Collas Crill - Best practice // Offshore law

Risk and Regulatory News February 2012

News // February 2012

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 of 2011.

Headlining this issue are some sobering messages for the islands' banks coming out of the Guernsey Court of Appeal's decision in the long-running Garnet Investments proceedings. Hopefully this will not be the last we hear on the subject.

We also provide a timely reminder (together with a few top tips!) in relation to maintaining privilege in the face of the regulator as well as outlining the GFSC's new enforcement process.

We have advice on changes to the the Rules of the Royal Court in Jersey regarding bodies corporate being represented by their directors in respect of court proceedings and, finally, we are pleased to round off this edition with an introduction by Ian Kirk to the recently launched Guernsey Code of Corporate Governance.

We hope that you find this issue useful and thought provoking and we look forward to having you with us throughout 2012. If any of your colleagues would like to receive this newsletter straight to their inbox please contact jane.darvell@collascrill.com, who will add them to our mailing list.

Garnet - a new investigatory role for the banks?

Thursday 23 February

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). Here 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' falls on the bank, rather than its customer or the Financial Intelligence Service.

Crisis management - the unwanted email

Thursday 23 February

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.

GFSC enforcement action and the right to appeal

Thursday 23 February

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.

Representation of bodies corporate in the Royal Court of Jersey

Thursday 23 February

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, as Carl Ashcroft explains in ths brief note.

Guernsey’s Finance Sector Code of Corporate Governance is now in force

Thursday 23 February

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 in this article.

Key Contacts

Guernsey

Michael Adkins
Senior Associate

Contact Michael on
+44 (0)1481 734231
or via email

Guernsey

Wayne Atkinson
Senior Associate

Contact Wayne on
+44 (0)1481 734225
or via email

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