Overview A VASP will need: a licence (a "Part III VASP Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission"). A Part III VASP Licence is required unless an exemption is available under the LCF Law or the "Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022" (the "LCF Notice") ...
The Commission published the Lending, Credit and Finance Rules and Guidance, 2023 (the "LCF Rules") on 19 January 2023. Part 6 (Consumer Protection and Unfair Agreement Terms) of the LCF Rules applies to: all regulated agreements1 between customers and credit providers; and all agreements to provide ancillary services in connection with regulated agreements. Any clauses of such agreements which contain "unfair" terms are unenforceable ...
The board of directors Composition and conduct The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”) Where the entity is a licensee under the POI Law (“a POI Licensee”), the POI Law requires each director, controller, partner or manager of the POI Licensee to be a “fit and proper person” to hold that position. Factors such as his/her probity, competence, experience and judgment will go to making this determination ...
February 9, 2023 By: Michael Flynn According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the ECOA statute, this ruling rejected a decades-old Regulation B rule that stated that ECOA did apply to conduct toward prospective applicants ...
February 8, 2023 By: Michael Flynn On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for credit card late fees to $8. The current safe harbor limits are $30 for a first missed payment and $41 dollars for each additional missed payment, indexed to inflation. The $8 limit would not be indexed to inflation ...
When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...
Nowadays, most funds formed in Guernsey tend to be for the institutional or high net worth individual markets, with hedge funds, funds of hedge funds, private equity and property funds being especially popular. Guernsey is particularly keen to attract high quality hedge fund business. Since 2003, the GFSC has provided guidance setting out a more relaxed framework for the operation of hedge funds, which included waivers of the various fund rules in four key areas ...
Summary Main dispute resolution methods Court litigation Limitation periods Court structure Rights of audience Rights of audience/requirements Foreign lawyers Fees and funding Funding Insurance Court proceedings Confidentiality Pre-action conduct Main stages Starting proceedings Notice to the defendant and defence Subsequent stages Interim remedies Strike out Summary judgment Other circumstances Availability and grounds Prior not
However, Fintech is actually just a new term for an old concept that dates back to ancient times. A case in point is the invention of paper in China in the 7th century, a major technological development that paved the way for paper currency, and eventually fiat currency. The development of the payment card systems in the 1950s (e.g ...
Underpinning the litigation anticipated to follow the COVID-19 Inquiry is the feeling that it is still too early for claims on key matters to be issued. A recent theme of claimant firms has been to agree deadlines with counterparties where limitation issues arise, or to put counterparties on notice of claims but wait for evidence to be given to the Inquiry and any findings before taking claims forward ...
The Register of Controlled Interests in Land (RCI) opened in Scotland on 1 April 2022. As we reported last year, the main aim of the RCI Regulations[1] is to increase public transparency around individuals who have significant control over decision-making in relation to land or a registrable lease, but crucially who do not appear on the Land Register or Sasine Register ...
As an employer, how do you support your employees who are going through a divorce or separation? Lots of employers (including household names such as Asda, Tesco and Unilever) are working with Positive Parenting Alliance (PPA) to ensure that they have more family-friendly employee policies in place for employees going through divorce or separation ...
The Financial Market Commission ("CMF"), as part of the implementation process of Law No. 21,521 ("Fintech Law"), on February 3, 2023 published General Rule No. 493 ("NCG 493"), which establishes the procedure and requirements to apply for registration in the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros, the "Registry"), created by the Fintech Law ...
According to Prakas No. 052 dated 3 November 2022 before applying for accreditation, a valuation company or valuation specialist in the real estate sector is required to obtain a valuation services license or a valuation professional certificate from the Real Estate Business and Pawnshop Regulator (“RPR”) of the Non-Banking Financial Services Authority (“NBFSA”). On 27 December 2022, the NBFSA issued Prakas No ...
The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR ...
In re: Google LLC, Appeal No. 2023-101 (Fed. Cir. 2023) In the Federal Circuit’s only precedential patent opinion this week, the Court granted mandamus reversing yet another decision by Western District of Texas Judge Alan D. Albright refusing to transfer a patent case out of his court, which (like several of Judge Albright’s prior decisions) denied transfer to the U.S. District Court for the Northern District of California ...
SEC Commissioner Hester Peirce (“Peirce”) recently delivered an address on digital assets regulation at the Digital Assets at Duke Conference. The two-day meeting brought together regulators, academics, experts, policymakers, and other key stakeholders in the industry to discuss and debate the future of digital assets and distributed ledger technology (“DLT”) ...
The Union Budget for 2023-24 was presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman on February 1, 2023. The policy initiatives outlined in the budget proposals are intended to ensure macroeconomic stability of Indian economy in the face of global recession, while giving momentum to economic growth. The budget seeks to build on the foundation laid over last two years after the Covid pandemic ...
Pensions analysis: The Pension Protection Fund (PPF) has issued its levy rules and associated guidance and appendices for the 2023–24 levy year. Suzanne Burrell, Partner at Shoosmiths, examines the latest rules and guidance, the changes made since last year, the implications for pension schemes and what happens next. What is the background to the PPF’s consultation on the 2023/24 levy rules? The PPF’s consultation ran during the autumn of 2022 ...
In a recent Freedom of Information (FOI) release, HMRC announced that it has nine live corporate criminal offence investigations, with a further 26 live opportunities currently under review. The investigations span 11 different business sectors, including software providers, labour provision, accountancy and legal services and transport. No charging decisions have yet been made ...
In the decision Beijing Judian Restaurant Co. Ltd. v. Wei Meng, 2022 FC 743, rendered by the Honourable Angela Furlanetto on May 18, 2022, the Federal Court clarified what constitutes bad faith in trademark law. Prior to the decision, the concept of bad faith in relation to trademarks was interpreted rather cautiously in Canadian jurisprudence. Background Beijing Judian Restaurant Co. Ltd ...
