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By Mark Chambers
In June of this year, the Jersey Financial Services Commission (the "Commission") issued Position Paper No. 4 in relation to amendments to regulatory legislation. The primary legislation to which this relates is the Banking Business Law (Jersey) 1991, Collective Investments Funds (Jersey) Law 1988 (the "CIF Law"), Financial Services (Jersey) Law 1998 ("FSL") and the Insurance Business Law (Jersey) 1996 (together, the "Regulatory Laws").
By Paul Christopher, Tracey Powell
The Bailiwick of Guernsey comprises three main islands: Guernsey, Alderney and Sark. Alderney and Sark are dependencies of Guernsey but have certain legislative powers of their own. The Bailiwick is not part of the United Kingdom and therefore is not represented in the UK Parliament. Acts of Parliament do not apply in the Bailiwick unless extended by Order in Council.
By Mark Temple
Five recent decisions of the Royal Court of Jersey illustrate that Jersey continues to be at the cutting edge of trust law. The first relates to the so called "dog-leg" claim by beneficiaries of a trust directly against the directors of a corporate trustee.
By Gavin Farrell
Investment funds are an established but continuously growing industry in Guernsey because of the attractiveness of the territory as an offshore jurisdiction and its tax regime.
By Gavin Farrell
Investment funds are an established but continuously growing industry in Guernsey because of the attractiveness of the territory as an offshore jurisdiction and its tax regime. Ozannes specialise in the establishment of private equity funds, fund of funds, property/real estate funds and emerging market funds, and have seen an influx of activity over the past few months.
By Mark Temple
In Jersey Financial Services Commission v Alternate Insurance Services Limited & Others [2007] JRC048 the Royal Court of Jersey (Commissioner R Southwell QC and Jurats Le Brocq and Georgelin) delivered a very significant judgment concerning certain of the provisions in the Financial Services (Jersey) Law 1998 (the "1998 Law").
By Paul Christopher
In early 2005 a committee reviewing the investment sector of the finance industry in Guernsey (one of several review committees) was established with Advocate Peter Harwood as Chairman. Importantly, Peter Moffatt, the Director of the Investment Business Division of the Guernsey Financial Services Commission ("the Commission") was also appointed to the Committee.
As Jersey continues to enhance its regulartory regime it is becoming a leading European centre for specialist funds business. Recent figures show that the value of funds under administration in Jersey, now at a record high of £179.1bn, has risen by 30% over 2006.
In a recent review of A Guide to Guernsey’s Trust Law by St John Robilliard the author acknowledged that he had achieved a first – a book review that was not in fact about a book, rather on this occasion a CD ROM. Paid Matthews, a consultant with the firm of Withers LLP, and a Visiting Professor at King’s College, London has described the work as "innovative" and "useful".
By Carolyn Cowan
Like trusts, foundations have been with us since mediaeval times. The concept of a trust probably developed when crusaders handed over their estates to friends to administer until they returned from their travels and the practice evolved into a structure recognised by common law jurisdictions.
By Andrew Pinel
Jersey has become a thriving base for film financing, a trend which look set to grow over the coming months. Studios are financing through the UK in greater numbers and many are choosing to use Jersey limited partnerships within their structures to maximise their UK tax reliefs. This has provided a consistent and profitable source of work for many local corporate service providers, banks and their legal advisers.
Just over a year ago a survey illustrated that there were some 60,000 trusts administered in Guernsey. It is reasonable to assume that the largest proportion of these have been set up by private clients.
By Paul Christopher, Paul Christopher
More is expected from directors now than in the past. Sir Howard Davies, the former head of the United Kingdoms Financial Services Authority, has said that "the Crown Dependencies [of which Guernsey forms part] continually have to go that extra mile just to prove that they are upright, honest and godly. Of course it is not fair, but it is realistic".