Setting an example for the UK?
New rules designed to uphold the integrity, competence and solvency of corporate service providers will ultimately strengthen the industry and could lead to similar legislation in the UK, writes David Sherlock
BackgroundIn January 1998, the UK Home Secretary commissioned Andrew Edwards (a retired senior official of HM Treasury) to review the regulation of the financial services industries in the Crown Dependencies (the Isle of Man, Jersey and Guernsey), together with related matters such as the combating of financial crime and co-operation with other jurisdictions. The review was undertaken during much of 1998. Edwards visited the Isle of Man on two occasions, in March and June 1998. His report was published in November 1998. On 6 April, 1999 the Isle of Man Government published its response to the review and one of its conclusions was that “the CSP (corporate service providers) regime will address a number of the principal points that were highlighted by Mr Edwards”.While ‘the CSP regime’ had been under consideration since well before the publication of the Edwards review (the Isle of Man recognised the need to regulate the providers of corporate services, which forms a significant part of the finance sector, some years ago), and the Edwards review was not the driving force behind the introduction of the regime, it is possible that some observers may benchmark the regime that is now being gradually introduced by reference to the terms of the Edwards review.
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651