Representation of Standard Chartered (Jersey) Limited [2013] JRC 172 (04 September 2013)

Representation of Standard Chartered (Jersey) Limited [2013] JRC 172 (04 September 2013)

The Court has jurisdiction under Article 48D to sanction the transfer of investment management business as part of a deposit-taking business transfer, provided the activities are integral and not artificially grafted. Procedural dispensations regarding notification are justified given the internal nature of the transfer and approval by parent companies.

Citation
[2013] JRC 172
Parties
Transferor: Standard Chartered Jersey; Transferee: Standard Chartered Bank
Jurisdiction
Jersey
Judgment Date
04 September 2013
Procedural Posture
Banking Business Transfer Scheme / Pre Sanction Judgment on Legal Issue and Procedural Dispensations
Outcome
Court concludes it has jurisdiction to sanction the transfer of investment management business in conjunction with deposit-taking business; procedural dispensations granted.
Legal Topics
Business Transfer, Deposit Taking, Investment Management, Court Jurisdiction, Procedural Requirements
Banking Law Financial Services Law Business Transfer Deposit Taking Investment Management Court Jurisdiction Procedural Requirements

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Parties

Standard Chartered Jersey

Transferor

Standard Chartered Bank

Transferee

Procedural Posture

Banking Business Transfer Scheme / Pre Sanction Judgment on Legal Issue and Procedural Dispensations

Legal Issues

  1. 1 Whether Article 48D of the Banking Business (Jersey) Law 1991 covers transfer of investment management business in addition to deposit-taking business
  2. 2 Whether procedural dispensations regarding customer and member notifications are permissible

Ratio Decidendi

The Court has jurisdiction under Article 48D to sanction the transfer of investment management business as part of a deposit-taking business transfer, provided the activities are integral and not artificially grafted. Procedural dispensations regarding notification are justified given the internal nature of the transfer and approval by parent companies.

Court Disposition

Court concludes it has jurisdiction to sanction the transfer of investment management business in conjunction with deposit-taking business; procedural dispensations granted.

Orders

  • Statement need not be sent to customers of Standard Chartered Bank.
  • Statement need not be sent to members of the representors.