Ms Niamh Lalor

Niamh Lalor

Updates

Capital Markets

Investment funds and certain capital markets issuers exempt from tax liability
Jersey | 15 February 2011

Jersey has passed an amendment to introduce an explicit statutory exemption from any liability to tax in Jersey for investment funds and certain capital markets issuers. The Income Tax (Amendment No 36) (Jersey) Law 2010 provides clarity in relation to the tax treatment of investment funds, their investment holding companies and certain categories of capital markets issuer in Jersey.

Company & Commercial

Jersey limited partnerships
Jersey | 08 October 2018

Limited partnerships in Jersey are governed by the Limited Partnerships (Jersey) Law 1994, as amended. The main feature of limited partnerships, as the name suggests, is the limited liability afforded to the limited partners. In addition, the law is highly flexible, such that the partners in a Jersey limited partnership are free to agree the terms attaching to the structure and operation of the partnership between them. For this reason, Jersey limited partnerships are popular vehicles.

Private Client & Offshore Services

Jersey substance proposals – fund managers' perspective
Jersey | 28 February 2019

New proposed requirements for an economic substance test for Jersey tax-resident entities have been published to meet the requirements of the EU Code of Conduct Group. Fund vehicles themselves are out of scope, but it is expected that most fund manager clients will be in scope. Therefore, consideration will need to be given to the level of activity carried out in Jersey, with specific consideration being given to outsourcing arrangements.

Jersey limited partnerships
Jersey | 04 October 2018

Limited partnerships in Jersey are governed by the Limited Partnerships (Jersey) Law 1994, as amended. The main feature of limited partnerships, as the name suggests, is the limited liability afforded to the limited partners. In addition, the law is highly flexible, such that the partners in a Jersey limited partnership are free to agree the terms attaching to the structure and operation of the partnership between them. For this reason, Jersey limited partnerships are popular vehicles.

Jersey funds legal and regulatory quarterly update
Jersey | 26 January 2017

Among other developments in the legal and regulatory sector, the Jersey Financial Services Commission (JFSC) recently issued a consultation paper in relation to the proposed rationalisation and consolidation of Jersey's private funds and unregulated funds regimes. The JFSC also recently received feedback regarding whether Jersey should introduce a regime equivalent to the EU Markets in Financial Instruments Directive.

Funds legal and regulatory quarterly update
Jersey | 25 August 2016

The Jersey Financial Services Commission (JFSC) recently released consultations regarding amendments to codes of practice and the potential introduction of an EU Markets in Financial Instruments Directive equivalent regime. The JFSC also sought input, among other things, on proposed changes to define key terms in order to remove the distinction between delegation and outsourcing in relation to certified funds and fund services businesses.

ESMA advises "no significant obstacles" to application of AIFMD marketing passport to Channel Islands
Jersey | 25 August 2016

After much anticipation, the European Securities and Markets Authority (ESMA) has published further advice in relation to the application of the EU Alternative Investment Fund Managers Directive (AIFMD) passport. ESMA concluded that there are no significant obstacles impeding the application of the AIFMD passport to Jersey, which is one of only five jurisdictions to achieve an unqualified assessment.

Funds legal and regulatory quarterly update
Jersey | 28 April 2016

The Jersey Financial Services Commission (JFSC) recently delivered its 2016 Business Plan to the financial services industry, setting out the JFSC's key priorities for 2016. Further, the Jersey Common Reporting Standard (CRS) regulations, which provide details of the jurisdictions committed to the adoption of CRS, have been amended. Further amendments are expected as jurisdictions confirm their intentions.

Funds legal and regulatory update
Jersey | 11 February 2016

The Jersey Financial Services Commission (JFSC) recently published a consultation paper which proposes amendments to various codes of practice, including to the codes' notification requirements and the way in which consumer complaints are handled. Further, the JFSC has issued regulations to give effect to the Organisation for Economic Cooperation and Development's Common Reporting Standard.

Funds legal and regulatory update
Jersey | 12 November 2015

The European Securities and Markets Authority recently concluded that no obstacles exist in relation to the extension of the Alternative Investment Fund Managers Directive's passporting regime to Jersey. Further, the definition of 'alternative investment funds' in the Alternative Investment Funds (Jersey) Regulations 2012 has been amended to include limited partnerships registered in England or Scotland, under certain conditions.

New managed account regime for hedge fund managers
Jersey | 19 February 2015

The new qualifying segregated managed account (QSMA) regime has introduced an exemption which will enable Jersey-regulated fund managers to be appointed in relation to managed accounts. The exemption will enable fund managers that are already regulated under the Financial Services (Jersey) Law to carry out fund services business and service QSMAs without needing to seek additional regulation.

Funds legal and regulatory update
Jersey | 06 November 2014

The Jersey Financial Services Commission has confirmed that it will consider applications to license limited liability partnerships and has issued guidance on professional indemnity insurance. In addition, the chief minister has confirmed that Jersey has no wish to engage with those seeking to involve Jersey in abusive tax schemes to avoid UK tax.

Continuing obligations for issuers with listed investment fund securities
Jersey | 30 October 2014

It is a prerequisite for listing that an issuer executes a listing undertaking, agreeing to comply with the Listing Rules and, in particular, with all relevant continuing obligations. This update sets out certain continuing obligations that issuers must observe once any of their securities have been admitted to listing.

Funds legal and regulatory update
Jersey | 24 July 2014

Relevant entities must now opt in to Jersey's alternative investment fund regime and should consider what steps are needed to ensure continued access to EU markets. Meanwhile, the government is consulting on the transparency of beneficial ownership of companies; and the Jersey Financial Services Commission has published new anti-money laundering guidelines and revised codes of practice for fund services business and investment business.

Investment funds: recent legislative and regulatory changes
Jersey | 14 November 2013

A number of regulatory changes have recently been made that may be of interest to managers of investment funds in Jersey. These amendments involve both foreign regulations (including the EU Alternative Investment Fund Managers Directive) and domestic regulations. In addition, the Jersey Financial Services Commission has issued its feedback in relation to the regulatory treatment of managed accounts.

Investment funds: recent regulatory changes
Jersey | 23 May 2013

A number of regulatory changes have recently been made that may be of interest to managers of investment funds in Jersey. Consultation is ongoing regarding implementation of the EU Alternative Investment Fund Managers Directive and the US Foreign Account Tax Compliance Act in Jersey. In addition, the Financial Services Commission has addressed the regulatory treatment of managed accounts.

Investment funds: recent regulatory and legislative changes
Jersey | 28 February 2013

A number of regulatory changes have recently been made that may be of interest to managers of investment funds in Jersey. These amendments involve both foreign regulations (including the EU Alternative Investment Fund Managers Directive) and domestic ones. In addition, an amendment to the law on limited liability partnerships removes the requirement for the £5 million bond which previously had to be maintained.

Lessons to be learned: seeking shareholder support before winding-up
Jersey | 14 February 2013

Just and equitable winding-up is a discretionary remedy and the courts will always consider the terms on which investors have invested in a fund, including any provisions as to the closed-ended nature of the fund set out in its prospectus. It is crucial that the views of shareholders be sought before instituting any such action. In this vein, directors and managers of closed-ended funds may find a recent Royal Court judgment of interest.

Protected cell companies and incorporated cell companies
Jersey | 01 September 2011

The Jersey legislation provides a solution to the underlying problems that exist for cell companies in many other jurisdictions. The incorporated cell company, in particular, introduces a truly innovative corporate structure that combines robust ring-fencing provisions with a degree of flexibility and convenience not presently available in other jurisdictions.

Investment funds and certain capital markets issuers exempt from tax liability
Jersey | 10 February 2011

Jersey has passed an amendment to introduce an explicit statutory exemption from any liability to tax in Jersey for investment funds and certain capital markets issuers. The Income Tax (Amendment No 36) (Jersey) Law 2010 provides clarity in relation to the tax treatment of investment funds, their investment holding companies and certain categories of capital markets issuer in Jersey.