Kelham v Chairman of the GFSC  GRCO21, a case which arises out of the actions of Standard Chartered Trust (Guernsey) Limited, was an appeal to the Royal Court of Guernsey, against a decision of a Senior Decision Maker, made on behalf of the GFSC. Saima Hanif KC represented the Respondent in the proceedings before the Senior Decision Maker, and was involved with the appeal to the Royal Court.
The Royal Court’s decision contains an interesting and detailed analysis of the GFSC’s legal obligations when enforcement proceedings are undertaken. In particular, the Royal Court analysed the disclosure and evidence gathering obligations of the GFSC, ultimately concluding that whilst it was subject to an ongoing disclosure obligation, the obligation was not akin to that in civil proceedings. The Royal Court also concluded that a Senior Decision Maker was not confined to the allegations, or the recommended enforcement action, contained in the GFSC’s Final Enforcement Report, and could therefore make findings other than those set out in the Report, as long as the party subject to the enforcement action was given a full and fair opportunity to respond to the new allegations. The judgment of the Royal Court is available here.
Saima Hanif KC has a global FS regulatory practice. She is listed in the legal directories across three regions (UK, EMEA and Asia Pacific) (“Saima is quickly becoming the dominant force in FS [Regulatory work], both domestically and abroad…” (Chambers)) and has acted in a number of high profile disputes including the 1MDB investigation in Singapore, Tinney v FCA (where she acted for Mr Tinney, a Barclays COO) and Siddique v DFSA (where she represented a senior manager of Abraaj.)