Introduction
The extraordinary circumstances of the COVID-19 pandemic has presented new challenges for all of us. At Ogier, our robust business continuity planning and technological infrastructure have been thoroughly tested and allowed us to continue supporting our clients and contacts.
Across our global network of offices we have been preparing – tailoring each plan to its jurisdiction and the advice of the relevant authorities.
Our priority throughout has been – and will continue to be – the safety of our employees and their families, our commitment to the communities we work in and providing a comprehensive service to our clients.
As part of our continued commitment to providing the best service to our Channel Island clients, we have prepared this guidance on the topics and issues that our clients and contacts will be facing over the coming weeks and months, including insurance, health and safety, annual leave and business continuity.
We hope that this will provide a useful starting point but would also stress that members of the Ogier team are here to help and are available to address legal and practical questions that you have.
Regulated Businesses
Continuity planning
- The Jersey Financial Services Commission and the Guernsey Financial Services Commission (the Regulators) have taken steps to enact their respective business continuity plans to ensure that they are each able to sufficiently manage the impact of the COVID-19 outbreak on their regulatory oversight function.
- In turn, the Regulators also expect that all regulated businesses undertake a similar form of business continuity planning to ensure that they too "continue to operate effectively and meet regulatory obligations".
- The Jersey Financial Services Commission has advised regulated businesses to ensure (amongst other matters) that contingency plans are developed so that the span of control function is not compromised and that there is no interruption of individual specific accountabilities i.e. Principal Person and Key Person roles.
- The general response by the Regulators to the COVID-19 response has so far been to assure businesses that they understand that working practices are likely to change as more staff work from home but expect businesses to have sufficient continuity and contingency measures in place so that regulatory obligations are adhered to.
Concessions
- There are at present no published concessions (other than the Guernsey Financial Services Commission's concession that third party sign off's on regulatory returns may be delayed, as set out below) for failing to comply with your regulatory requirements and to the extent that you foresee non-compliance with any regulatory obligations, businesses are advised to contact their relevant regulatory supervisor.
- The Guernsey Financial Services Commission has indicated that it is content to receive requests for third party sign offs to regulatory returns to be delayed due to the inevitable fact that there may be challenges contacting certain third parties. Please refer to the full GFSC update here - https://www.gfsc.gg/news/article/coronavirus-update
- For a full list of the additional matters that the Jersey Financial Services Commission encourages regulated businesses to consider, please refer to the full JFSC update here - https://www.jerseyfsc.org/newsand-events/information-forregulated-businesses-coronavirus/
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
