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
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
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
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
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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