Channel Islands Stock Exchange update
The Channel Islands Stock Exchange (CISX) has clarified how to approach dealings with the CISX in the period prior to its proposed restructure.
The CISX announced on 14 October that it intended to undertake a reorganisation to simplify and modernise its structure, although details of the restructure have not yet been provided. Our understanding is that the relevant stakeholders, including the Guernsey Financial Services Commission (which is the regulator of the CISX), are working to assist with the restructure and that steps will be taken to maintain the CISX’s current international recognitions and designations.
The CISX has now issued an operational statement that provides guidance as to the types of listing applications the CISX will accept for consideration…
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Briefings from Mourant Ozannes
Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
The interpleader proceedings in Guernsey are dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.