Guernsey's new competition legislation comes into effect today, prohibiting anti-competitive agreements and seeking to ensure that businesses do not abuse a dominant position within the Guernsey marketplace. The legislation has led...

July's edition of Risk & Regulatory News covers a number of current issues. Hot off the press is the news that the GFSC will be adding bribery and corruption to its compliance checklist. And, from 1 June, Guernsey has had a bran...

From 1 June Guernsey has a brand new regulator. The Guernsey Competition and Regulatory Authority Ordinance, 2012 saw the creation of a semi-autonomous regulatory body to be called the Guernsey Competition and Regulatory Authority (the “GCRA”), which will assume the functions of the old Guernsey Office of Utility Regulation (OUR), together with administering Guernsey’s competition laws when they come into effect later this year.

At the end of May the Supreme Court in England heard arguments on one of the most important decisions it could be asked to make in English insolvency law in recent years. David O'Hanlon explains more about the case, which arises out of the liquidation of The Consumers Trust under Chapter 11 provisions in New York. The liquidators of TCT subsequently initiated recovery proceedings in New York against a number of respondents including Eurofinance SA, and certain individuals.

The States of Guernsey recently released a draft Limited Liability Partnerships Law for consultation. The LLP consultation period closed on Friday 4 May 2012. Depending upon the volume of comments received it is hoped legislation will be put to the states for its September sitting. Read more about the draft law here.

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 quar...

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.

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.

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...

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.

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.