The Legal 500

In the Matter of the Representation of C, D, E and F and In the Matter of the A and B Trusts [2012] JRC 169A, in a judgment released at the end of April, the Royal Court of Jersey has provided welcome guidance as to the scope of the duties of a trust protector and the circumstances under which they may be removed by the court.

Ability to order interim payments on account of costs confirmed

Since the autumn of 2012 there has been a whirlwind of activity in the Jersey employment law sphere

The States of Jersey have announced an agreement to a package of tax measures with the UK Government that reflects the Island's special relationship with the UK and its long-standing commitment to join in the global action to combat tax evasion.

Cloud computing has been much publicised as the next big innovation in business computing. Over the past 12 months, internet companies such as Google, Microsoft and Amazon have ramped up their offering of cloud services, selling the convenience of 24/7 access to your documents and data from anywhere in the world

A summary on the eagerly awaited appeal reagarding whether ot not legal advice privilege should be extended to communications in connection with advice given by professional people who are not qualified lawyers.

The Alternative Investment Fund Managers Directive (the "Directive") must be implemented by EU Member States by 22 July 2013.

The Supreme Court has now given its judgment on the eagerly awaited appeal by Prudential regarding whether or not legal advice privilege should be extended to communications in connection with advice given by professional people who are not qualified lawyers. By a majority of 5:2 (Lord Clarke and Lord Sumption dissenting), the Supreme Court has declined to extend the long and well established principle.

The enforcement of English matrimonial orders against Jersey trusts has undergone huge change in recent times, including the latest changes made by the Trusts (Amendment No.5) (Jersey) Law 2012

Limited Liability Partnerships (Amendment of Law) (Jersey) Regulations 2013 (the "Regulations") came into force on 17 January 2013 amending the Limited Liability Partnerships (Jersey) Law 1997 (the "Law")

A much anticipated and welcomed change is being introduced to the regulatory regime that applies to British Virgin Islands (BVI) domiciled fund managers and advisors in the form of the Investment Business (Approved Managers) Regulations, 2012 (the "Regulations").

The Deputy Prime Minister and Minister of Finance, Hon. Xavier Luc Duval, presented the budget for the year 2013 in parliament on Friday 9 November.

The English Court of Appeal has delivered a startling ruling which will have far reaching effects for wealthy individuals seeking to protect their assets on divorce.

The British Virgin Islands (“BVI”) has increased significantly amounts assessed as penalties and sanctions under its Anti-Money Laundering (“AML”) statutory regime effective immediately.

Amendment No.5 came into force on 2 November 2012.

A new briefing explaining the crime/fraud exception to legal professional privilege, considering the position in Jersey in light of a recent English case.

A new prospectus order for Jersey certified funds comes into force on 17 November 2012: the Collective Investment Funds (Certified Funds - Prospectuses) (Jersey) Order 2012 (the "Prospectus Order").

The latest edition of the highly acclaimed work on Jersey Insolvency has been published.

Earlier this year, a consultation paper was issued by the United Kingdom tax authorities, HM Revenue & Customs (HMRC), in relation to possible changes to taxation rules on interest.  The proposals included:

The BVI Company is the most popular offshore corporate vehicle in use today in large part due to the flexibility afforded by the BVI Business Companies Act, 2004 (the "Act"). Amendments to the Act in the form of the BVI Business Companies (Amendment ) Act, 2012 will come into effect on 15 October 2012 and the BVI Business Companies Regulations, 2012 are also expected to become effective on the same date.

The Banking Business (Amendment No. 7) (Jersey) Law 2011 has been registered in the Royal Court and will come into force on a day to be appointed by the States of Jersey. The Law will amend the Banking Business (Jersey) Law 1991 in order to update the definition of the term "auditor" and permit the Minister for Economic Development to make Orders in relation to accounting and audit of registered persons.

The Banking Business (General Provisions) (Amendment No. 3) (Jersey) Order 2011 came into force on 25 January 2012. The Order amends the Banking Business (General Provisions) (Jersey) Order 2002 in relation to deposit taking.

• New Housing and Work Law delayed

• Further government measures to reduce unemployment

•  Labour market review
  

A jurisdiction of excellence

•Mauritius is an island off the east coast of Africa located in the Indian Ocean.
•Mauritius has a population of over 1.25 million and has significant cultural links with Africa, India, China, France and the United Kingdom.
•Mauritius has been a French colony (1715 until 1810) and a British colony (1810 until 1968, when Mauritius obtained its independence).

ALASDAIR DAVIDSON, PARTNER AT BEDELL, CITES HOW TO RUIN A BUSINESS IN 140 CHARACTERS OR LESS

About Bedell Management Services (Mauritius) Limited and Bedell

Bedell Management Services (Mauritius) Limited is a management company incorporated and operated in Mauritius and which is licensed and regulated by the Mauritian Financial Services Commission. It is a wholly owned subsidiary of Bedell Trust Company Limited ("Bedell Trust") which is part of Bedell and is committed to providing high quality fiduciary and administration services to our clients.

Lisa Springate and Tim Wright on the Shinorvic Trust case and the application of an english principle in Jersey: Equity aids the defective execution of a power.

Taking a look at the world of Insurance law, this month Lawyer Monthly speaks to Mark Helyar, Partner at the Bedell Cristin Guernsey Partnership. Here, Mark talks to us about the regulatory changes recently seen in insurance law, common challenges faced by clients, and the announcement that the International Association of Insurance Supervisors will now evaluate “systemic importance” to designate insurance companies.

Insurance companies and reinsurers need substantial capital to underwrite risk, especially for catastrophic events. This is particularly true of losses caused by earthquakes, hurricanes, tornadoes and fl ooding, but can also be much more sophisticated or indeed macabre – such as extreme mortality or insuring against failed satellite launches.

Taking a look at the world of Insurance law, this month Lawyer Monthly speaks to Mark Helyar, Partner at the Bedell Cristin Guernsey Partnership.

In finance transactions, security over Guernsey situs assets is usually taken by way of security agreement under the Security Interests (Guernsey) Law, 1993, as amended (the "Law").

The draft Collective Investment Funds (Amendment and Validation) (Jersey) Law 201- has been adopted by the States of Jersey and is awaiting the approval of the Privy Council. The draft Law will amend the Collective Investment Funds (Jersey) Law 1988 with regard to the publication and validation of fees.

Advocate Vicky Milner, head of Employment Law, Bedell Cristin, considers the Island’s changing demographics and reasons that newly drafted legislation should not create as many problems as it solves.

In finance transactions, legal opinions are often sought from local counsel as to the capacity of entities formed under the laws of Guernsey to enter into transactions and documents and as to the laws of Guernsey generally.

The Foundation Act 2012 (the "Act") came into force on 1st July 2012. This new legislation allows for the incorporation of foundations in Mauritius and offers flexibility in terms of structuring options.

The States of Guernsey has announced the recommendations from the consultation carried out on proposed changes to the Companies (Guernsey) Law 2008. This coincides with a judgment from the Royal Court highlighting the timely nature of proposed changes.

The Indian Government is going ahead with the General Anti-Avoidance Rule (GAAR) in its next budget. All experts believe that it could have an impact on offshore activities linked with double taxes agreements with other jurisdictions including Mauritius. But India wants to cool down these consequences.

The current trend is for firms to provide both an offshore and onshore administrative solution for funds. Why is this happening, what does it mean for the asset managers and the relationship with administrators?

• Bedell Fund Services (BFS) are pleased to announce that assets under administration has grown by over 30% according to the latest 2011/2012 Lipper Jersey Fund Encyclopaedia...
• As clients’ wants and needs continue to evolve against a backdrop of challenging regulatory developments, BFS has implemented specialist administration software to deliver sustained value to clients...
  

Alasdair Davidson and Jon Barclay look at the increasing success of different ways of resolving disputes outside the courtroom.

While charitable and non-charitable purpose trusts in Jersey Have been used for Philanthropy, there's a growing interest in foundations says Zillah Howard

NEW codes of practice for certified funds (the ‘Codes’) were introduced by the Jersey Financial Services Commission on 2 April 2012 (the ‘Effective Date’).

■ Jersey Employment Tribunal 2010 / 2011 Annual Rep ort published
■ Jersey government launches "Back to Work Programme"

The Banking Business (Amendment No. 7) (Jersey) Law 2011 has been registered in the Royal Court and will come into force on a day to be appointed by the States of Jersey.

It was the usual adversarial scene. The advocates sat on either side of the court, made submissions on points of trusts law, listened and grimaced as the judge interjected. Clients sat behind, observing and looking slightly bemused.

The Banking Business (Amendment No. 7) (Jersey) Law 2011 has been registered in the Royal Court and will come into force on a day to be appointed by the States of Jersey.

The Banking Business (General Provisions) (Amendment No. 3) (Jersey) Order 2011 came into force on 25 January 2012. The Order amends the Banking Business (General Provisions) (Jersey) Order 2002 in relation to deposit taking.

Lisa Springate and Robert Gardner discuss the landmark decision reached on the validity of litigation funding in Jersey

On 15 March 2012 the British Virgin Islands Financial Services Commission (the “Commission”) published guidelines for practitioners requesting exemptions for funds from the requirement to appoint a manager, custodian or both (the “Guidelines”).

The duty of care insurance brokers owe to their clients to explain onerous policy terms

An important judgment was handed down by the Royal Court in March in a case where a leading insurance broker was found to have been negligent in not making its client aware of the terms of a warranty in the policy.  

It has become extremely easy to take a public tumble over Twitter, Facebook and other forms of social media, Alasdair Davidson discusses - published in Contact Magazine February/March 2012.

The Jersey funds industry is anticipating the launch of new codes of practice for certified funds (the "Codes") by the Jersey Financial Services Commission (the "JFSC") on 2 April 2012 (the "Effective Date").

Guernsey - Bedell Cristin

1. Regulatory

1.1 Which government bodies/agencies regulate insurance (reinsurance) companies?

Steven Meiklejohn praises Mark Dunlop’s comprehensive and authoritative commentary on a complex area of law

Yuvraj Juwaheer makes the case for Mauritian trusts

Over the past 20 years, Mauritius has achieved a positive reputation in the global financial services industry and it is seen as a jurisdiction for structuring investments in Africa, India and China through collective investment schemes and joint-venture companies. 

On 13 February 2012 Jersey's Social Security Department announced that an appointed day act would be lodged in the week commencing 20 February 2012, to bring into force three amendments to the Employment (Jersey) Law, namely Amendments No.5, No. 6 and No. 7, which all deal primarily with redundancy rights. The appointed day act is due to be debated on 20 March 2012. It is anticipated that the changes will be implemented as summarised below, although this is subject to the outcome of the debate.

In the matter of the Bird Charitable Trust and the Bird Purpose Trust [2012]JRC006 5 January 2012

In the recent case of In the matter of the Bird Charitable Trust and the Bird Purpose Trust the Royal Court of Jersey had to consider the nature of an outgoing trustee's obligation to hand over documents and information to an incoming trustee upon retiring as a trustee. 

“Jersey is an ideal jurisdiction in which to establish philanthropic structures”

By Zillah Howard Partner, Bedell Cristin Jersey Partnership 

It is a well-known feature of the Jersey legal system that not only are you expected to fund your own legal costs but that should you be unsuccessful in your claim, you are also likely to have to pay a substantial proportion of the other side’s costs on either an indemnity basis (approximately 80% of the overall costs) or on a standard basis (approximately 65% of the overall costs).

Providing a reference for a departing or former employee can be a tricky task. Any negligent or deliberate errors could lead to compensation pay-outs and it is therefore crucial to strike the right balance.

So far as tourism is concerned, the British Virgin Islands (the BVI) is described as "Nature's Little Secrets"; in the financial services industry this could not be further from the truth.

Lawyer Maria Liffey and Advocate Debra Corbel of Bedell looks at the insurance policies you can take against a marriage breakdown

These days, one would scarcely contemplate taking on a new family pet without first obtaining comprehensive insurance against costly vet bills. But what about getting married? 

The Channel Island law firm Bedell Cristin opened its office in Mauritius in November and Bedell Trust Company was also recently granted approval for a management company to provide fiduciary services in the island republic. Mark Helyar, explains the work Bedell has been doing in the jurisdiction and the opportunities it presents for closer ties with the Channel Islands.

Many Jersey investment funds will be required to comply with new codes of practice from early 2012. The codes' purpose is to establish sound principles and to provide practical guidance in respect of the conduct of business by, and operation of, many types of Jersey funds.

The Limited Partnerships Bill 2011 was approved in Parliament on 19 October 2011 and is expected to receive the assent of the President of the Republic shortly. This new legislation was long awaited by professionals in the funds industry and it will attract significant interest for setting up new fund structures with a limited partnership ("LP") structure. This new vehicle will be useful in ensuring tax efficient and transparent fund structures.

A notary public is a qualified lawyer who also has additional powers to certify and confirm facts and documents. A notary
is subject to regulation by the Notaries Court of Faculties. All Notaries registered in Jersey can perform notarial acts in
Jersey but not elsewhere.

On Thursday 3 November 2011 the States of Jersey formally adopted Amendment No 5.

Her Majesty’s Procureur (Attorney General) in Guernsey has taken the very unusual step of issuing public guidance regarding tipping-off offences under the Terrorism Law 1 and Disclosure Law.2

The States of Guernsey have approved the introduction of specific legislation to recognise and regulate image rights, which would make Guernsey the first jurisdiction in the world to put in place such specific protections. It is hoped that the legislation will be in force prior to the London 2012 Olympics.

The concept of administration under Guernsey insolvency law is a relatively recent one. Since the changes to Guernsey company law in 2008 it is now possible to obtain an administration order from the Royal Court in Guernsey.

The Foundations (Jersey) Law 2009 (the "Law") allows for the incorporation of Jersey foundations.

Zillah Howard, Partner highlights some of 2011's Royal Court decisions in relation to trusts - published in Private Client Practitioner's Jersey Report 2011.

When we look back over the last half century we can also learn about the time yet to come, says Anthony Dessain, Senior Partner

Alasdair Davidson, partner, litigation group at Bedell Cristin in Guernsey, considers commercial litigation funding - published in the Guernsey Press, Law and Accountancy Review 12 September 2011.

The above Law provides that certain transfers of long term insurance business require the sanction of the Royal Court in Guernsey (the "Royal Court") and sets out the procedure governing such transfers.

A family limited partnership for Jersey law purposes is a limited partnership formed under the Limited Partnerships (Jersey) Law 1994 (the "LP Law") with a view to holding investments and/or other assets on behalf of a wealthy family (a "Jersey FLP").

This Briefing discusses the management of conduct issues in the workplace. It sets out how the Jersey Employment Tribunal (the "Tribunal") has approached misconduct dismissals, and is accompanied by a summary of the procedure to be followed by employers when managing conduct in the workplace.

On 13 September 2011 the EU Code of Conduct Group accepted that the current zero rate of Jersey corporation tax was not harmful if a proposed change was made which would only affect individuals who are resident in Jersey for tax purposes. The proposal is to abolish the deemed distribution and attribution rules for Jersey resident shareholders. The proposal is that Jersey residents will pay tax only on distributed company profits. The deemed distributions had never applied, and will not apply, to foreign shareholders.

For many people, philanthropy is a topic of increasing importance. Whilst philanthropy may, in strict terms, focus on the wellbeing of human kind, the term tends to be given a wider meaning, encompassing a broad range of giving initiatives. Some of those initiatives will be characterised as charitable in the relevant jurisdiction, others - albeit altruistic and benevolent in nature - may not.

The draft Banking Business (Amendment No. 7) (Jersey) Law 201- has been adopted by the States of Jersey and is awaiting the
approval of the Privy Council. The draft Law will amend the Banking Business (Jersey) Law 1991 in order to update the definition of
the term "auditor" and permit the Minister for Economic Development to make Orders in relation to accounting and audit of registered
persons.

The Companies (Amendment No. 5) (Jersey) Regulations 2011 came into force on 23 February 2011. The Regulations amend the
Companies (Jersey) Law 1991 in relation to cross-border mergers.

The Security Interests (Jersey) Law 201- (the "Law") has been passed by the States of Jersey and is expected to come into force in 2012. The Law will significantly reform the way in which security may be taken over Jersey intangible property and will enhance the remedies that are available to a secured party on default.

A jurisdictional guide by Bedell Cristin (Mauritius) Partnership

On 15 June 2011, the Judicial Committee of the Privy Council handed down its long awaited decision in the case of Spread Trustee Company Limited v Sarah Anne Hutchinson and others. In this long running Guernsey case the appellant, Spread Trustee Company, appealed against a decision by the Guernsey Court of Appeal by which it ruled that it has always been part of Guernsey customary law that an exoneration clause in a trust deed could not exonerate a trustee from liability for gross negligence.

Mistake in Jersey post Pitt v Holt and Futter v Futter
In a judgment published yesterday, the Royal Court in Jersey has confirmed that the test for mistake in the Island is different from that recently established by the English Court of Appeal in Pitt v Holt and Futter v Futter [2011] EWCA Civ 197.

Registered persons that wish to outsource and delegate any part of their regulated functions must comply with policy and guidance issued by the Jersey Financial Services Commission. That policy and guidance was revised in May 2011 in order, in particular, to distinguish between outsourcing and delegation in a funds context and by functionaries of funds.

Jersey has introduced two new limited partnership vehicles, Separate Limited Partnerships and Incorporated Limited Partnerships.

A recent decision of the Royal Court in Jersey has, for the first time in the Island, considered the test to be applied for convening parties to an application regarding a charitable trust.

"Dunlop on Jersey Law" is the first comprehensive book to be published on Jersey company law.

This year the States of Jersey has implemented legislation which dramatically changes the position for employers dealing with redundancies and employees who are made redundant.

Costs are inevitably a key consideration in the litigation process. One of the first questions clients always ask is "what are our prospects of success?"

The Channel Islands Stock Exchange (CISX) offers a streamlined and highly responsive listing process for a wide range of securities and Issuers. Part of the CISX's growth has been driven by the withholding tax advantages (the "quoted Eurobond" exemption from the requirements to withhold for UK tax) obtained by listing certain types of debt securities on its Official List. This has been particularly attractive for UK and Irish corporates and the private equity industry. For additional information about listing on the CISX, please refer to our client Briefings Listing on the Channel Islands Stock Exchange and Listing Debt Securities on the Channel Islands Stock Exchange.

In circumstances where an error is identified in trust documents, one of the possible solutions to consider is the remedy of rectification.

This Briefing provides a summary of the key provisions of Amendments No.5 ("Amendment No.5") and No.6 ("Amendment No.6") to the Employment (Jersey) Law 2003 (the "Law"). Please note that the amendments are complex. If employment issues arise to which these amendments could be relevant, it is recommended that legal advice is taken at an early stage.

The Data Protection (Jersey) Law 2005 (the "Law") came into force on 1 December 2005. It sets out rules for the processing of personal data. Additional data protection provisions are set out in subordinate legislation. Broadly speaking, the processing of personal data includes obtaining, disclosing, recording, holding, using, erasing or destroying personal data. It applies to many paper records as well as those held on computer. The Law, therefore, has a significant impact on the way in which businesses manage their records.

Tax Information Exchange Agreements ("TIEAs") are agreements which allow governments to exchange information relevant to their domestic tax laws.

The usual costs rule in litigation is that the losing party pays the winning party's reasonable legal costs. If a Defendant fears that a Plaintiff will not or will be unable to pay those costs, it can attempt to safeguard against that risk by bringing an application for security for costs.

This Briefing provides answers to some of the key questions which you may have regarding the need for you to make a will. It should be noted that this Briefing only applies to individuals who are domiciled in Jersey.

The Foundations (Jersey) Law 2009 (the "Law") came into force on 17 July 2009, allowing for the incorporation of foundations in Jersey.

Tax Information Exchange Agreements ("TIEAs") are agreements which allow governments to exchange information relevant to their domestic tax laws.

A family limited partnership for Jersey law purposes is a limited partnership formed under the Limited Partnerships (Jersey) Law 1994 (the "Law") with a view to holding investments and/or other assets on behalf of a wealthy family (a "Jersey FLP").

This Briefing covers the practical issues that are likely to be considered by UK advisers when structuring an AIM or LSE IPO using a Jersey or Guernsey based vehicle ("FloatCo").

There are four kinds of property that can be sold in Jersey (two of which are freehold and two of which are share transfer) as follows:

There are a variety of tools available (both statutory and common law based) to enable disclosure to be obtained from third parties involved in fraud.

Tax Information Exchange Agreements ("TIEAs") are agreements which allow governments to exchange information relevant to their domestic tax laws. 

There are a variety of tools available (both statutory and common law based) to enable disclosure to be obtained from third parties involved in fraud. 

An eye onsecurity 

The Limited Partnerships (Guernsey) Law, 1995 (as amended) (the "Partnerships Law") was enacted to provide the finance industry in Guernsey with an additional flexible vehicle. It provides a limited liability option for a person who wishes to participate financially in a partnership up to a fixed capital amount but without taking part in the management of its affairs. Guernsey limited partnerships are commonly used in the following areas:

On 1 July 2008, the Companies (Guernsey) Law, 2008 (the "Companies Law") came into force. This Briefing considers the impact of the Companies Law and identifies issues which have arisen during its first year of operation. The Companies Law consolidates the various companies laws enacted from 1994 to 2008 and all of the Ordinances made thereunder (including, for example, the Protected Cell Companies Ordinance 1997 and the Incorporated Cell Companies Ordinance 2006) as well as introducing a number of entirely new concepts into Guernsey law. The Companies Law has already been amended and supplemented by numerous pieces of legislation1.

Although Guernsey has a distinctive French-Norman legal heritage, its 20th century corporate and commercial laws have largely been based on equivalent UK legislation. Consequently, much of Guernsey's legislation in this area will be familiar to those used to dealing with the UK or other common law systems. Indeed, the decisions of the courts of the United Kingdom, Australia and other Commonwealth countries are frequently relied upon in the Guernsey court

This Briefing provides a summary of the main provisions of Guernsey law relating to protected and incorporated cell companies.

The Companies (Jersey) Law 1991 (the "Law") came into force on 30 March 1992. Since that date, the Law has been periodically amended and updated so as to ensure that Jersey company law is modern and flexible. This Briefing summarises some of the provisions of the Law.

The High Hedges (Jersey) Law 2008 (the "Law") came into force in January 2008, and defines a high hedge as being "so much of a barrier to light as….formed…. by a line of two or more evergreens….and a height of more than 2 metres above ground level". The Law is specifically designed to deal with the problems associated with evergreen and semi-evergreen trees and shrubs; it does not deal with the roots of high hedges, single trees or shrubs (whether evergreen or not), or deciduous hedges.

As with setting up a new business anywhere, there are a number of issues to be borne in mind when opening a new office or establishing a company in Jersey. Jersey law is separate and different from English law and there are some particular local matters that must be addressed, such as the need to apply to the States of Jersey (the "States") for a Regulation of Undertakings and Development licence (a "Licence"). Even if you are only looking to operate a business in Jersey temporarily or you have an offshore company which is administered by a third party in Jersey but trades elsewhere, you will still have to check whether or not a Licence is required.

Although Guernsey has a distinctive French-Norman legal heritage, its 20th century corporate and commercial laws have largely been based on equivalent UK legislation. Consequently, much of Guernsey's legislation in this area will be familiar to those used to dealing with the UK or other common law systems. Indeed, the decisions of the courts of the United Kingdom, Australia and other Commonwealth countries are frequently relied upon in the Guernsey court.

The Guernsey Financial Services Commission ("GFSC") applies three criteria in determining whether or not an entity is a collective investment scheme or fund. These criteria are as follows:

The Taxation (Land Transaction) (Jersey) Law 2009 (the "Law"), now in force, places a legal obligation on the purchaser of share transfer property to pay a tax equal to the stamp duty payable on freehold transactions. This new tax charge is called land transaction tax ("LTT").

Jersey is poised to introduce two new types of legal vehicle: the separate limited partnership ("SLP") and the incorporated limited partnership ("ILP"). These new structures will complement the range of vehicles already available in Jersey, giving businesses greater flexibility as to how to structure their operations, and fund and private equity promoters additional options for the creation of their Jersey investment and carried interest vehicles. But what do these two new partnerships have to offer and how are they different from each other and the limited partnerships already available in Jersey? What are their key features?

The Employment (Jersey) Law 2003 (the "Law") came into force on 1 July 2005. There have already been a number of amendments to the Law and further amendments and related legislation, such as the Draft Discrimination (Jersey) Law 200- and the Draft Discrimination (Race) (Jersey) Regulations 200-, are expected over the course of the next few years. Subordinate and related legislation now in force includes the Employment Relations (Jersey) Law 2007, which deals with issues such as trade union recognition, and the Employment (Awards) (Jersey) Order 2005, which deals with compensatory awards.

The Importance of Procedural Safeguards on Redundancy - What Employers in Jersey can Learn from the Voisin case

The liquidity crisis has increased the need for creative procedures to avoid sudden death bankruptcy in order to salvage existing value.

A Jersey company or one of its creditors may wish the company to be placed into administration in England under Schedule B1 of the UK's Insolvency Act 1986 (the "Act").

A private trust company ("PTC") is a useful vehicle to consider in the planning and establishment of trust structures for wealthy families. Rather than transferring assets to an offshore service provider's professional trustee company, certain families may prefer to establish their own corporate trustee (a PTC) to act as the trustee of the trusts which they plan to create.

The Jersey Financial Services Commission is proposing amendments to the regulation of prospectuses issued by Jersey "certified funds" - that is, collective investment funds established under the Collective Investment Funds (Jersey) Law 1998, which includes Jersey expert funds.

The Foundations (Jersey) Law 2009 (the "Law") allows for the establishment of Jersey foundations, and adds significantly to the structuring opportunities available to clients selecting Jersey as a jurisdiction for private wealth management purposes.

The concept of cell companies was first introduced to Jersey in February 2006. In addition to the widely recognised principle of the protected cell company ("PCC"), a new concept of incorporated cell company ("ICC"), the first of its kind, was also implemented.

Part VII of the Companies (Guernsey) Law, 2008 as amended (the "Law") allows companies to migrate into and out of Guernsey (i.e. to or from the Guernsey Register of Companies (the "Register") to or from a jurisdiction with equivalent legislation.

The Guernsey Financial Services Commission ("GFSC") applies three criteria in determining whether or not an entity is a collective investment scheme or fund. These criteria are as follows:

Jersey is one of the premier offshore jurisdictions for the establishment of investment funds and is highly regarded for the quality of its regulatory regime and its legal and service providers. Investment funds contribute significantly to Jersey's finance industry and a variety of innovative products and structures is available to suit all types of investor and promoter. This Briefing provides an outline description of the range of investment funds which can be established in Jersey and the regulatory controls applied to such funds by the Jersey Financial Services Commission (the "Commission").

The Collective Investment Funds (Unregulated Funds) (Amendment No. 2) (Jersey) Order 2009 came into force on 23 February 2009. The Order amends the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 to specify which London Stock Exchange markets are acceptable markets for an Unregulated Exchange Traded Fund.

Key News: Unemployment update - Unemployment levels remain high... - Therapeutic work schemes - Employment Forum's 2009 recommendations... - ELA re-launch - Employment Lawyers Association (Jersey) Branch has new representative... Update

On 1 July 2008, the Companies (Guernsey) Law, 2008 (the "Companies Law") came into force. This Briefing considers the impact of the Companies Law and identifies issues which have arisen during its first year of operation.

This Briefing provides a summary of the main provisions of Guernsey law relating to protected and incorporated cell companies. Guernsey was the first country in the world to introduce legislation permitting the formation of cell companies through the Protected Cell Companies Ordinance 1997. The concept of the incorporated cell company was introduced in Guernsey through the Incorporated Cell Companies Ordinance in 2006. Both of those ordinances have now been consolidated into the Companies (Guernsey) Law, 2008 (the "Companies Law").

Jersey, the largest of the Channel Islands, is established as a leading international finance centre, with an enviable reputation for stability, integrity, quality of service, professionalism and high standards of regulation. Jersey is, however, exposed to the same risks faced by all financial centres: its reputation may be undermined and its financial services subverted by the activities of money launderers and organised crime generally.

- What Employers in Jersey can Learn from the Voisin case: The recent Royal Court judgment of Francis Gerald Voisin (trading as Voisins Department Store) v. Thomas Brown [2007] JRC 047 ("Voisin") has clarified a number of important issues in connection with dismissal by way of redundancy and whether a dismissal in these circumstances will be "fair" or "unfair".

The Foundations (Jersey) Law 2009 (the "Law") will come into force on 17 July 2009, allowing for the incorporation of foundations in Jersey.

There is growing interest among asset managers in the benefits of relocating all or part of their business to an offshore jurisdiction. High among the list of candidates is Jersey in the Channel Islands.

This Briefing has been prepared for asset managers interested in the benefits of setting up their business in Jersey and will summarise some of the practical considerations that should be borne in mind when contemplating such a move.

The inclusion, following the Group of Twenty ("G20") summit in London in April 2009, of the Channel Island financial centres of both Jersey and Guernsey on the "white list" of jurisdictions that have substantially implemented the internationally agreed standard for the exchange of tax information is an acknowledgement that Jersey and Guernsey are cooperative, responsible and well regulated, low tax international financial centres meeting the highest standards of transparency and regulation.

As of 1 July 2008, The Companies (Guernsey) Law, 2008 (the "2008 Law") introduced a number of significant changes to the provisions of the constitutional documents i.e. the memorandum of incorporation and the articles of incorporation (hereinafter collectively referred to as the "Memorandum and Articles") of Guernsey companies. This Briefing is intended as a guide for directors, company secretaries, other company officers and administrators in the investment, fiduciary and insurance sectors who administer Guernsey companies which were formed prior to 1 July 2008 ("pre-2008 Companies"), and who are considering amending the Memorandum and Articles of pre-2008 Companies that they administer in order to comply with the 2008 Law, with particular reference to indemnities for directors and officers under the 2008 Law.

Private trust companies ("PTCs") are able to operate in Jersey pursuant to an exemption from the registration requirements which apply in relation to financial services business pursuant to the terms of the Financial Services (Jersey) Law 1998 (the "1998 Law").

The 1998 Law provides that no person shall carry on (or hold itself out as carrying on) financial services business in or from within Jersey, and that a Jersey incorporated company shall not carry on (or hold itself out as carrying on) financial services business anywhere in the world, unless that person is acting in accordance with the terms of a registration under the 1998 Law. A breach of this provision is punishable by imprisonment for a period of up to seven years, or a fine, or both.

There have been four recent Jersey cases which have helped to develop and clarify the law applicable to situations where trustees exercise a discretion which is later found to have had adverse and unintended consequences, and where the trustees would have acted differently had they taken relevant factors into account, or had they not taken irrelevant factors into account.

Employee Benefit Trusts, known as EBTs, are trusts usually written on discretionary terms, under which trustees hold assets for the benefit of a class of beneficiaries, typically the employees and former employees of the funding company and their respective spouses, family and dependants.

The draft Foundations (Jersey) Law 200- (the "Law") has been approved by the Privy Council and is expected to be brought into force during July 2009. The Law will allow for the establishment of Jersey foundations, thereby adding significantly to the structuring opportunities available to clients selecting Jersey as a jurisdiction for private wealth management purposes.

The inclusion, following the Group of Twenty ("G20") summit in London in April 2009, of the Channel Island financial centres of both Jersey and Guernsey on the "white list" of jurisdictions that have substantially implemented the internationally agreed standard for the exchange of tax information is an acknowledgement that Jersey and Guernsey are cooperative, responsible and well regulated, low tax international financial centres meeting the highest standards of transparency and regulation.

The draft Companies (Amendment No. 10) (Jersey) Law 200- has been adopted by the States of Jersey and is awaiting the approval of the Privy Council. The draft Law will amend the Companies (Jersey) Law 1991 to provide an additional right of appeal against certain directions of the Jersey Financial Services Commission, clarify the law with regard to distributions and reduction of share capital, introduce a new offence where companies do not comply with obligations regarding the keeping of a registered office in Jersey, and introduce provisions permitting companies to specify in their Articles a higher than two-thirds majority for the passing of special resolutions.

The Collective Investment Funds (Unregulated Funds) (Amendment No. 2) (Jersey) Order 2009 came into force on 23 February 2009. The Order amends the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 to specify which London Stock Exchange markets are acceptable markets for an Unregulated Exchange Traded Fund.

The inclusion, following the Group of Twenty ("G20") summit in London in April 2000, of the Channel Island financial centres of both Jersey and Guernsey on the "white list" of jurisdictions that have substantially implemented the internationally agreed standard for the exchange of tax information is an acknowledgement that Jersey and Guernsey are cooperative, responsible and well regulated, low tax international financial centres meeting the highest standards of transparency and regulation.

The G20 Summit resulted in a list of jurisdictions surveyed by the OECD global forum in implementing the internationally agreed tax standard. We are delighted that with a committed effort over the years, the Jersey and Guernsey position has been formally acknowledged in that both jurisdictions are on the white list of countries that have substantially implemented the internationally agreed tax standard. The list includes some 40 countries, including the United States, the United Kingdom and other major financial centres. We are also pleased that our offices in Dublin and Geneva are not included on the tax haven lists.

Guernsey becomes world’s fourth largest captive domicile

On 1 July 2008, Guernsey's new companies law, the Companies (Guernsey) Law 2008 (the "Law") came into force. This Briefing summarises the major changes to this area of law and outlines important administrative steps which need to be taken by company administrators and directors in all sectors.

The Islamic finance sector has flourished in recent years and has grown from being a specialised niche to a multi-billion dollar global mainstream industry. It has proved dynamic and innovative and has provided an increasing range of sophisticated products. It now offers a real alternative to more established financing techniques.

The sector offers products designed to meet the needs of Islamic investors but the appeal of such investments has proved to be significantly wider as investors globally look to invest in products expressly designed to meet the ethical requirements of Shari'a law.

In many cases, Alternative Dispute Resolution ("ADR") might offer a more cost effective, time efficient solution to dealing with a dispute than traditional litigation. This Briefing gives an overview of the approach to ADR in Jersey.

On 8 June 2004, a small but fundamental change to the Royal Court Rules 2004, as amended (the "Court Rules") occurred with the introduction of a new rule enabling the Royal Court to stay litigation in order to encourage the parties to mediate with a view to achieving a settlement.

Most disputes, however big or small, and however complex the issues, can be resolved in a number of ways other than by traditional litigation. There are a number of different types of alternative dispute resolution ("ADR") procedures which offer advantages over the uncertainty, delay and cost of traditional litigation. These ADR procedures include: arbitration, mediation and negotiation. A separate Briefing exists titled "Dispute Resolution in Jersey" which provides, in summary form, a guide to the various different types of ADR that are available

Since 2003, the Jersey Financial Services Commission (the "Commission"), has been implementing an initiative to integrate a number of pre-existing regulatory laws into the Financial Services (Jersey) Law 1998 (the "FSJ Law"). By providing a "one-stop shop" for the legislation within which it operates, the Commission hopes that its administrative and communication roles will be simplified and that it will be easier for the finance industry to understand and comply with the legal framework.

The Companies (Jersey) Law 1991 (as amended) (the "Companies Law") offers a procedure whereby two or more Jersey incorporated companies may merge into a single entity. As well as having significant tax advantages (as no asset transfers are necessary), the procedure has the added benefit of being straightforward and transparent. With the support of creditors and shareholders, the whole process can also be carried out in a relatively short timescale.

The Protection of Investors (Bailiwick of Guernsey) (Amendment) Law 2007 (the "Amendment Law") came into force on 29 October 2008. In addition to amending the Protection of Investors (Bailiwick of Guernsey) Law 1987 (as amended) (the "POI Law"), the Amendment Law repealed those parts of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959 ("COBO") which were relevant to funds business. Whereas closed-ended funds were previously dealt with under COBO, both open-ended and closed-ended funds are now regulated in Guernsey by the POI Law.

This Briefing relates to the use of Jersey companies as special purpose vehicles ("SPVs") specifically established for the purposes of securitisations and other structured financing transactions.

Jersey is one of the premier offshore jurisdictions for the establishment of investment funds and is highly regarded for the quality of its regulatory regime and its legal and service providers. Investment funds contribute significantly to Jersey's finance industry and a variety of innovative products and structures is available to suit all types of investor and promoter. This Briefing provides an outline description of the range of investment funds which can be established in Jersey and the regulatory controls applied to such funds by the Jersey Financial Services Commission (the "Commission").

The Companies (Amendment No.2) (Jersey) Regulations 2008 (the "Regulations") and the Companies (Amendment No. 9) (Jersey) Law 2008 (the "Law") were approved by the States of Jersey on 15 and 16 January 2008, respectively. The Regulations came into force on 22 January 2008. The Law (save for Articles 17 to 22) came into force on 27 June 2008. Articles 17 to 22 (which contain "Accounts and Audit" provisions) came into force on 1 August 2008.

There are two principal regimes for corporate insolvency in Jersey: désastre and winding-up. This Briefing seeks to highlight the major features of each and some of the differences between the two.

The text of this Briefing is limited in its application to Jersey companies. This is a complex area of law not easily summarised into short form. It follows that this Briefing should in no way be regarded as exhaustive.

In accepting any directorship, a director will automatically assume a host of duties and personal obligations arising from specific legislation, common law and generally accepted standards of corporate governance. Drawing these duties and obligations together is not always an easy task, but notwithstanding this, the consequences of failure on individual directors can be severe. Recent high profile cases against individual directors (for example, the claims commenced by Equitable Life in 2005 against fifteen former directors in the sum of £3.7 billion) evidence that the stakes for individual directors have never been higher. It is therefore of paramount importance that individual directors fully appreciate and identify the risks associated with being a director and consider how these risks can best be mitigated.

This Briefing outlines the distinctions between public and private companies in Jersey. The Companies (Jersey) Law 1991, as amended (the "1991 Law") provides for companies incorporated in Jersey to be either public or private. This Briefing reflects the recent changes made in relation to public and private Jersey companies by the Companies (Amendment No. 9) (Jersey) Law 2008, of which the majority of provisions came into force on 27 June 2008 and the remainder on 1 August 2008.

The Housing (General Provisions) (Jersey) Regulations 1970 provide for wealthy applicants to secure Jersey housing qualifications pursuant to regulation 1(1)(k), and the right to purchase property in the Island, on the condition that consent "can be justified on social or economic grounds". These applications are colloquially referred to as "1(1)(k) applications" and are referred to as such in this Briefing.

While the Island of Jersey has strict regulations in relation to granting residency status, it is possible to purchase what is known as "unrestricted property". In essence, this is property that does not fall within the ambit of the Housing (Jersey) Law 1949 and regulations1 made under it (referred to in this Briefing as the "Law") due to historical loop-holes in the Law. Ownership of such a property will enable a non-residentially qualified individual to occupy, notwithstanding the provisions of the Law.

The draft Foundations (Jersey) Law 200- was approved by the States of Jersey on 22 October 2008, and is currently awaiting Privy Council approval before it can be brought into force, probably during the Spring of 2009.

This Briefing provides answers to some of the key questions which you may have regarding the need for you to make a will. It should be noted that this Briefing only applies to individuals who are domiciled in Jersey.

This Briefing explains when you should make a Jersey will if you are not domiciled in Jersey. It only deals with movable assets in Jersey and not, therefore, land or other immovable property situate in Jersey.

The Islamic finance sector has flourished in recent years and has grown from being a specialised niche to a multi-billion dollar global mainstream industry. It has proved dynamic and innovative and has provided an increasing range of sophisticated products. It now offers a real alternative to more established financing techniques.

Funds established in Jersey are generally subject to regulation by the Jersey Financial Services Commission ("JFSC"). The degree of regulation varies depending upon the type of fund. Investment funds which are offered to the public, for example, are regulated pursuant to the Collective Investment Funds (Jersey) Law 1988, as amended, (the "CIF Law") and must obtain a certificate from the JFSC, which will only be granted following an approval process involving scrutiny of all the documentation and key parties associated with the fund. Funds offered to more sophisticated investors, such as professional investor regulated schemes, Jersey expert funds or listed funds, are subject to lighter regulation.

The concept of the cell company originated in Guernsey over a decade ago. It was introduced to Jersey in the form of the protected cell company (the "PCC"), and the incorporated cell company (the "ICC"), in February 2006, by way of an amendment to the Companies (Jersey) Law 1991 (the "Companies Law")1. The most recent amendments to the Companies Law, introduced in Jersey this year, have added to and enhanced the applicable provisions, introducing additional flexibility to the concepts of both PCCs and ICCs.

The role of Jersey as a financial centre means that on occasions there will be a requirement for a foreign liquidator or an office-holder under bankruptcy legislation to obtain information or documentation from persons or companies located in the Island. There have been a series of recent court decisions establishing the appropriate levels of co-operation with other jurisdictions.

Private equity and venture capital funds are typically established though the medium of limited partnerships and this Briefing therefore focuses upon the principal features, formation, regulation and taxation of limited partnerships established in Jersey for such purposes.

The draft Companies (Takeovers and Mergers Panel) (Jersey) Law 200 - The draft Limited Partnerships (Amendment) (Jersey) Law 200 - The draft Proceeds of Crime (Supervisory Bodies) (Jersey) Law 200

The Guernsey Financial Services Commission ("GFSC") applies three tests in determining whether or not an entity is a fund:

With effect from 1 July 2008 Guernsey's new companies law the Companies (Guernsey) Law 2008 ("the Law") will be in force. This Briefing summarises the major changes to this area of law and outlines important administrative steps which need to be taken by company administrators and directors in all sectors before October 2008.

Employee Benefit Trusts, known as EBTs, are trusts usually written on discretionary terms, under which trustees hold assets for the benefit of a class of beneficiaries, typically the employees and former employees of the funding company and their respective spouses, family and dependants.

The Law was registered on 20 October 2006 by the Royal Court and came into force on 27 October 2006. The Law introduces several important amendments to the Trusts (Jersey) Law 1984 (the "1984 Law") as highlighted below.

There have been two recent Jersey cases which help to develop and clarify the law where trustees exercise a discretion which is later found to have adverse and unintended consequences and where the trustees would have acted differently had they taken relevant factors into account or had they not taken irrelevant factors into account.

A "trust" is a legal arrangement which exists in many jurisdictions when one person (a "trustee") owns assets not for his own use and benefit but for the benefit of others (the "beneficiaries"). It is normal, but not essential, for a trust to be constituted in writing in the form of a "trust deed" or "trust instrument" which will set out the manner in which the beneficiaries can benefit from the trust, as well as the powers and duties which the trustees will have in administering the trust and its assets.

Private trust companies ("PTCs") are able to operate in Jersey pursuant to an exemption from the registration requirements which apply in relation to financial services business pursuant to the terms of the Financial Services (Jersey) Law 1998 (the "1998 Law").

Prior to 1996 the Trusts (Jersey) Law, 1984 (the "1984 Law") only provided for the creation of Jersey law trusts in favour of persons (including corporate entities) or for the benefit of charitable purposes but precluded the formation of noncharitable purpose trusts. The Trusts (Amendment No. 3) (Jersey) Law, 1996 (the "1996 Amendment") amended the 1984 Law to make it possible to create a valid Jersey trust for non-charitable purposes in respect of which there are no beneficiaries.

The Powers of Attorney (Jersey) Law 1995 (the "Powers of Attorney Law"), which came into force on 1st October 1995, effected a number of significant changes to the previous law on powers of attorney in the Island.

The decision of the Privy Council in Schmidt v. Rosewood Trust Limited [2003] 2 A.C 709 ("Schmidt v. Rosewood"), delivered in March 2003 on an appeal from the courts of the Isle of Man, has excited great interest among trust practitioners because it considers the approach to be taken to the question of disclosure of information by trustees to beneficiaries.

This Briefing is an attempt to summarise the findings contained in the judgment (delivered by Sir Christopher Slade) of the English Court of Appeal in Walker and Others v. Stones and Others [2001] 2 WLR 623, [2000] 4 AII ER 412. The judgment was published on 26 September 2000 and offers useful assistance upon various areas relevant to trustee liability.

The Court of Appeal in Jersey has recently delivered a judgment of major significance to professional trustees.

This memorandum explains the regulatory classification for collective investment funds established in Jersey qualifying as 'expert funds'.

This Briefing explains a new regulatory classification for listed investment funds established in Jersey, which was introduced by the Jersey Financial Services Commission (the "Commission") with effect from 9 January 2007.

The Companies (Amendment No. 6) (Jersey) Law 2002 (the "Amendment") became law in Jersey on 1 September 2002. It is the first major overhaul of company legislation in Jersey since the enactment of the Companies (Jersey) Law, 1991 (the "1991 Law").

The Goods and Services Tax (Jersey) Law 2007, as amended (the "Law") and the Goods and Services Tax (Jersey) Regulations 2007 make provision for goods and services tax ("GST") to be charged in Jersey.

The Companies (Amendment No.2) (Jersey) Regulations 2008 (the "Regulations") and the Companies (Amendment No. 9) (Jersey) Law 2008 (the "Law") were approved by the States of Jersey on 15 and 16 January 2008, respectively. The Regulations came into force on 22 January 2008. The Law (save for Articles 17 to 22) came into force on 27 June 2008. Articles 17 to 22 (which contain "Accounts and Audit" provisions) are expected to be brought into force by 1 August 2008.

Jersey has a legal system which is separate from that of any other jurisdiction. Whilst it is judicially independent, unsurprisingly, it reflects many of the practices and procedures to be found in the courts of England and Wales, but with distinct differences. This Briefing offers a broad overview of the topic of instituting civil proceedings in Jersey.

This Briefing is intended to provide answers to some of the key questions that you may have regarding family law proceedings in Jersey. A glossary of terms is to be found at the back of this Briefing.

The purpose of this Briefing is to set out how and when the Jersey courts will grant Mareva relief to assist litigants in foreign jurisdictions.

In any litigation, documents are likely to feature as evidence. Those documents may be significant in their own right or may be crucial in refreshing the memories of witnesses. Discovery is the legal process pursuant to which the parties to litigation reveal their documentary evidence to each other.

This Briefing looks at the importance of "knowing your client", an important obligation that sits on many financial and non-financial services businesses, including law firms, in the context of recent Jersey litigation where the client of a bank had his assets frozen informally following a disclosure under the Proceeds of Crime (Jersey) Law 1999.

The Employment (Jersey) Law 2003 (the "Law") came into force on 1 July 2005. There have already been a number of amendments to the Law and further amendments and related legislation, such as the Draft Discrimination (Jersey) Law 200- and the Draft Discrimination (Race) (Jersey) Regulations 200-, are expected over the course of the next few years. Subordinate and related legislation now in force includes the Employment Relations (Jersey) Law 2007, which deals with issues such as trade union recognition, and the Employment (Awards) (Jersey) Order 2005, which deals with compensatory awards.

As with setting up a new business anywhere, there are a number of issues to be borne in mind when opening a new office or establishing a company in Jersey. Jersey law is separate and different from English law and there are some particular local matters that must be addressed, such as the need to apply to the States of Jersey (the "States") for a Regulation of Undertakings and Development licence (a "Licence"). Even if you are only looking to operate a business in Jersey temporarily or you have an offshore company which is administered by a third party in Jersey but trades elsewhere, you will still have to check whether or not a Licence is required.

The recent Royal Court judgment of Francis Gerald Voisin (trading as Voisins Department Store) v. Thomas Brown [2007] JRC 047 ("Voisin") has clarified a number of important issues in connection with dismissal by way of redundancy and whether a dismissal in these circumstances will be "fair" or "unfair".

Many offshore financing and lending transactions involve the creation of charges over collateral which is situate in Jersey.

The past 12 months have been very active in terms of new developments and new initiatives implemented or proposed by the Jersey government, States of Jersey (the "States") and the regulator, the Jersey Financial Services Commission (the "Commission").

A key part of the recent efforts to promote Jersey's funds industry was the introduction of the Expert Funds Guide in 2005, which offers both speed and regulatory flexibility for those wishing to domicile funds in Jersey, for "expert" investors. The regime has been very successful, and has contributed to a period of accelerated growth in the Jersey funds sector. This was closely followed by the introduction of the Non-Domiciled Funds Guide - designed to make the administration of funds from Jersey simpler and more efficient.

Mrs Minwalla continues her extraordinary journey through the Royal Court with yet another judgment being handed down, this time calling for legislative change rather than prompting it.

The Financial Services (Trust Company Business (Registration and Fees)) Amendment) (Jersey) Order 2006

The draft Income Tax (Amendment No. 28) (Jersey) Law 200- has been adopted by the States of Jersey and is awaiting the approval of the Privy Council.

The Income Tax (Amendment No. 27) (Jersey) Law 2007 came into force on 16 January 2007. The Law amends Article 123 of the Income Tax (Jersey) Law 1961 in order to permit Jersey incorporated companies meeting prescribed criteria to be regarded as non-tax resident in Jersey.

The Insurance Business (Amendment No. 5) (Jersey) Law 2007 came into force on 19 January 2007. The Law amends Schedule 2 of the Insurance Business (Jersey) Law 1996 to require the Royal Court to ask the views of the Commission, rather than the Minister for Economic Development, in relation to proposed transfers of insurance business.

The Collective Investment Funds (Permits) (Exemptions) (Amendment) (Jersey) Order 2007

The Employers’ Liability (Compulsory Insurance) (Amendment No. 3) (Jersey) Law 2007 came into force on 12 January 2007.

The Employment Relations (Jersey) Law 2007 was registered in the Royal Court on 5 January 2007 and will be brought into force on such day as the States of Jersey may by act appoint.

The Banking Business (Amendment No. 5) (Jersey) Law 2007 came into force on 9 March 2007.

The Jersey Financial Services Commission (the “Commission”) has signed a Memorandum of Understanding with the Cyprus Securities and Exchange Commission.

Jersey incorporated companies owned by non-Jersey residents have for many years been able to elect for tax ‘exempt company’ status, and on the payment of a nominal annual fee (currently, £600) are treated as non-resident for Jersey income tax purposes.

The Trusts (Amendment No. 4) (Jersey) Law 2006, which provides for extensive amendments to the Trusts Law, came into force on 27 October 2006.

In August, the Commission issued a Consultation Paper entitled “Trust Company Business Codes of Practice”. The Commission is seeking to amend the existing Codes of Practice, which were first introduced in November 2000 and subsequently amended in October 2001, in the light of recommendations made by the International Monetary Fund, findings from its regulatory supervision, industry feedback, and the recent repeal of Article 56 of the Trusts Law (which article provided for the individual directors of a corporate trustee to be held liable as guarantors for any breach of trust committed by the corporate trustee).

In August, the Commission issued a Consultation Paper entitled “Expert Funds: Proposed changes to the Jersey Expert Fund Guide”. The Jersey Expert Fund Guide (the “Guide”) has proved extremely successful since its launch in February 2004 in streamlining the processes for the establishment of collective investment funds aimed solely at “expert investors”.

In August, the Commission issued a Consultation Paper entitled “Basel II in Jersey: Local Implementation Issues”. The new Basel Capital Accord (“Basel II”) establishes revised methodology for measuring the risks that a bank faces and for calculating the minimum level of capital required to protect against their potential impact.

In August, the Commission issued a Consultation Paper entitled “Amendments to the Banking Business (Jersey) Law 1991”. A number of amendments are proposed, the majority of which mirror equivalent measures already enshrined in the Financial Services (Jersey) Law 1998 and the Insurance Business (Jersey) Law 1996.

In July, the Commission issued Codes of Practice for Deposit-Taking Business (the “Codes”). The Codes follow a similar format, and adhere to similar principles, to the Codes of Practice already applicable to other regulated financial services businesses in Jersey.

In September, the Commission issued a joint press release with the Cayman Islands Monetary Authority announcing that they had both signed a memorandum of understanding (“MOU”) which came into effect on 21 August 2006.

In July, the Jersey Financial Services Commission (the “Commission”) issued Update No. 11 to its Anti-Money Laundering Guidance Notes. The Update revises Appendix D of the Guidance Notes to add the Cayman Islands to the list of countries and territories considered to have equivalent anti-money laundering frameworks in place and to set out more clearly the Commission’s expectations when a financial services business places reliance on a financial institution in an equivalent country or territory to have undertaken identification procedures.

Trusts (Amendment No 4) (Jersey) Law 200- (the "new law")

On 25 April 2006 the States of Jersey approved the draft Trusts (Amendment No 4) (Jersey) Law 200- (the "new Law"). The Law will now go to the Privy Council for approval, and it is hoped that it will be enacted by the end of the year. The Law will introduce several important amendments to the Trusts (Jersey) Law 1984 (the "1984 Law").

Maintaining Momentum - The New Listed Fund Regime and Future Developments

Published in the Jersey Evening Post Finance in Law Supplement - March 2007

The investment funds sector in Jersey has experienced considerable success in recent years. The Island is well on its way to setting itself apart from other offshore centres as a first choice domicile for alternative investment funds and as a leading administration centre.

New Intellectual Property Laws for Guernsey: The Opportunities

The laws relating to intellectual property rights (IPRs) in Guernsey are currently being radically changed and broadened to allow the jurisdiction to provide a more sophisticated environment for the use and protection of IPRs. The new legislation covers the protection of copyright, database rights, performers rights, registered designs, trade marks, and unregistered design rights.

Offshore Funds - Jersey Lights the Afterburners

The funds sector in Jersey has experienced considerable success in recent years. Jersey's aim is to set itself apart from other offshore centres as the first choice for domicile of alternative investment funds, as a leading administration centre, and to grow an established fund management community in the Island - and is taking great steps to realise this ambition.

Published in Captive and ART Review - February 2007

Guernsey introduced a new segregated cell company structure in May 2006. The introduction of the legislation followed soon after the creation of the structure in Jersey in February 2006.

Published in Captive and ART Review - February 2007

Guernsey introduced a new segregated cell company structure in May 2006. The introduction of the legislation followed soon after the creation of the structure in Jersey in February 2006.

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