JFSC v Black [2002] JCA 168 (13 September 2002)

JFSC v Black [2002] JCA 168 (13 September 2002)

An application under Article 20(7) of the Collective Investment Funds (Jersey) Law 1988 is not founded on tort and is not subject to any prescription period; it is a regulatory civil sanction exercised in public law, not a private law right of action.

Citation
[2002] JCA 168
Parties
Representor/appellant: Jersey Financial Services Commission; First Respondent: A. P. Black (Jersey) Limited; Second Respondent: Cater Allen Trust Company (Jersey) Limited; Third Respondent: Peter Stuart Langton; Fourth Respondent: Alistair Pollock Pederson Black; Investor: Mr. and Mrs. Stuart Elliott; Investor: Mr. David Sharpe; Investor: Mega Pacific International Limited (now Mosvold Farsund AS); Investor: Dr. and Mrs. I Walker; Investor: Mablyn Limited; Investor: Zen Limited
Jurisdiction
Jersey
Judgment Date
13 September 2002
Procedural Posture
Civil Appeal / Interlocutory Appeal on Preliminary Issue
Outcome
Appeal allowed; preliminary issue answered in favour of the Commission.
Legal Topics
Prescription Periods, Regulatory Sanctions, Statutory Interpretation, Collective Investment Funds
Financial Regulation Public Law Civil Procedure Prescription Periods Regulatory Sanctions Statutory Interpretation Collective Investment Funds

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Parties

Jersey Financial Services Commission

Representor/appellant

A. P. Black (Jersey) Limited

First Respondent

Cater Allen Trust Company (Jersey) Limited

Second Respondent

Peter Stuart Langton

Third Respondent

Alistair Pollock Pederson Black

Fourth Respondent

Mr. and Mrs. Stuart Elliott

Investor

Mr. David Sharpe

Investor

Mega Pacific International Limited (now Mosvold Farsund AS)

Investor

Dr. and Mrs. I Walker

Investor

Mablyn Limited

Investor

Zen Limited

Investor

Procedural Posture

Civil Appeal / Interlocutory Appeal on Preliminary Issue

Legal Issues

  1. 1 Whether proceedings under Article 20(7) of the Collective Investment Funds (Jersey) Law 1988 are prescribed by effluxion of time
  2. 2 Whether Article 20(7) proceedings are 'founded on tort' within Article 2(1) of the Law Reform (Miscellaneous Provisions) (Jersey) Law 1960
  3. 3 Whether any prescription period applies to Article 20(7) applications

Ratio Decidendi

An application under Article 20(7) of the Collective Investment Funds (Jersey) Law 1988 is not founded on tort and is not subject to any prescription period; it is a regulatory civil sanction exercised in public law, not a private law right of action.

Court Disposition

Appeal allowed; preliminary issue answered in favour of the Commission.

Orders

  • No prescription period applies to Article 20(7) applications.
  • Proceedings are not prescribed by effluxion of time.