Guernsey: Revision Of The Trust (Guernsey) Law 1989 Is Completed
Last Updated: 24 April 2007

Following the completion of the Evans’ Working Party’s deliberations on the amendments to the Guernsey Trust law and the introduction of Purpose Trusts into the new Law, the completed wording is now available for consultation with the industry on the websites of both Commerce and Employment (C&E) and the Guernsey Financial Services Commission (GFSC).1

This is the culmination of substantial work undertaken by the Working Party which was chaired by Advocate Rupert Evans of Ozannes and included Stephen Trevor, Director of Fiduciary Services at the GFSC, Advocate Russell Clark of Carey Olsen, Gavin St Pier of Walbrook and Ian Burns, Chairman of the Guernsey Association Of Trustees and the Anson Group.

Working under the auspices of the Finance Sector Group (FSG), the work was initiated after discussions with the industry and is reflective of the constant dialogue between the finance industry and practitioners to ensure that the environment in which the sector undertakes its business, and particularly the legal framework is appropriate for a leading international finance centre of the status of Guernsey.

This websites now displays the proposed new Trust Law with the intention being that the existing legislation will be replaced with this single new Law and the industry is being given an opportunity to reflect on the changes before the new law is submitted to the States.

Peter Niven, Director of Finance Sector Development commented: " The work that has gone into producing this new Law has been extremely detailed and time-consuming and the Department is extremely grateful to Advocate Evans and his Working Party for their dedication to the task and for the results which we believe will be very much welcomed by the industry. It will ensure that Guernsey remains at the forefront of the fiduciary business internationally and better competes on the world stage."

Advocate Evans added: "The end result of the substantial work that has gone into producing the new Law and incorporating the new Purpose Trust section will, without doubt, ensure that Guernsey practitioners are able to provide an international client base with the most up to date services and products. In addition we are now starting to work on the next phase of the work which will introduce the concept of Foundations into Guernsey Law for the first time and again ensure that we have the widest range of products available for our increasingly demanding client base."

Comments on the draft legislation are invited from all interested parties and should be submitted in writing or by email to Peter Niven at Commerce & Employment Department2 by 11 May 2007.

For more information please contact Peter Niven at the address below.

Footnotes

1 C&E website can be found at www.gov.gg and the GFSC website at www.gfsc.gg

2 Peter Niven, Director of Finance Sector Development, Commerce & Employment Department, Raymond Falla House. Longue Rue, St Martin or e-mail peter.niven@commerce.gov.gg

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