Regulatory & Compliance
The regulatory burden continues to grow across all sectors.
Our dedicated regulatory and compliance team combines individuals with legal, commercial and compliance expertise who have wide-ranging and in depth, hands-on practical experience. Members of our team have been actively involved in shaping the development of law and regulation in the Cayman Islands, Guernsey and Jersey.
Our core expertise is assisting financial services clients who provide regulated services, such as trust companies, fund administrators, investment managers, banks and insurers in their dealings with the regulator.
We provide advice in the following areas:
- Anti-bribery and corruption (ABC) and anti-money laundering (AML) compliance and reporting obligations
- Competition law
- Cryptocurrency, blockchain and digital assets
- Data protection, including GDPR compliance, data retention and security
- Economic substance, please click here to find out more
- Financial services authorisation and the conduct of business
- M&A due diligence
- Regulatory assurance, including reviews and remediation projects
- Regulatory investigations, enforcement actions and associated criminal proceedings
- Tax information exchange, whether automatic (FATCA, CRS) or upon request (via TIEAs, DTAs or the Multilateral Convention)
- Utility regulation.
They function as a City firm and give good quality advice to clientsChambers and Partners
Both the Cayman Islands and the British Virgin Islands (BVI) have announced revised deadlines for tax reporting as a result of the global outbreak of the Covid-19 virus.
As part of Guernsey's Revision of Laws Project, the States of Deliberation have published draft legislation which will amend Guernsey's existing regulatory laws across the banking, fiduciary, insurance and investment sectors.
The Cabinet of the Cayman Islands, exercising its powers under the International Tax Co-operation (Economic Substance) Law, 2020 (the "Law") has released the International Tax Co-operation (Economic Substance) Regulations 2020 (the "Regs").
As part of its measures to support the local and international financial services industry during the Covid-19 pandemic, the Cayman Islands (“Cayman”) Government has deferred the deadline for payment of annual return fees for all corporate entities and exem...
Bedell Cristin has acted on behalf of The Little Sisters of the Poor in relation to the sale of its Jersey care home, Jeanne Jugan Residence. The sale of the home, which has been operated in Jersey for over 130 years, represented a highly complex transactio...
The Cayman Islands Ombudsman has issued new Guidance on Monetary Penalty Orders v1.0 under the Cayman Data Protection Law 2017.
Two new pieces of Cayman Islands ("Cayman") legislation have introduced important new obligations for trustees of Cayman trusts and Cayman trust companies. There are new obligations on trustees to keep records on those connected with the trust (including se...
The new Cayman Islands ('Cayman') Securities Investment Business (Amendment) Law, 2019 (‘Law’) ('SIBL') has passed, amending the ('SIBL') Securities Investment Business Law (2019 Revision).
The Cayman Islands Monetary Authority ('CIMA') has issued Notices under Regulation 53A of the Anti-Money Laundering (Amendment) Regulations, 2019 ('Regulations') that all persons currently registered as 'Excluded Persons' under the Cayman Islands ('Cayman'...
The States of Guernsey has launched a 12 week consultation period for the proposed new discrimination legislation.
The Law Commission of England and Wales has just produced a report on suspicious activity reports ("SARs") filed under the anti-money laundering regime.
The Guernsey Financial Services Commission has released important guidance for private trust companies and licensed fiduciaries who administer them. The clarity and simplicity of licensing exemptions will be welcomed news for local industry and those lookin...
In late 2016, and in the light of the controversies relating to the Panama and Paradise Papers, a joint Task Force on The Role of Lawyers and International Commercial Structures was established by the Secretariat of the Organisation for Economic Co-operatio...
If passed into law in its current form, The Monetary Authority (Amendment) Bill, 2019 (‘Bill’) published in the Cayman Islands (‘Cayman’) Gazette, will amend the Monetary Authority Law (2018 Revision) (‘MAL’) to clarify the definition of ‘money laundering r...
On 2 April 2019 the Cayman Islands ('Cayman') Data Protection Regulations, 2018 ('Regulations') were published in the Gazette, together with a Commencement Order setting a date of 30 September 2019 for the Data Protection Law, 2017 ('Law') to come into forc...
The Caribbean Financial Action Task Force recently published its Fourth Round Mutual Evaluation Report on the Cayman Islands). It assesses Cayman’s progress towards adoption of ever improving international regulations on matters such as anti-money launderin...
On 12 March 2019, the European Commission (‘EC’) published its latest list of non-cooperative tax jurisdictions, adding ten jurisdictions to the five already on its list.
Both Jersey and Guernsey fulfilled commitments made in 2017 to introduce substance measures to meet European expectations on fairness of taxation by the end of 2018 and have now been formally confirmed as 'cooperative jurisdictions'.
The Jersey Financial Services Commission has published a consultation on extending its decision making process to include the imposition of civil penalties on principal persons.
Jon Barclay, Partner, will be speaking at the Anti-Financial Crime Symposium (ACAMS) in Limassol, Cyprus on 7 February 2019.
Whether there is an orderly Brexit or a no-deal Brexit, from 29 March 2019 the UK will become, in GDPR terms, a 'third country'.
The Cayman Islands Legislative Assembly is scheduled to debate The International Tax Co-operation (Economic Substance) Bill, 2018 in December 2018.
The Cayman Islands Monetary Authority (‘CIMA’) has published its 2018 Edition of its Regulatory Handbook and its Appendices, as well as the latest editions of and amendments to guidance notes and Rules.
In time to help fund Anti-Money Laundering Officers meet the 31 December 2018 deadline for regulated funds to notify the Cayman Islands Monetary Authority of their appointment of AML Officers, CIMA has published answers to Frequently Asked Questions on matt...
At a business briefing on 14 November 2018, representatives of the Cayman Islands Government stated that the Cayman Islands Data Protection Law 2018 would not come in to force in January 2019, as previously advised, but would be delayed until September 2019.
The Cayman Islands (‘Cayman’) Government (‘CIG’) has issued an Industry Advisory that the Organisation for Economic Co-operation and Development (‘OECD’) has confirmed that it had extended the ‘substantial activities’ requirement to ‘no or only nominal tax’...
Bringing you a brief explanation of sanctions, how Jersey currently deals with them and the reasoning behind a proposed new Jersey Sanctions Law. If you need further advice or help on anything mentioned, please do not hesitate to get in touch with us.
As we approach the 70th anniversary of the Universal Declaration of Human Rights ("UDHR"), Tom Harris explains the current situation in and future plans of Jersey regarding the various United Nations ("UN") human rights treaties.
The Cayman Islands Monetary Authority (‘CIMA’) has published a new Regulatory Policy - Licensing Mutual Fund Administrators which sets out the criteria CIMA will apply in licensing mutual fund administrators.
Jasmin Semlitsch, a senior associate at Bedell Cristin, has been named on eprivateclient’s Top 35 Under 35.
Bedell Cristin has appointed Guy Westmacott as a Partner two years after he joined the firm.
Lawyers from Bedell Cristin have advised Comcast Corporation on the Jersey regulatory aspects of its bid for Sky plc.
With a month to go until GDPR becomes enforceable (25 May), businesses are rushing to get their houses in order, even more so in light of the recent Facebook-Cambridge Analytica scandal. Under the current data protection regime, Facebook should expect to pa...
The last year has seen a considerable growth in the international and Cayman Islands (‘Cayman’) market for investments in virtual or ‘crypto’ currencies and Initial Coin Offerings (‘ICOs’). The Cayman Islands Monetary Authority (‘CIMA’) has issued a ‘Public...
Managing Partner, David Cadin, will speak at the SARs half day forum at the Jersey International Business School on Tuesday 27 March. This event aims to give a non-legalistic, comprehensive breakdown of the legislation by focusing on common problems facing ...
Bedell Cristin's regulatory law team spoke this morning at the Comsure GDPR surgery at the Pomme D'Or Hotel.
This full-day event will focus on current challenges being faced by Mediterranean-based organisations and international finance centres as they seek to detect, prevent and disrupt financial crime in their regions. Against a backdrop of industry-wide demand ...
The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the "Law") came into force on 15 August 2017.
Bedell Cristin Jersey and Guernsey have been shortlisted for 'Law Firm of the Year' in the Citywealth IFC Awards 2018.
On 2 August 2017 the Cayman Islands (‘Cayman’) Information Commissioner’s Office (‘ICO’) indicated that the Cayman Government’s Data Protection Law 2017 (‘the Law’) is expected to come into effect in January 2019 (see here).
There has been a great deal of activity across the Channel Islands because of the pending introduction of the European Union’s General Data Protection Regulation (GDPR).
Bedell Cristin is a finalist in two categories of the prestigious STEP Private Client Awards 2017/18.
Bedell Cristin has been shortlisted for ‘Offshore Law Firm of the Year’ in the prestigious annual awards organised by The Lawyer.
Bedell Cristin Partner, Edward Drummond is one of the expert speakers discussing the implications of the General Data Protection Regulation (GDPR), the new EU Regime on data protection which will impact on businesses in the Channel Islands when it is introd...
Bedell Cristin has been awarded the Offshore Client Service Award at the prestigious Chambers Europe Awards.
Finance professionals were alerted to future UK legislation focusing on tax evasion and avoidance and wider corporate economic crime in a seminar hosted by us last week entitled ‘Business Ethics – The Bribery Act was just the start…'
David Cadin is a speaker at a leading conference on cloud strategies and the impact of new regulation, organised and hosted by Calligo later this month.
Leading global authorities on financial crime and compliance are in Guernsey next month for the 2016 Guernsey Compliance and & Economic Crime Symposium hosted by the Jersey International Business School.
The management buyout of Bedell Trust has completed following regulatory approvals. As a result, Bedell Cristin is now a wholly separate business to Bedell Trust.
Bedell Cristin Guernsey has announced that two of its leading lawyers, Advocate Jon Barclay and Advocate Richard Sharp, have become partners in the firm.
Bedell Cristin has appointed Advocate Kate Ovenden as the new Managing Partner of its award winning Guernsey office.
Bedell Cristin partners, Lisa Springate and James Campbell, have been invited to speak at the Anti-Money Laundering, Financial Crime and Sanctions Conference hosted by Infoline in Jersey, on 26 May 2016.
Further to our briefing note "The Common Reporting Standard: draft Jersey legislation released" dated November 2015, the Chief Minister's Department has published draft guidance notes dated February 2016 ("Guidance Notes") which provide guidance on the impl...
The draft Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201- (the "Regulations") were lodged au Greffe on 13 October 2015.
On 29 July 2015 a number of significant changes to Guernsey's company legislation, the Companies (Guernsey) Law, 2008 (as amended), are expected to be approved by the States of Guernsey.
Two Bedell Cristin partners were recognised as leaders in their field across Europe in the Europe Women in Business Law Awards organised by Euromoney Legal Media Group.
Bedell Cristin has been shortlisted in the prestigious STEP (Society of Trust & Estate Practitioners) Private Client Awards for 2015.
Bedell has been shortlisted in the ‘Offshore Law Firm of the Year’ category in the prestigious Asian Legal Business SE Asia Awards 2015 for the third consecutive year.
Bedell Crsitin has been shortlisted for a further industry awards adding to the accolades achieved to date this year.
Bedell Cristin Guernsey has been named Offshore Law Firm of the Year in the UK Captive Services Awards 2015.
Bedell has been recognised in a number of industry awards.
Bedell Cristin has further strengthened its banking and corporate teams in Jersey through the appointment of two experienced local lawyers.
We are pleased to announce our membership of the World Services Group (WSG) representing both Jersey and Guernsey in the Channel Islands. We are looking forward to working with other member firms and developing our membership.
Bedell Cristin has been named ‘Offshore Law Firm of the Year’ at the Chambers Europe Awards for Excellence 2014.
Bedell Cristin has advised on the corporate and regulatory due diligence in respect of several financial services businesses acquired by private equity buyers.
Bedell Cristin has acted as reporting professional under the Financial Services (Jersey) Law 1998.
Bedell Cristin has provided advice to the boards and trustees of various funds and other structures which have faced financial and/or regulatory difficulty.
Bedell Cristin has advised a variety of firms on the development of financial services products.
Bedell Cristin has assisted a number of businesses in obtaining regulatory authorisation.
Bedell Cristin has provided advice to overseas regulatory authorities.
Bedell Cristin has assisted clients in responding to new and evolving legislation and regulation.
As the world continues to lock down in an attempt to stem the coronavirus, there are implications on how firms conduct their business in the era of social distancing.
This briefing aims to give a brief overview of what the substance rules entail for those companies tax resident in Guernsey and Jersey.
The use of electronic signatures is increasingly popular and it is not hard to see why. They provide flexibility and efficiency, without the need for contracting parties to convene at the same location to sign a single document. This briefing covers whethe...
The Cayman Islands Ombudsman has issued new guidance concerning the effect of the Covid-19 pandemic on the management of personal data under the Data Protection Law, 2017.
The Guernsey Financial Services Commission (the "GFSC") has issued new rules setting out the standards to be met by all Guernsey licensed fiduciaries. The Fiduciary Rules and Guidance, 2020 (the "Fiduciary Rules"), which will come into operation on 31 D...
With the advent of the pandemic we have seen greatly increased interest in signing documents in electronic form. Helpfully, the Cayman Islands Electronic Transactions Law (2003 Revision) (the "ETL") provides that an electronic signature is treated with the ...
Despite these extraordinary times we are now living in, we all need to keep in mind that data protection obligations apply equally whether we are operating in the workplace or at home. We all have a responsibility to ensure any personal data we process, whe...
The Private Funds Law was recently passed into law by the Cayman Islands legislative assembly. The new law will apply to closed-ended investment funds, which were previously unregulated in the Cayman Islands by virtue of the fact that they do not issue rede...
The Mutual Funds Law applies to funds that issue equity interests that are redeemable at the option of the investor ("open-ended" funds). Most open-ended funds are subject to regulation by the Monetary Authority (regulated open-ended funds are referred to h...
The Cayman Islands Data Protection Law is in force as of 30 September 2019. This article provides a summary of the main provisions of the Data Protection Law and highlights some important obligations and compliance steps.
Nearly 15 years ago, Jersey introduced a competition law for the first time - the Competition (Jersey) Law 2005 (the "Law"). In this briefing, we look at some of the key provisions of the Law as it currently stands and discuss some of the ways in which thos...
In or around 2020, material changes are expected to be made to the Competition (Jersey) Law 2005 (the "Law") as it relates to the regulation of mergers and acquisitions. This briefing examines the nature and extent of the recommendations for overhauling Jer...
New Cayman Islands (‘Cayman’) Anti-Money Laundering (Amendment) Regulations 2019 (‘Regulations’) were introduced in June 2019, and amend the Anti-Money Laundering Regulations (2018 Revision) (‘2018 Regulations’). The Cayman Islands Monetary Authority ('CIM...
This Briefing explains the current situation in and future plans of Jersey regarding the various United Nations ("UN") human rights treaties. Please do not hesitate to contact us if you need further explanation or guidance.
On 4 September 2017 Lieutenant Bailiff Hazel Marshall QC handed down her highly anticipated judgment in Carlyle Capital Corporation Limited (in Liquidation) and others v Conway and others.
This briefing provides an overview of the key changes introduced by the EU's General Data Protection Regulation (the "GDPR"), which will have extra-territorial effect in the Channel Islands in relation to the personal data of EU citizens, and the provisions...
Over recent years, businesses and employers in Guernsey (as in the rest of the world) have come under increased pressure from legislators and regulators alike to take steps to combat financial crime, including money laundering and terrorist financing. Some ...
Guernsey's Policy and Resources Committee has recently submitted its proposals for the establishment of a register of beneficial ownership for consideration by the States of Guernsey at its sitting on 15 February 2017. Following consultation papers issued ...
Further to our briefing note "The Common Reporting Standard: draft Jersey legislation released" dated November 2015 ("November Briefing Note"), the Chief Minister's Department has published draft guidance notes dated February 2016 ("Guidance Notes") which p...
The draft Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201- (the "Regulations") were lodged au Greffe on 13 October 2015. The purpose of the Regulations is to give effect to Jersey's obligations ...
Historically, the law against bribery in Guernsey and Sark consisted of a common law offence which was rather uncertain in its ambit and seldom, if ever, tested in court. The position in Alderney was similar, albeit reinforced to some extent by a 1994 statu...
The Foreign Account Tax Compliance Act ("FATCA") was introduced by the United States in 2010 as part of the US Hiring Incentives to Restore Employment Act (known as the HIRE Act). The purpose of FATCA is to reduce tax evasion by US citizens. FATCA requires ...
Jersey's reputation as a leading international finance centre has been assisted by being a well-regulated jurisdiction which applies global standards upon which clients and investors alike can rely. Jersey has been independently assessed by a number of supr...
This briefing explains the laws governing bribery and corruption in Jersey. Jersey has its own legal system and is a separate jurisdiction from that of England and Wales. To combat bribery and corruption, it enacted the Corruption (Jersey) Law 2006 (the "C...
Despite a challenging international regulatory environment and global upheaval, Bedell Cristin partner, Andrew Miller, says that Cayman's private wealth structuring industry is prospering. Published in The Lawyer, June 2019.
Richard Le Liard, senior associate, presents a round- up of recent regulatory developments. Published in the JEP Funds Review - 18 May 2017.
With global financial sanctions now reaching an unprecedented level, Angela Bilbow casts a view over the consequences sanctions have on Channel Islands financial institutions, how they are being tackled and what lies ahead.
Lisa Springate discusses - Jersey: growing impact of sanctions. Published in Legal Week 13 February 2015.
Lisa Springate looks at the impact on EU and US sanctions on Jersey. Published in Quorum Newsletter June 2014.