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Guernsey Seminar - Smart Contracts & Electronic Agents

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Digital Greenhouse

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This session will provide a briefing on the Electronic Agents Ordinance 2019 which places Guernsey in a world-leading position – providing legal certainty in the use of “electronic agents” in transactions and contract matters.

The legislative move builds on Guernsey’s Electronic Transactions legislation, which dates back to 2000, to provide presumptive confirmation that so-called “smart contracts” – where computer code carries out a task in response to information received without further human input – will be legally recognised.

The revised law will allow the formation of a contract through the interaction of electronic agents, on the presumption that natural persons intended to create a legally binding contract. It will also cover interactions between an electronic agent and a natural person. Electronic agents will be able to be involved in transactions in a number of ways without revoking the legal validity of a contract.

Guernsey is leading the way in the creation of a robust and efficient technology landscape that provides a safe, secure and efficient environment for the provision of specialist global financial services, and the move is part of a broader development strategy for the financial services sector in the island. The seminar will also cover the permissive approach of the island’s regulatory regime to technology-based AML solutions.

The event will include a presenation from; Dr Andy Sloan, Deputy Chief Executive, Strategy at Guernsey Finance, fire-side chats with Stephen Ozanne, Senior Counsel at Walkers Global and Emma Bailey, Director of the Authorisations and Innovation Division, Guernsey Financial Services Commission. Followed by a Q&A session with all three of the presenters

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