Financial services and regulatory: winter update
By Simon Gould
Welcome to the Mourant Ozannes financial services winter update.
The aim of this update is to focus on current legal and regulatory developments affecting financial institutions in Jersey and to provide some brief thoughts on the implications of these developments for your business.
The new year will bring a number of important developments, the most notable being the commencement of the new Security Interests (Jersey) Law 2012 (2 January 2014), the JFSC’s Review of Financial Advice (1 January 2014) and the JFSC’s Revised Codes of Practice (expected to be published in January 2014 and to become effective on 1 July 2014). Progress is also being made towards establishing the Channel Islands Financial Services Ombudsman in 2014…
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What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.