The Jersey foundation law has just been amended due to there having previously been a degree of uncertainty as to whether the purposes of a Jersey purpose foundation had to be defined in the publicly available charter of the foundation. Following the recent amendment to the law, it is now clear that it is sufficient for the purposes of a foundation to be described in either the public charter or the private regulations. This is advantageous from a confidentiality perspective and will be of comfort to those who set up foundations with purposes which are specific to particular individuals or families.
If you administer foundations and provide council members to those foundations then you ought to also note that the 2015 regulations also introduced a new obligation on all council members (not just the qualified member) to take reasonable steps to ensure that the foundation's records are prepared and kept properly and accurately.
Click here to see the law implementing these changes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
