The draft Bank (Recovery and Resolution) (Jersey) Law 201- (the
Law) was lodged au Greffe on 20 December
2016.
The Law is in many ways complementary with the draft Bank
Depositors Compensation (Jersey) Law 201- (the JDCS
Law, which will replace the depositor compensation scheme
established in Jersey in 2009) lodged au Greffe on the same day in
that the rights arising under the Jersey Depositor Compensation
Scheme are triggered when a bank is subject to stabilisation or
resolution under the Law.
Ogier's briefing on the JDCS Law can be found
here
Both briefings will be updated when the Law and the JDCS Law
come into force.
What is it?
The Law provides a new bank resolution regime reflecting the
international legislation implemented in response to the financial
crisis of 2008 and 2009, namely the EU Bank Recovery and Resolution
Directive (2014/59) and the UK's Banking Act 2009 (as
amended).
