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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

AML Update: Review of 2014 amendments to the substantive offences

February 2015 - Tax & Private Client. Legal Developments by Ogier .

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AML Update: Review of 2014 amendments to the substantive offences under the Proceeds of Crime (Jersey) Law 1999 

 

Reform of AML practices and laws has been high on the legislative agenda in Jersey, particularly following Jersey becoming a member of MONEYVAL in 2012. MONEYVAL is the body within the Council of Europe tasked with ensuring that members have effective systems and controls in place to combat money laundering and terrorist financing as well as ensuring compliance with international standards in the AML arena. The recent MONEYVAL progress report on developments in Jersey’s AML framework has initiated a raft of activity by the JFSC.

 

In December 2013 MONEYVAL issued a report which picks up from the IMF report of 2008 and sets out the progress that Jersey has made following the IMF’s recommendations. In response to the both the IMF report and the MONEYVAL progress report the JFSC has implemented the following:

 

  • Money Laundering (Amendment No. 7) (Jersey) Order 2014 which came into  force in October 2014
  • Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 (the 2014 Law) which came into force on 4 August 2014
  • Proceeds of Crime and Terrorism (Tipping Off-Exceptions) (Jersey) Regulations 2014 (the 2014 Regulation) which came into force on 4 August 2014

The New Charities Law - a bright new dawn

January 2015 - Tax & Private Client. Legal Developments by Ogier .

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Introduction

As of Friday 21 November 2014, the new Charities (Jersey) Law 2014 (the "Law") (or at least certain parts of it) came into effect.  This represents a quantum leap forward for Jersey in the charity field.  The Law has introduced a new test for what is charitable (the "Charity Test"), has introduced the post of a Charity Commissioner and a Charity Tribunal, and in time will introduce standards that those who run charities in the Island will have to abide by.  It is hoped that the Law will enable the Island to flourish as a centre for the administration of charitable and philanthropic structures.

Importantly, there will be no obligation for charitable organisations to become registered charities under the Law.  In effect, it will be possible for existing charities to continue to operate under the current customary law.  Therefore, by way of helpful reminder, part 1 of the schedule at the end of this briefing sets out the current customary law definition of charity in Jersey.

This briefing is primarily intended to help service providers and charities understand how the Law might affect them, and how they should respond.

New Managed Account Regime for Jersey Hedge Fund Managers

January 2015 - Finance. Legal Developments by Ogier .

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An exemption which will enable Jersey-regulated fund managers to be appointed in relation to managed accounts has now been introduced.  This will enable hedge fund managers that are already regulated under the Financial Services (Jersey) Law (FS Law) in Jersey to carry out fund services business (FSB) to also service qualifying segregated managed accounts (QSMAs) without the need to seek additional regulation for the conduct of investment business under the FS Law.

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The Security Interests (Jersey) Law 2012: Changes to Jersey's security regime

January 2015 - Finance. Legal Developments by Ogier .

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On 2 January 2014, the Security Interests (Jersey) Law 2012 came into force in respect of Jersey law security over intangible movable property (e.g. shares/securities, bank accounts and custody assets).  The new law replaces the Security Interests (Jersey) Law 1983 (which was in force for the last three decades) and introduces a number of important changes which modernise Jersey's security regime.

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Exclusive and Inherent Jurisdictions: to boldly go where no Court has gone before?

January 2015 - Intellectual Property. Legal Developments by Ogier .

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Introduction

On 26 November 2014, the Privy Council delivered judgment in the long-running case of Crociani & Others v. Crociani & Others [2014] UKPC 40.  The case is of interest to trustees because it provides conclusive and binding guidance on the treatment of exclusive jurisdiction clauses in trust deeds.  However, it also raises questions as to the fundamental nature of the inherent supervisory jurisdiction of the Royal Court in connection with trust matters, and whether it is in fact broader than previously thought.

This case is, therefore, important both at a specific and general level.

Accessing EU Institutional investor capital

January 2015 - Intellectual Property. Legal Developments by Ogier .

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Luxembourg

Luxembourg is one of the largest global investment fund domiciles, benefiting from the following factors:

  • Flexible and attractive legal, regulatory and tax regimes
  • Significant concentration of professional service providers
  • Financial and political stability - AAA credit rating and low sovereign debt
  • Extensive track record in fund establishment and cross-border distribution.

In September 2014 the assets under management for Luxembourg-domiciled investment funds increased to over € 3,000 billion.

These funds comprise both alternatives and UCITS and the overwhelming majority have cross-border distribution.

For those US and other non-EU managers wishing to access EU institutional investors, Luxembourg's onshore-international, EU platform has a key role to play in parallel with managers' structures in the core, non-EU fund domiciles of Delaware, Cayman Islands, Channel Islands and BVI.

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