Mr Daniel Maine

Daniel Maine

Updates

Banking & Financial Services

Individual accountability: expectations of senior management in JFSC-regulated firms
Jersey | 01 June 2021

Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to the (potentially serious) risks to which they are exposed if they fail to meet the JFSC's high standards.

Identifying and managing conflicts of interest: guidance for JFSC-regulated companies
Jersey | 25 May 2021

Ensuring that regulated firms identify and manage conflicts of interest appropriately is a matter of constant focus for regulators, which makes sense given its central importance to the fair treatment of clients and as it speaks to the firms' integrity. Nonetheless, firms would be forgiven for thinking that they have limited guidance as to what is expected of them when identifying and managing conflicts of interest.

How to avoid being referred to JFSC Enforcement – and what to do if you are
Jersey | 18 May 2021

With the Jersey Financial Services Commission (JFSC) taking – and wanting to be seen to be taking – an increasingly robust approach with regulated firms, it is only natural for firms to ask what they can do to avoid a referral to the JFSC's Enforcement division and, if they are referred, what steps they can take to manage the risk of formal sanction.

Litigation

Trust company's £550,000 fine demonstrates importance of effective and consistent AML procedures
Jersey | 20 April 2021

The Royal Court recently imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its anti-money laundering (AML) policies and procedures were being applied effectively and consistently. Notably, the Royal Court was not deterred from imposing a fine by the fact that the failings related to only one client structure. Firms must therefore ensure that their AML controls are being applied effectively across their entire business – for, as this judgment shows, the cost of failing to do so can be high.

Royal Court demonstrates its ability to assist in administration of foreign trusts
Jersey | 27 October 2020

In a recent decision, the Royal Court considered – for the first time – whether it can exercise a foreign statutory power on the application of a trustee of a foreign trust. The court concluded that it can do so as a matter of principle and went on to exercise an English statutory power so as to permit the trustees of a trust governed by English law to self-deal. The judgment is a welcome one for trustees in two particular respects.

Z Trusts judgment: whose rights take priority when a trust is insolvent?
Jersey | 13 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

Private Client & Offshore Services

Individual accountability: expectations of senior management in JFSC-regulated firms
Jersey | 27 May 2021

Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to the (potentially serious) risks to which they are exposed if they fail to meet the JFSC's high standards.

Identifying and managing conflicts of interest: guidance for JFSC-regulated companies
Jersey | 20 May 2021

Ensuring that regulated firms identify and manage conflicts of interest appropriately is a matter of constant focus for regulators, which makes sense given its central importance to the fair treatment of clients and as it speaks to the firms' integrity. Nonetheless, firms would be forgiven for thinking that they have limited guidance as to what is expected of them when identifying and managing conflicts of interest.

How to avoid being referred to JFSC Enforcement – and what to do if you are
Jersey | 13 May 2021

With the Jersey Financial Services Commission (JFSC) taking – and wanting to be seen to be taking – an increasingly robust approach with regulated firms, it is only natural for firms to ask what they can do to avoid a referral to the JFSC's Enforcement division and, if they are referred, what steps they can take to manage the risk of formal sanction.

Trust company's £550,000 fine demonstrates importance of effective and consistent AML procedures
Jersey | 15 April 2021

The Royal Court recently imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its anti-money laundering (AML) policies and procedures were being applied effectively and consistently. Notably, the Royal Court was not deterred from imposing a fine by the fact that the failings related to only one client structure. Firms must therefore ensure that their AML controls are being applied effectively across their entire business – for, as this judgment shows, the cost of failing to do so can be high.

Royal Court demonstrates its ability to assist in administration of foreign trusts
Jersey | 22 October 2020

In a recent decision, the Royal Court considered – for the first time – whether it can exercise a foreign statutory power on the application of a trustee of a foreign trust. The court concluded that it can do so as a matter of principle and went on to exercise an English statutory power so as to permit the trustees of a trust governed by English law to self-deal. The judgment is a welcome one for trustees in two particular respects.

Intermeddling offence: revised guidelines issued
Jersey | 16 July 2020

In Jersey, it is a criminal offence to take possession or in any way administer the movable estate of a deceased person before a grant of probate has been obtained (the intermeddling offence). Her Majesty's attorney general is responsible for deciding whether to commence criminal proceedings in Jersey, including for the intermeddling offence. The need to comply with Jersey's probate requirements was underscored by the recent conviction of two financial services firms for intermeddling.

Z Trusts judgment: whose rights take priority when a trust is insolvent?
Jersey | 08 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

White Collar Crime

Trust company's £550,000 fine demonstrates importance of effective and consistent AML procedures
Jersey | 19 April 2021

The Royal Court recently imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its anti-money laundering (AML) policies and procedures were being applied effectively and consistently. Notably, the Royal Court was not deterred from imposing a fine by the fact that the failings related to only one client structure. Firms must therefore ensure that their AML controls are being applied effectively across their entire business – for, as this judgment shows, the cost of failing to do so can be high.