Financial services and regulation

Ogier has one of the largest competition law teams in the Channel Islands and has arguably been involved in more merger approval and exemption application filings than any other team in the Channel Islands.

Our clients include financial institutions, well known global organisations, and businesses local to the Channel Islands.

Competition law in each island is subject to its own legislation and its own regulator - the Jersey Competition Regulatory Authority (JCRA) and the Guernsey Competition and Regulatory Authority (GCRA).

Each authority regulates the three main pillars of competition law:

• Anti-competitive agreements

• Abuses of a dominant position

• Mergers and acquisitions

Of these, it is the third pillar that gives rise to most concerns for our clients due to the increase in mergers and acquisitions we are seeing with a Jersey and / or Guernsey nexus.

Our experts can help clients to understand the differences between the jurisdictional thresholds for notifiable transactions in Jersey and Guernsey - Jersey applies a share of supply or purchase test and Guernsey a turnover test - and that the merger approval regimes are mandatory and suspensory.

In addition to each authority's powers to levy behavioural, structural and financial remedies, notifiable transactions relating the change in ownership of a Jersey or a Guernsey company are rendered void as a matter of law if the relevant authority has not approved the transaction prior to completion.

Find out more about our services on our dedicated Competition Law page.

Ogier's experts can advise clients operating on a cross-border basis when creating, investing in or trading crypto assets. Digital assets and cryptocurrencies are regulated in each of our jurisdictions. Many of these are cross-border by nature and it is vital that clients understand the regulatory risk landscape.

Ogier advises and leads clients across the entirety of the digital asset life cycle, from investors and fintech start-ups to incumbent financial services companies. Our team has significant knowledge and experience across its jurisdictions in respect of the regulations and risks of virtual assets. 

We are at the forefront of policy formation, working with governments and their advisors on white papers and regulatory consultations, also helping to shape the regulation in, and of, digital assets.

Find out more about our expertise in this area on our dedicated Crypto Disputes page.

Our regulatory experts have a deep understanding of the implications of the EU General Data Protection Regulation (GDPR) for the financial services industry - be it banking, insurance, securities investment business, corporate administration or investment funds.

For many data controllers and data processors, compliance with the GDPR remains a work in progress. The GDPR has a wide application. It applies to anyone offering goods or services to individuals in the EU or monitoring individuals' behaviour in the EU. It is therefore important for businesses outside the EU to consider whether any of their activities are caught by the GDPR.

Jersey and Guernsey have implemented their own data protection legislation based on the GDPR. This legislation was designed to ensure that the islands continue to protect personal data in a way which is equivalent to the protection afforded in the EU. Similar to the GDPR, they also have extra-territorial effect.

Learn more about getting data protection ready on our GDPR page.

Our specialist teams of lawyers and corporate professionals work with clients from across industries to implement and deliver on sustainable investing and ESG related mandates, and to seize the opportunities emerging in the sustainability landscape.

Learn more on our dedicated Sustainable Investing and ESG page.

Our cross-service line teams advise on all aspects of compliance with economic substance regulations including full structure reviews, ongoing compliance issues and implications for outsourcing arrangements.

International financial centres including BVI, Cayman, Guernsey and Jersey have all introduced economic substance requirements. Our lawyers can advise clients in relation to their companies in each of our relevant jurisdictions and across service lines - as companies may carry out more than one relevant economic activity - offering expertise in relation to the implications for holding companies, investment funds and fund managers, banks, insurance businesses and companies carrying on financing and leasing business.

For clients that need to establish and demonstrate economic substance in the islands, our economic substance specialists provide clear guidance to assist in determining the appropriate level of measures to be taken.

Our corporate and fiduciary business, Ogier Global, provides support services including local resident directors, board support, physical presence, and administrative support, including a packaged service for special case entities capable of carrying on Core Income Generating Activity (CIGA) at board level and suited to a moderate presence on the islands.

For entities suited to more enhanced presence, we provide local support in obtaining trade licences, work permits, premises, service providers or dedicated human resources.

Learn more about our substance services on our dedicated Economic Substance page.

Our partner-led teams advise clients across sectors on a full range of tax matters including regulatory requirements, tax residence and economic substance legislation. 

Advising on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg structures, we work on all aspects of cross-border advisory and transactional tax matters and perform cross jurisdictional analysis to find the right jurisdiction to suit a client's specific commercial and regulatory needs.

Our tax experts conduct reviews of complex, multi-jurisdictional structures within the context of economic substance requirements, supporting clients on the nuances in substance laws across our jurisdictions.

Find a full breakdown of our tax services on our dedicated Tax page.

If you are seeking investment in EIIS, a popular, well-established, reasonably straightforward and tax efficient investment scheme in Ireland which provides investors with tax relief on investments and sources of non-earned income such as dividends and rental income, our team in Ireland can guide you very step of the way, offering clear and concise support that aligns with your goals. Learn more on our EIIS in Ireland page.