GFSC Public statement relating to the person known as Ms Pippa Marie Harbour of Shoreham Lodge, La Rue des Varendes, Castel, Guernsey GY5 7RF On 22 October 2009 the Guernsey Financial Services Commission (“the Commission”) decided: 1. To make prohibition orders under the Protection of Investors Law, the Banking Law, the Fiduciary Law and the […]

JFSC Guidance Note: Certain aspects of the Accounts Orders for: TCB, IB, FSB and GIMB On the 23rd December 2009 the JFSC issued a Guidance Note on certain aspects of the Accounts Orders for: TCB, IB, FSB and GIMB. This guidance note aims to provide guidance to both registered persons and their auditors in respect […]

FSA fines soared 53% in 2009 The FSA handed out heavier fines to fewer firms in 2009, figures show. According to law firm Reynolds Porter Chamberlain (RPC), the FSA fined 39 firms a total of £34.8m this year. This compares with 50 fines in 2008 worth £22.6m. RPC says 2009 saw eight companies fined £1m […]

A new information service has recently been launched which makes it much easier for offshore finance professionals, or those with offshore clients, to stay right up to date with vital industry and regulatory announcements. Offshore Announcements regularly scans an unlimited number of trusted industry websites, and sends notification of any updates directly to each user’s […]

On 15 December 2009, the Guidelines Monitoring Group (Group) published its second report on disclosure and transparency in the private equity industry (dated 14 December 2009) (Report). The Report considers compliance by private equity firms with the requirements and recommendations of the Walker Guidelines on disclosure and transparency in private equity (Guidelines) which were published […]

Credit Suisse said late yesterday it expects to pay US authorities $536 million to settle matters connected to financial dealings with Iran. A short press release issued by the Zurich-listed bank did not elaborate significantly on details. “Credit Suisse confirms that it is in advanced settlement discussions with the New York County District Attorney’s Office, […]

All eyes were on Barclays today after it emerged that Credit Suisse (CS) was set to join Lloyds in paying massive fines in the US over claims it helped Iran evade sanctions to access Wall Street markets. CS said it may pay $536 million (£327.6 million), more than double the $250 million Lloyds settlement early […]

Treatment of client money on firm’s administration CASE = Yesterday, Mr Justice Briggs delivered his judgment in the matter of Lehman Brothers International (Europe) v CRC Credit Fund Ltd & Ors [2009] EWHC 3228 (Ch) on the identification and distribution of the client money held by Lehman Brothers International (Europe) (LBIE) at the time it […]