This service brochure outlines the Regulatory Audit Service for trust services providers.

Collas Crill's Risk and Regulatory Service offers a highly experienced team of lawyers with expertise in financial services, able to deal with all legal compliance issues that could affect your business.

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...

The UK Bribery Act 2010 entered into force on 1 July 2011. This Factsheet describes offences under the act, particular issues of note including gifts and hospitality, and the impact of the Act on the Channel Islands.

With a rising demand for asset tracing and recovery processes Collas Crill has seen a greater use of mirror injunctions and insolvency-related tracing and recovery applications over the past two years. In this roundtable discussion facilitated by Financier Worldwide, dispute resolution partner Christian Hay discusses the demand for asset-tracing and recovery services in the Channel Islands, the cost and benefits of the process and how difficult it is to accurately trace the movement of cash and assets in fraud-related cases.

Michael Adkins sees light at the end of the tunnel for those affected by an ‘informal freeze’ following disclosure to the financial crime authorities, when the Royal Court of Guernsey quashed a refusal to release funds after an 8 year restraint.

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.

The States of Guernsey and the GFSC have confirmed that it was not Guernsey’s present intention to seek third country equivalence under the EU’s ‘Solvency 2’ directive. Industry groups and trade publications in Guernsey and other offshore jurisdictions have applauded this strong clarifying statement, coming after what has been a concerted lobbying effort at local level. Michael Adkins explores what solvency 2 is, and why equivalence is not in Guernsey’s interests.

The Jersey Financial Services Commission, the body responsible for the regulation of the finance industry in Jersey, issued a consultation paper in April 2011 with a view to clarifying, aligning and augmenting the requirements of the seven sets of Codes of Practice issued under the relevant finance industry legislation in Jersey. Adrian Odell looks at the proposed amendments.

There are several ‘crisis’ scenarios in which a regulated financial services institution might be required to disclose documents they hold. There is an ever increasing chance of a business finding itself faced with one of these situations, says Ben Havard. In this article he suggests ways to to ensure your business remains as strong as it can when one emerges.

In the current economic climate it would seem that the Guernsey Financial Services Commission is taking regulatory action more regularly and forcefully than in years gone by. This article outlines the GFSC's specific enforcement powers, rights to appeal and what you should do if you receive an enforcement notice.

The (as yet, unreported) decision of the Court of Appeal in the matter of The Chief Officer, Customs & Excise, Immigration and Nationality Service -v- Garnet Investments Limited could have wide ramifications for the banking industry and those regularly subject to the reporting regimes under the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey Law 1999 (the Proceeds Law). David O'Hanlon looks at the view of the Court of Appeal in Garnet that the burden of demonstrating whether or not the funds a bank holds are ‘tainted’ fall on the bank, rather than its customer or the Financial Intelligence Service.

Guernsey’s Finance Sector Code of Corporate Governance came into force on 1 January 2012. It replaces the Guidance on Corporate Governance in the Finance Sector issued in December 2004 by the Guernsey Financial Services Commission, as Ian Kirk explains.

From 1 March 2012 the Rules of The Royal Court in Jersey regarding bodies corporate being represented by its Directors in respect of Court proceedings are changing.