New Corporate Governance Code

The Guernsey Financial Services Commission (the "Commission") is consulting with financial services businesses on a proposed corporate governance code (the "Code"). The Code comprises a set of outcomes, best practice provisions, guidance and a "comply or explain" methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission's current intention is for those aspects of the Code to be formally issued this month for implementation by the end of 2010. The Commission intends to work with finance sector associations before consulting on the remainder of the Code, the intention being for it also to be issued and implemented by the end of 2010.

Amendments to the Limited Partnerships Law

The Guernsey Commerce and Employment Department's consultation process on proposed amendments to the Guernsey Limited Partnerships Law is due to start in the near future. The amendments would transfer the responsibilities of HM Greffier as set out under the current Law to the Guernsey Companies Registry. In addition, a number of new provisions would be introduced. These are expected to include: (i) migrations of limited partnerships; (ii) amalgamations of limited partnerships and the conversion of companies to limited partnerships; (iii) new protected cell limited partnerships; and (iv) provisions regarding the separate legal personality of limited partnerships.

New Guernsey Limited Liability Partnerships

The States of Guernsey has approved in principle the introduction of legislation to create and govern the conduct of limited liability partnerships in Guernsey. It is anticipated that consultation will be undertaken within the next two months and the legislation will be drafted once the consultation has been completed. We will keep you informed of developments in this area.

Amendments to the Companies Law

A consultation paper has just been issued by the Law Offices in relation to proposed amendments to the Guernsey Companies Law. A fuller briefing on the proposed changes to the Guernsey Companies Law and how these may affect Guernsey Companies will be circulated shortly.

New Foundations Law Guernsey

The Law Officers are drafting a Guernsey Foundations Law to encourage the migration of foundations to, and the establishment of foundations in, Guernsey. It is proposed that the law will permit the establishment of Guernsey foundations which will be able to hold assets, transact business and sue and be sued in their own names. A consultation paper is due to be issued in the near future.

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