Guernsey Court refuses SEC permission to join proceedings
The US Securities and Exchange Commission (SEC) has failed in an attempt to join interpleader proceedings in Guernsey dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.
In United States Security and Exchange Commission v EFG Private Bank (Channel Islands) Ltd & Ors (18 July 2013) the Royal Court held that the SEC had failed to establish a sufficient interest in the interpleader relief and that it would not be ‘just and convenient’ for the SEC to be joined.
The interpleader proceedings were commenced by EFG Bank on 23 March 2013 in the face of competing claims to assets it held as custodians by the BVI liquidators appointed to various ‘Battoo’ hedge funds and receivers appointed by the US court at the request of the US Commodity Futures Trading Commission (CFTC). The SEC, which along with the CFTC had obtained injunctive relief in the US courts against Nikolai Battoo and his related entities, applied to join the Guernsey interpleader proceedings…
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Norwich Pharmacal relief — obtaining information relating to a BVI company from its registered agent
This briefing note deals with the circumstances in which and methods by which non-public information about a BVI company can be obtained by a third party.
The aim of this update is to focus on current legal and regulatory developments affecting financial services institutions in Jersey.