RECORD-KEEPING AND DOCUMENTATION The SDM had found that “Bordeaux’s level of control over the role of the Investment Manager was significantly reduced by not maintaining or having sight of original documentation.” He also found that transaction documents were missing for up to a year and a half and “[w]hilst, at all material times Bordeaux was […]

THE COURT The Court made USEFUL FINDINGS ON how SDMs should come to their findings, and What matters should be set out in their decisions. The Court also helpfully provided IMPORTANT GUIDANCE on the roles and responsibilities of Boards of licensees when carrying out their functions as a Designated Manager and Fund Director. The Court […]

This is the first of a three part news item The Guernsey Royal Court gives clear guidance on roles and responsibilities of Designated Managers Background On 11 May 20161 , the Royal Court of Guernsey allowed in part an appeal from a decision by the Guernsey Financial Services Commission (the GFSC) to impose sanctions for […]