The Legal 500

Jersey

Editorial sections

Overview

While remaining unpredictable, Jersey’s financing market improved slightly during 2012, in terms of the refinancing and restructuring of existing deals and new-money transactions.

Restructuring also remained a major theme, with new big-ticket M&A deals few and far between. Nonetheless, one of the M&A market’s key features has been the interest shown by certain private equity firms in financial services and other Jersey-based businesses.

Dispute resolution practices on the island remain as busy as ever. Insolvency-related work has increased, with a number of banks looking at their enforcement options; regulatory investigations by The Jersey Financial Services Commission against local financial institutions are on the rise; businesses are seeking to challenge interest rate swaps sold to them prior to the credit crunch; and trust litigation is particularly active. Litigators have also experienced increased levels of activity in relation to investment funds, directors’ duties, and employee and shareholder disputes. Many view the availability of third-party litigation funding as likely to increase the volume of litigation.

Key international developments, on the law firm front, included Carey Olsen launching a Cayman Islands office with a team of four partners specialising in corporate, finance and investment funds work. The firm also launched a BVI practice from its Guernsey office in 2012, and in January 2013 entered into an association with offshore law firm Hempel and Boyd, which provides BVI legal services from its offices in the BVI and South Africa. Having launched a Hong Kong outpost at the start of 2012, Mourant Ozannes opened a BVI office in September 2012, with Michael Williams relocating from Jersey to become managing partner. Bedell Cristin has also been expanding internationally, opening offices in the BVI and Singapore in 2012.

Locally, most movement took place among the island’s dispute resolution practices, with Appleby’s office managing partner David Benest, a litigation specialist, leaving to set up his own practice, David Benest Law; Beverley Lacey leaving Mourant Ozannes and establishing Lacey Advocates; and Matthew Thompson leaving Ogier to take up an appointment as Master of the Royal Court of Jersey. On the transactional side, Bedell Cristin welcomed commercial property expert Peter Bertram from Ogier.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Jersey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Tantular v AG: Royal Court in Jersey provides clarification as to the impact of saisies judiciaires

    The Royal Court in Jersey has recently determined that a saisie judiciaire may not be granted over the assets of a discretionary trust merely on the grounds that the offender (or suspected offender, as the case may be) is a beneficiary. Whilst the Court acknowledged that there were some instances in which a saisie judiciaire would have an impact on a trust, in Tantular v AG [2014] JRC128, the Court held that a saisie judiciaire which froze an entire Trust, to the detriment of the other, innocent beneficiaries, would be both prejudicial and disproportionate. The Court also stressed that a beneficiary's interest in a trust and corresponding right to trust property is no more than a mere right to be considered as a recipient of benefit.  Read more...
  • Private Equity Funds made easier in the Cayman Islands

    Private equity funds are set to benefit from updates to the Cayman Islands Exempted Limited Partnership Law.  The Cayman Islands has once again shown itself to be an innovative and responsive jurisdiction in terms of providing user-friendly and practical legislation.  The Exempted Limited Partnership Law, 2014 will come as a welcome relief to an industry post-global financial crisis otherwise suffering from a severe case of "regulatory fatigue". Read more...
  • Revisions to the Cayman Islands Exempted Limited Partnership Law

    A long-anticipated overhaul of the Cayman Islands Exempted Limited Partnership Law was enacted by the Cayman Islands Government on 2 July 2014.  Changes have been introduced to simplify, clarify and add flexibility to the establishment and ongoing operation of Cayman Islands exempted limited partnerships. Read more...
  • BVI Approved Managers Regime

    The Investment Business (Approved Managers) Regulations, 2012 (the Approved Manager Regulations) provides an attractive "regulatory light" option for qualifying investment managers and advisors. The application process under the Approved Manager Regulations is generally quick and straightforward making it an appealing and popular option for both start-up and existing qualifying investment managers and advisors. Read more ...
  • CIMA introduces new director registration and licensing regime

    The Cayman Islands Government has brought into force the Directors Registration and Licensing Law, 2014 providing for the registration and licensing of individuals or companies appointed as directors of Cayman Islands mutual funds and entities carrying out securities investment business, which would include Cayman Islands incorporated or registered investment managers.   Read more...
  • Continuing obligations for BVI private and professional funds

    A summary of the on-going obligations for BVI private and professional funds.  Read more...
  • Cayman Islands introduces third party rights legislation

    The Cayman Islands government has today implemented the Contracts (Rights of Third Parties) Law, 2014, which provides a statutory framework permitting contracting parties to allow persons who are not party to contracts governed by Cayman Islands law, but who are expressed by the terms of the contract as benefiting under it, to enforce provisions of the contract.   Read more...
  • Investment Funds in the British Virgin Islands

    This briefing is intended to provide an overview of Investment Funds in the British Virgin Islands.   Read more...
  • Cayman Court of Appeal clarifies the scope of the international cooperation provisions

    In a judgment delivered on 16 April 2014, the Cayman Court of Appeal has ruled that the Cayman Court has jurisdiction under sections 241 and 242 of the Companies Law to apply transaction avoidance provisions of Cayman Islands insolvency law (but not foreign insolvency law) in aid of a foreign insolvency proceeding. The decision turns on the construction of the relevant sections of the law, rather than the facts of the individual case. For that reason it is likely to have wide ranging ramifications as a binding precedent.   Read more...
  • Interim costs orders: a power and a presumption

    The Court of Appeal has ruled, for the first time, that it has the power to make an order for an interim payment on account of costs. As well as clarifying whether it had the power to make such an order, the court also discussed whether a presumption to do so exists as a matter of principle, and suggested certain revisions to both the Court of Appeal (Civil) Rules 1964 and to the Royal Court Rules 2004.   Read more...

Press Releases in Jersey

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Exempted Limited Partnership Law, 2014

    The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
  • Restructuring and insolvency in Luxembourg (part 2)

    RESTRUCTURING - COURT PROCEDURES
  • Enhancements to the Companies (Jersey) Law 1991

    On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ).  This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force.  The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
  • Withholding not an option: Jersey moves to automatic information exchange

    For a number of years, EU resident individuals who have earned interest in Jersey have been able to choose whether to disclose details of the interest income to the Jersey tax authorities or to pay retention tax on the interest at 35%. However, this ability to choose has been removed so that paying agents must now disclose to the Jersey tax authorities interest payments made to EU resident individuals on or after 1 January 2015. Under bilateral agreements made with all European Union countries, the Jersey tax authorities will pass the information to the tax authority in the client's EU home state.
  • Funds Legal and Regulatory Update - Period covered: 30 September 2013 to 31 March 2014

    1.  Alternative Investment Fund Managers Directive (AIFMD)
  • The Ombudsman Cometh

    The appointment of a Financial Services Ombudsman in Jersey came a step closer on 1 April 2014 when the States of Jersey approved the Financial Services Ombudsman (Jersey) Law 201- (the Law ).  The Law, once approved by the UK Privy Council, will establish an Ombudsman to adjudicate complaints from customers in relation to financial services provided in Jersey.  The Ombudsman will be able to make awards to return complainants to the position they would have been in had the problem not occurred.
  • The Security Interests (Jersey) Law 2012 - Enforcement

    The Security Interests (Jersey) Law 2012 (the New Law) came fully into force on 2 January 2014, changing the way in which security is created over Jersey intangible movables.  This briefing note is one of a series relating to the New Law, dealing with enforcement of security interests on an event of default.
  • The Security Interests (Jersey) Law 2012 - Taking free of security

    The Security Interests (Jersey) Law 2012 (the New Law ) came fully into force on 2 January 2014, changing the way in which security is created over Jersey intangible movables.  This briefing note is one of a series relating to the New Law, dealing with the circumstances in which an acquirer of collateral from the grantor will take free of any security interest.
  • The Security Interests (Jersey) Law 2012 - Priority

    The Security Interests (Jersey) Law 2012 (the New Law ) came fully into force on 2 January 2014, changing the way in which security is created over Jersey intangible movables.  This briefing note is one of a series relating to the New Law, dealing with the provisions on priority and ranking.
  • The Security Interests (Jersey) Law 2012 - Transitional provisions

    The Security Interests (Jersey) Law 2012 (the New Law ) came fully into force on 2 January 2014, changing the way in which security is created over Jersey intangible movables.  This briefing note is one of a series relating to the New Law, dealing with the transitional provisions that apply to pre-existing security created under the Security Interests (Jersey) Law 1983 (the 1983 Law ).