersey on the 19 October 2011. Please contact jane. darvell@collascrill.com to book your place at either seminar.

There are several “crisis” scenarios in which you, as a financial services institutions in Guernsey or Jersey, might be required to disclose documents you hold. This article considers how to minimise a requirement to disclose embarrassing communications.

A ruling this summer in the Jersey Court of Appeal could lead to changes in legislation in both Guernsey and Jersey. The decision hit both the local press with the headline “Vultures could use our court to make the poor poorer” and UK national papers with the likes of “Debt “vultures” win right to pursue $100m claim”. Guernsey's consultation on a ‘Heavily Indebted Poor Countries Initiative’ has closed, while the deadline for responding to a Jersey consultation on the same topic is 8 December 2011.

From 2009, the Finance Act 2008 authorised HMRC to issue information notices requiring UK financial institutions to provide HMRC with certain information and documentation, within their power or possession, relating to account holders who have an address within the United Kingdom and who hold a non-United Kingdom account. If a UK financial institution receives a notice and has a subsidiary or maintains a branch in the Channel Islands, its response to HMRC depends on the particular factual position applying to that institution, as David Dorgan explains.