The Guernsey Financial Services Commission (the “Commission”) is consulting with financial services businesses on a proposed corporate governance code (the “Code”). The Code comprises a set of outcomes, best practice provisions, guidance and a “comply or explain” methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission’s current […]

The Guernsey Financial Services Commission has published the final draft of new Capital Adequacy Rules, mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The release of the Rules in the their final form is culmination of a November 2009 consultation. The Capital Adequacy Rules will become effective on […]

The Bribery Act has been introduced as a result of pressure to reform the law regarding bribery and corruption in the UK as the current law is out of date, ineffective and not suitable for the modern global economy. The purpose of the proposed legislation is to simplify the law on bribery and to allow […]

FEEDBACK ON CONSULTATION PAPER NO. 2 2010 – REGISTER OF RECOGNIZED AUDITORS: PROPOSED FEES – Proposed fees under Part 16 of the Companies (Jersey) Law 1991 Consultation Paper No. 2 2010: “Register of Recognized Auditors: Proposed Fees” (the “Consultation Paper”) sought respondents’ views on proposed fees that the Commission would levy in connection with a […]

Feedback on consultation paper No. 1 2010 companies (Audit) (Jersey) Order 201-Companies (GAAP) (Jersey) Order 201- Orders to be made under the revised Part 16 of the Companies (Jersey)Law 1991 – issued April 2010 Consultation Paper No. 1 2010: Companies (Audit) (Jersey) Order 201- and the Companies (GAAP) (Jersey) Order 201- (the “Consultation Paper”) sought […]

The Serious Fraud Office (SFO) has published its performance figures for 2009-2010. The figures highlight that the SFO has increased its conviction rate to 91%. Fines against companies have increased to nearly £12 million, from zero the previous year, whilst the sums paid back by defendants to the victims of crime has nearly quadrupled to […]

Swiss money laundering reports hit record high – Swiss authorities sifted through record numbers of suspicious financial deals last year totalling 2.23 billion Swiss francs ($2.1 billion) for possible money-laundering, and most were forwarded to prosecutors. Switzerland, for decades viewed as a safe haven for money of dubious origin, started to clean up its image […]

In a letter sent to Lord Myners, financial services secretary to the Treasury, barristers Pump Court raise concerns that if the Financial Services Bill is rushed into law through the “wash-up” and fails to receive the full scrutiny of the House of Lords there could be “profound constitutional implications.” The law firm focuses on clause […]