sign in sign up
<<
Home , Crown Dependencies

C APABILITY STATEMENT

CROWN DEPENDENCIES

BANKING BUSINESS AND FINANCIAL SERVICES REORGANISATIONS

The offshore funds market has grown dramatically in recent years and Appleby’s funds lawyers are at the forefront of this development.

Appleby has advised many banking and financial institutions on strategically important and ground-breaking offshore reorganisation projects. These projects may be driven by a number of regulatory and economic factors including UK ring-fencing requirements, capital efficacy and repatriation, group consolidation and de-risking, contingency “They did a phenomenal planning and third party sales. job. They worked around the clock where We have unrivalled experience of Part VII FSMA equivalent transfers of deposit-taking necessary, and provided business and related financial services businesses as well as ancillary matters including accurate and precise regulatory advice, capital reorganisations and business sales. We estimate that we have information and advice. transferred nearly GBP 50 billion of deposits in the past six years. We also provide related We really enjoyed legal advice including maintenance of priority of security, data protection, confidentiality, working with them, it was regulation and compliance. a very cohesive team and a very well run file.” Our expertise in banking business transfers and financial services reorganisations - Chambers & Partners extends across Dependencies of , and the . We have acted as lead counsel on every recent banking business transfer scheme in Jersey and the Isle of Man and on contractual restructurings and corporate schemes of arrangement in Guernsey where there is no Part VII FSMA equivalent.

We have constructive relationships with local regulators and tax authorities and are well acquainted with the practical and commercial steps required to successfully conclude such transfers. We coordinate and manage on a cross-jurisdictional basis such complex projects drawing on expertise from across our teams including employee relations, pensions and local real estate.

We also advise banks and financial services businesses on contingency planning for the purposes of preparing bank recovery and resolution plans and in preparation for Brexit. We have extensive expertise and have advised on the creation of bank resolution legislation for implementation across the Crown Dependencies.

REPRESENTATIVE WORK

INTERNATIONAL INTERNATIONAL PRIVATE BANKING BANKING AND MULTI- EUROPEAN AND FIDUCIARY FINANCIAL JURISDICTIONAL BANKING GROUP GROUP SERVICES GROUP PRIVATE BANK

Appleby advised as lead counsel Appleby acted as lead counsel in Appleby advised as lead counsel Appleby acted as lead counsel on in Jersey, Guernsey, Isle of Man Jersey, Guernsey and Isle of Man on the establishment of a banking the winding down of the Jersey and on the on the successful transfer of the centre in Jersey including all subsidiary and Isle of Man branch complex client’s deposit-taking business, regulatory deposit taking, of a European banking group and reorganisation of investment business and fund investment business and the transfer of its residual loan offshore subsidiaries services business to offshore documentary advice required to book and dormant deposit and the transfer of branches of the group’s onshore service the bank’s high and ultra- account balances to a group deposit-taking business, plc by means of Court-sanctioned high net worth clients. Appleby company and third party service investment business and fund banking schemes and related also advised on the provision of provider in accordance with services business to branches of contractual transfers. cross-border investment detailed cessation of business the group’s offshore plc by The reorganisation included the business services from the UK plans negotiated with regulatory means of a scheme and first ever banking business into Jersey as well as the authorities. supplemental contractual scheme in the Isle of Man, setting transfer of accounts from The Appleby team implemented assignments. In Jersey, the a very helpful precedent for into Jersey as part of an innovative deposit segregation transaction was unique in its use subsequent transactions. the reorganisation. scheme as part of the bank’s of a scheme for the separation of withdrawal from the jurisdictions. the banking business from the bank’s trust company business, which was then sold.

FOR MORE INFORMATION PLEASE CONTACT:

JERSEY GUERNSEY ISLE OF MAN

JARED DANN JEREMY BERCHEM MARK HOLLIGON Group Partner Office Managing Group Partner* Partner 44 (0) 1534 818 313 +44 (0)1481 755 601 +44 (0)1624 647 691 [email protected] [email protected] [email protected]

MARK BRADY ANTHONY WILLIAMS JUAN THORNLEY Group Partner Partner Partner +44 (0)1534 818285 +44 (0)1481 755 622 +44 (0)1624 647 623 [email protected] [email protected] [email protected]

STUART TYLER Partner +44 (0)1481 755 606 [email protected]

* admitted in and

This publication is for general guidance only and does not constitute definitive advice © Appleby Global Group Services Limited 2020.

applebyglobal.com