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Insight into what the introduction of Guernsey's new
foundations law means for the wealth management industry will be
given at a London seminar in September.
The law, which is expected to be introduced by the end of this
year, has already been agreed in principle by the Island's
Government, the States of Guernsey. The legislation will go before
the States later this month and, subject to approval, will be sent
for final ratification by the UK's Privy Council. Following
enactment, the law will provide Guernsey's fiduciary sector and
its clients with additional choice and flexibility when setting up
wealth management structures in the Island.
Fiona Le Poidevin, Chief Executive of Guernsey Finance
– the promotional agency for the Island's finance
industry, said: "Guernsey was one of the first jurisdictions
to introduce trust law and we now want to further develop that
expertise and experience built up over many years in the fiduciary
sector by looking towards the future and introducing new products.
The panel will give advisers a practical insight into how
foundations can be used and use case studies to illustrate
this.
"The event will also explore why it's equally important
to consider a foundation as well as a trust when adopting wealth
structures because they may appeal more to some clients. In
particular, the foundation structure is attractive to clients based
in civil law jurisdictions in Europe and also further afield in the
emerging markets of China, Russia and Latin America where the trust
concept is less familiar than in common law countries such as the
UK."
The Guernsey Finance seminar, titled The Foundations
Alternative, takes place from 4pm on Tuesday 18 September in the
Stevenson Theatre at the British Museum, Great Russell Street. It will
be followed by a drinks reception at 6pm.
Guest speakers at the event will be announced shortly but will
consist of both Guernsey and off-Island practitioners.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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