The pandemic has brought real challenges and frustrations to us all, and so much has changed in a relatively short space of time. In an effort to increase efficiencies and facilitate flexible working, this time last year, after a few months\u2019 debate, we rolled out new e-signing software on Earl\u2019s computer systems.\u00a0 A year down the road seems to be a good time to reflect on how well this software has been employed and the changes that it has brought to our working practices.<\/p>\n
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Our Swiss office opted to license software from an organisation accredited by the Swiss government and capable of creating a Qualified Electronic Signature (QES<\/em>) within the meaning of the Swiss law on electronic signatures (the ZertEs<\/em>).\u00a0 To make a segway into the technicalities for a moment, the software that we acquired permits us to create not just an electronic signature but a digital signature<\/em>, which is something much more useful altogether.\u00a0 To explain, whereas an electronic signature simply attaches an electronic symbol or process to an agreement (e.g. by signing on an iPad with a stylus, or copying a jpeg image of one\u2019s signature into a document), a digital signature includes, in addition, an encrypted digital certificate, which both authenticates the identity of the signer when affixing their signature and guarantees that the document has not been altered in transit.\u00a0 The validity of the document is then capable of verification using a technology known as public key infrastructure (PKI).\u00a0 For the user of the e-signing software, it works in practice much like banking software, with the signatory being required to enter a unique code or utilise facial recognition on their personal mobile phone in order to sign.<\/p>\n <\/p>\n \u201cBut why do we need such a complex software?\u201d – I hear you ask. \u00a0\u201cWhat about all the other signing software available?\u201d \u00a0\u00a0The Swiss ZertES dictates that only QES signatures are equivalent to a wet ink signature.\u00a0 What seemed at first a disappointing restraint, one year on however, has proved to be somewhat of a strength.\u00a0 In the course of our daily business we are required to sign investment documents issued by investment companies all over the world, the US, the UK, Europe and elsewhere.\u00a0 And maintaining high standards allows us to more easily fulfil our counterparties\u2019 requirements, as well as various divergent local laws on electronic signatures.<\/p>\n <\/p>\n As you may be dismayed, or unsurprised to learn, across the world, one jurisdiction to the next has come up with its own, and often quite different, rules as to how and what documents may be executed electronically.\u00a0 Probably the biggest sticking point is rooted in the historic divide between the common and civil legal systems, the first of which clings to its medieval concept of a deed<\/em>.\u00a0 Thus any deed to be signed by an individual for example must be signed \u201cin the presence of a witness\u201d.\u00a0 And although the Law Society has tried to create guidelines for documents to be witnessed electronically, for example by the signatory and witness signing in video conference, for all intents and purposes this is \u2013 at least for the time being \u2013 quite impractical. When you see the words \u201cEXECUTED AS A DEED\u201d, therefore, its usually the simplest to consult with your trusted legal advisor for advice. In fact it is always good to have your legal advisor to hand whilst navigating these new waters.\u00a0 But the good news is, that those documents that cannot be signed electronically tend to be the exception to the rule.<\/p>\n <\/p>\n Overwhelmingly, we have seen all our business partners, banks, law firms, investment houses, high net worth individuals, all wishing to switch to electronic signatures, and, like Moore\u2019s law, there is no holding that trend back.\u00a0 As a trustee, we saw that we needed to move with the times, but being risk averse this could only be done after beforehand having implemented procedures for the safeguarding of data.\u00a0 In some ways, therefore, electronic signing has introduced a whole new area of complexity.\u00a0 On the other hand, now that the teething period is over, it is quite clear that electronic signing software generates real efficiencies, increases reactivity and is the way forward.\u00a0 This is certainly one positive that has emerged out of these challenging times.<\/p>\n","protected":false},"featured_media":385,"template":"","class_list":["post-722","news_and_events","type-news_and_events","status-publish","has-post-thumbnail","hentry","news_and_events_category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.earlgroupco.com\/earlfiduciary\/wp-json\/wp\/v2\/news_and_events\/722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.earlgroupco.com\/earlfiduciary\/wp-json\/wp\/v2\/news_and_events"}],"about":[{"href":"https:\/\/www.earlgroupco.com\/earlfiduciary\/wp-json\/wp\/v2\/types\/news_and_events"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.earlgroupco.com\/earlfiduciary\/wp-json\/wp\/v2\/media\/385"}],"wp:attachment":[{"href":"https:\/\/www.earlgroupco.com\/earlfiduciary\/wp-json\/wp\/v2\/media?parent=722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}