This article looks at the government's introduction of new legislation in relation to beneficial ownership and controlling interests requirements. This new legislation, the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-, aims to implement in Jersey the requirements set out by the Financial Action Task Force, the intergovernmental body that sets standards for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
In a recent decision, the Royal Court considered – for the first time – whether it can exercise a foreign statutory power on the application of a trustee of a foreign trust. The court concluded that it can do so as a matter of principle and went on to exercise an English statutory power so as to permit the trustees of a trust governed by English law to self-deal. The judgment is a welcome one for trustees in two particular respects.
The potential for disputes in construction projects has risen sharply with the performance and enforcement of contracts directly affected by COVID-19. An open and frank dialogue early on between the parties steered as a form of informal mediation or collaboration can quickly put an end to frustrations and disputes and lead the way for a successful, more cost-effective solution to any dispute that may arise.
Jersey's discrimination legislation was recently extended so that businesses, service providers and those managing and letting premises must take reasonable steps to avoid disadvantaging people with disabilities in relation to the accessibility of their premises. This law change is for the benefit of employees, customers, clients and tenants, but it also means that businesses and premises will be more accessible to the thousands of people in Jersey who have a disability.
Climate change will no doubt continue to be a worldwide concern and will affect everyone. As a forward-thinking jurisdiction, Jersey has been active in sustainable finance for some time. Being a jurisdiction with a wide range of flexible structures and with the knowledge, expertise and international relationships to support them, Jersey is well placed to ensure that settlors and trustees make the right choice to suit an investment outlook bound by climate risk concerns.