Jim Gilligan recently visited London, UK to provide
'hands on' insight and support for the new
Guernsey Foundations legislation. This significant
event, hosted by Guernsey Finance and held in the British Museum,
highligted new changes in legislation from the Island's
Government, the States of Guernsey. These are likely to come
into force shortly, currently awaiting final ratification by the
UK's Privy Council.
More than 120 delegates attended the event including the leading
legal and tax advisers from London's private client industry.
Fiona Le Poidevin, Chief Executive of Guernsey Finance, said:
"It was very pleasing to see such a strong turnout and I think
this reflects the significant level of interest in the new Guernsey
Foundations Law. Indeed, there was a very good debate about the
relative merits of foundations compared to trusts as structures for
meeting the particular needs of private clients, as well as the
nuances of the provisions within the foundations legislation of
Jim Gilligan commented. "There is already a great deal of
expertise and experience within the Guernsey fiduciary community.
This new legislation has the potential to open up further
opportunities and new markets. It will offer a flexible alternative
to existing foundation jurisdictions, some of which have suffered
from negative press in recent years. Guernsey Finance have put
together a comparative chart of the new Guernsey law and those
of Jersey, Liechtenstein and Panama. I was involved
in the production of this document and would commend professionals
to judge for themselves how Guernsey's new law may fit their
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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