The Jersey Aircraft Registry was launched on November 6 2015. The registry provides a platform for the registration of aircraft, as well as the creation, registration and enforcement of aircraft mortgages and aircraft engine mortgages. Further, the registry provides lenders with the opportunity to finance the lease or purchase of aircraft and aircraft engines which are registered in Jersey.
Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to the (potentially serious) risks to which they are exposed if they fail to meet the JFSC's high standards.
Ensuring that regulated firms identify and manage conflicts of interest appropriately is a matter of constant focus for regulators, which makes sense given its central importance to the fair treatment of clients and as it speaks to the firms' integrity. Nonetheless, firms would be forgiven for thinking that they have limited guidance as to what is expected of them when identifying and managing conflicts of interest.
With the Jersey Financial Services Commission (JFSC) taking – and wanting to be seen to be taking – an increasingly robust approach with regulated firms, it is only natural for firms to ask what they can do to avoid a referral to the JFSC's Enforcement division and, if they are referred, what steps they can take to manage the risk of formal sanction.
The Security Interests (Jersey) Law (SIJL) 2012 came into force on 2 January 2014, changing the way in which security is created, perfected and enforced over Jersey intangible movable property. This article deals with the enforcement of security interests under the SIJL 2012.
The Jersey listed fund regime was introduced for listed closed-ended companies further to the Listed Fund Guide issued by the Jersey Financial Services Commission. The structure, which is modelled on the Jersey expert fund, provides for a fast-track process for the establishment of corporate closed-ended funds that are listed on recognised stock exchanges or markets and regulated pursuant to the Collective Investment Funds (Jersey) Law 1988.
Generally, pursuant to Article 8 of the Competition (Jersey) Law 2005, undertakings are prohibited from making arrangements with other undertakings that have the object or effect of hindering to an appreciable extent competition of the supply of goods or services within Jersey. This update deals with the key concepts and obligations that arise in relation to exclusive supply contracts.
The Competition (Jersey) Law 2005 generally prohibits any agreements, business practices and conduct which substantially lessen competition in Jersey. The Jersey Competition Regulatory Authority is responsible for enforcing the law. This update focuses on Part 4 of the law which regulates certain mergers and acquisitions in Jersey.
In the current economic environment, directors will be fully focused on avoiding any breach of their fiduciary duties, particularly if they are directors of companies experiencing or at risk of financial distress. This article provides a general overview of the duties of directors of Jersey companies in these circumstances.
New regulations permit foreign limited partnerships to migrate (ie, continue) into Jersey using the statutory migration process set out in the Limited Partnerships (Continuance) (Jersey) Regulations. The application process for continuance is straightforward and includes the submission of a declaration signed by the general partner of the foreign limited partnership that the partnership meets the eligibility criteria and an application for a consent in respect of the partnership under the Control of Borrowing (Jersey) Order.
This article provides useful guidance on incorporating a private company under Jersey law by summarising the main legal requirements and general principles which apply in this regard (eg, company formation, share capital and continuing requirements), as well as the benefits of using a Jersey company.
The Companies (Jersey) Law 1991 allows a company registered in a foreign jurisdiction to migrate from its home jurisdiction to Jersey provided that the laws of the foreign jurisdiction allow it to do so. In addition, a Jersey company may migrate to a foreign jurisdiction and continue as a foreign incorporated company in that jurisdiction. The procedure to migrate out of Jersey can be more lengthy than that to migrate to Jersey as notice to creditors may be required.
COVID-19 is putting pressure on boards to make quick decisions about upcoming annual general meetings (AGMs) and to communicate with their investors about how best to proceed in such uncertain times. This article discusses how best to manage the upcoming AGM season in light of the government's new restrictive measures and the developing COVID-19 pandemic.
Statistics released by the Jersey Financial Services Commission, as at 31 December 2020, support the trend seen over the past year – that of the continued popularity of the Jersey private fund product alongside the growth of the private equity and venture capital asset classes. For those engaged in the domicile debate and wondering 'why Jersey?', this article sets out some of the key considerations to bear in mind.
Jersey is witnessing a spike in the inflow of private equity fund managers establishing a physical presence on the island. A number of household name fund managers across all asset classes now call Jersey home, with others in advanced stages of planning to follow them into Jersey. What are the principal drivers of this trend?
Complex tax, accounting and employment matters are among those which drive the choice of acquisition structure for private equity-funded transactions. Two common types of private equity acquisition transaction are the leveraged buy-out (LBO) and the management buy-out (MBO). Where an LBO or MBO transaction involves a domestic or international business with a UK-domiciled management team, Jersey acquisition structures have gained traction with UK private equity advisers for numerous reasons.
In a news cycle that can seem relentlessly gloomy, there are some positive stories to be told and the increased activity in private equity is one of them. This article looks beyond the financial services industry at the wider social and economic benefits of this growth. For instance, private equity is becoming increasingly active in the medical and healthcare sector, which, in turn, has led to a large number of private equity investments in areas such as technology, software and data.
Jersey is long established as a primary centre for the establishment of offshore funds and has been at the forefront of international developments, which have attracted international sponsors, promoters, fund managers, advisers and investors. One of the key features of Jersey's fund industry is the flexibility and range of structures and corresponding regulatory and commercial approaches that can be used for funds.