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On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the intergovernmental agreements ("IGAs") signed by each island with the UK in October 2013 and with the US in December 2013. The draft Guidance Notes, as currently published, are substantially the same for each island, subject to certain island-specific differences. The current draft is to be to be regarded as a work in progress and the views of local industry in each island are being sought.- Carey Olsen
Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
AML Update: Review of 2014 amendments to the substantive offences under the Proceeds of Crime (Jersey) Law 1999
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.
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.
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.
On 26 November 2014, the Privy Council delivered judgment in the long-running case of Crociani & Others v. Crociani & Others  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.
Luxembourg is one of the largest global investment fund domiciles, benefiting from the following factors:
In this case, which will be of interest to all professional trustees and their employers, the English Court of Appeal examined the insurance and indemnity arrangements in place for a Jersey trust company business, and in particular:
Joint ventures ( JV ) are not a particular term of art under Luxembourg law. Where a small number of active principals, voluntarily constitute a new, shared business enterprise, this can be for joint investment purposes or a joint commercial enterprise and it is not required to take any particular prescribed legal form.
On 19 December 2014 the Luxembourg Parliament enacted Bill n° 6720 (the Budget Law ) and Bill n°6722 (the Zukunftspack - Action Plan for the Future ) introducing new Luxembourg tax measures applicable for corporations and individuals as of 2015.
Period covered: 30 September 2014 to 31 December 2014