Jersey updates

Banking

Virtual currency regulation takes effect
  • Jersey
  • October 28 2016

The value and volume of virtual currency trading is skyrocketing globally, but regulating virtual currencies and virtual currency exchangers is challenging. Under the new Proceeds of Crime (Miscellaneous Amendments) (Jersey) Regulations 2016, exchangers must comply with the island's anti-money laundering and terrorist financing laws, regulations, policies and procedures.

Welcome to the virtual currency sandbox: let's play
  • Jersey
  • October 21 2016

While virtual currencies may divide opinion, it is undeniable that they are booming and becoming part of the mainstream. Jersey has answered the question of how to seize this opportunity by introducing a 'regulatory sandbox' for developers and innovators to build, test and experiment with products, services, business models and delivery mechanisms in a live environment without immediately incurring all of the normal regulatory consequences and costs.


Employment & Benefits

Disability to be a protected characteristic under Jersey discrimination law
  • Jersey
  • May 23 2018

Effective from September 1 2018, the Discrimination (Jersey) Law 2013 will be amended to include disability as a protected characteristic. The amending regulations will give individuals the right to complain to the Employment and Discrimination Tribunal when they believe that they have experienced discrimination. While many employers and groups will be familiar with the way that the regulations work, they should be taking steps to ensure that they are compliant ahead of the implementation date.

Can I enforce a dress code at work?
  • Jersey
  • February 21 2018

Employers can enforce dress codes only within the confines of the discrimination law. For example, a requirement for a female receptionist to wear high heels is illegitimate since no equivalent requirement is placed on male employees. Employers that want to enforce a dress code should consider the discrimination law and whether their proposals meet it. A recent Jersey case illustrates how this works.

Are you too interested in former employees' post-termination restrictions?
  • Jersey
  • November 08 2017

Lawyers are often asked to review employment contracts, including post-termination restrictions. It is increasingly common to see covenants that either restrict the former employee from holding any interest in a competing business or limit the amount of shareholding that they can have. If a contract uses this language, it could lead to the entire restrictive covenant being unenforceable.

£10,000 compensation cap applies per complaint, not per overall claim
  • Jersey
  • October 26 2016

A recent Jersey Employment and Discrimination Tribunal case has provided guidance on the Discrimination (Jersey) Law 2013. The case highlights some important points for businesses to remember, including that the £10,000 limit per complaint applies to each type of complaint (ie, direct discrimination, indirect discrimination or harassment).


IT & Internet

General Data Protection Regulation in Jersey: what is it, why should I care and what should I do about it?
  • Jersey
  • April 04 2017

While the media's attention has recently been lavished on Brexit and President Trump, there is one news story that will affect businesses across Jersey sooner than might be expected: the implementation of the General Data Protection Regulation. Jersey businesses must ensure that they comply with the new regulation when it comes into force in May 2018. That means starting work now to assess the impact of the regulation and decide what changes will be needed to ensure compliance.


Insolvency & Restructuring

Reinstatement of a company
  • Jersey
  • November 03 2017

The procedure governing the reinstatement of a dissolved Jersey limited company is contained in the Companies (Jersey) Law 1991. Where a company has been dissolved or, most commonly, struck off the register by the registrar of companies after failing to file an annual return, the Royal Court has the power to declare the dissolution void and order the reinstatement of the company.

Practice and trends in restructuring and insolvency law
  • Jersey
  • May 26 2017

Jersey has a familiar range of legal processes and remedies for the restructuring and insolvency of corporations. While certain reforms are often discussed, Jersey seeks to position itself as a jurisdiction with a system in which creditors can have confidence. Further, the Royal Court has been willing to engage in cross-border insolvencies, whether by granting recognition to overseas office holders or seeking assistance from other jurisdictions.


Private Client & Offshore Services

Contributed by Ogier
Disability to be a protected characteristic under Jersey discrimination law
  • Jersey
  • May 17 2018

Effective from September 1 2018, the Discrimination (Jersey) Law 2013 will be amended to include disability as a protected characteristic. The amending regulations will give individuals the right to complain to the Employment and Discrimination Tribunal when they believe that they have experienced discrimination. While many employers and groups will be familiar with the way that the regulations work, they should be taking steps to ensure that they are compliant ahead of the implementation date.

At a glance: guide to Jersey's new charity law
  • Jersey
  • May 17 2018

The next phase of the Charities (Jersey) Law 2014 was enacted on May 1 2018, allowing entities to finally register as charities under the law. The remaining provisions of the law are expected to come into force on January 1 2019, which will amend Jersey taxation legislation in relation to charities. This is an exciting opportunity for Jersey to reinforce and develop its status as a centre of excellence for philanthropy both in private wealth management and impact investing.

Changes to JFSC codes of practice
  • Jersey
  • April 05 2018

The revised Jersey Financial Services Commission codes of practice came into force on March 21 2018. As a matter of urgency, regulated businesses should therefore review the changes to the codes and consider whether any new implementation measures are necessary. The changes to the codes have considered industry feedback and include both new and revised regulations to align Jersey with the Group of International Finance Centre Supervisors standard.

Generation games and avoiding family disputes
  • Jersey
  • April 05 2018

The use of private trust companies is becoming more common as a method of retaining family control through the generations. This, of course, all needs to be balanced against tax and reporting considerations, as well as practical ones. That said, however good the adviser, it is difficult to plan for family disputes; therefore, the main emphasis should be on maintaining flexibility so that the trustee can react to changes of circumstances and wealth passing through the generations.

Capacity and Self-Determination (Jersey) Law
  • Jersey
  • March 29 2018

The Capacity and Self-Determination (Jersey) Law, which is due to come into effect in October 2018, will give people the opportunity, while they still have the capacity, to make their own decisions regarding their financial and personal affairs and welfare. It provides a framework that will give people the opportunity to make their own decisions in respect of medical treatment insofar as possible, including advance decisions to refuse treatment.