Jersey expert funds were introduced to enhance Jersey's attractiveness as a jurisdiction for the establishment of funds aimed at institutional and high-net-worth investors. Expert funds can be established within a matter of days on the basis of a self-certification approach without any formal regulatory review of the fund or its promoter. There are currently more than 400 authorised expert funds.
In the current COVID-19 environment, more businesses will likely become insolvent, some of which will have an interest in Jersey property. Insolvency practitioners appointed outside Jersey in respect of an overseas person or company (or Jersey company subject to English insolvency proceedings) must be recognised in Jersey before they can deal with certain forms of Jersey property. This is because Jersey immoveable property can be transacted only by passing a contract before the Royal Court.
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.
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.
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.
Data privacy has been high on the 2020 agenda. Its relevance in the context of the COVID-19 pandemic is undoubtedly the bulky portion of an iceberg that skulks beneath troubled socioeconomic waters. With life having changed dramatically, this article reflects on how data issues have been brought to the fore as part of the response to COVID-19.
In Jersey, it is a criminal offence to take possession or in any way administer the movable estate of a deceased person before a grant of probate has been obtained (the intermeddling offence). Her Majesty's attorney general is responsible for deciding whether to commence criminal proceedings in Jersey, including for the intermeddling offence. The need to comply with Jersey's probate requirements was underscored by the recent conviction of two financial services firms for intermeddling.
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.
This article outlines the financial support available to businesses in Jersey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, the business disruption loan guarantee scheme, the COVID-19 Special Situations Fund, the deferral of social security contributions and goods and services tax payments, government rent deferrals and renegotiations and measures regarding income tax debts.
Lasting powers of attorney enable a person to appoint someone else to make decisions on their behalf in respect of their property and affairs and health and welfare. This is especially useful during the COVID-19 pandemic for people who are considered high risk and are unable to leave their homes or those who are self-isolating.
Due to the COVID-19 pandemic, the Jersey courts are prioritising certain cases and are unlikely to deal with property-related matters. As such, the government recently issued commercial property guidance to encourage landlords and tenants to negotiate temporary compromises with regard to lease obligations in a reasonable manner if either party experiences financial difficulties arising from the pandemic.
Most employees in the Jersey financial services industry are working from home and there has been no interruption to business continuity for the sector due to the COVID-19 crisis. Further, the Jersey Financial Services Commission has confirmed that while its physical premises are closed, a flexible business continuity strategy is being implemented. This article sets out potential insolvency reforms which may be implemented in the financial services sector with respect to local, regulated and international business.
The Law Society of Jersey issued guidance regarding the courts' COVID-19 contingency plans, noting that planning appeal hearings have been suspended due to independent inspectors being unable to travel to the island. New appeals will continue to be processed without the final hearing dates being fixed at this stage. Therefore, parties that wish to appeal a planning decision must meet the usual timeframes.
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.
Recent research highlights the increasing likelihood of people being willing to dispute a will and go to court if they are unhappy with the division of their relative's estate, and this is definitely an increasing area of work in Jersey. This article answers some pertinent questions concerning wills.
Insider fraud is a problem that persists at all levels of society, irrespective of whether the entity has commercial or altruistic motives. This begs the question of what internal controls and procedures employers in any sector can implement to reduce the risk of insider fraud. This article outlines five steps which could significantly reduce the risk for businesses of any size or type.
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.
The Royal Court recently declared void certain actions of a trustee by which the assets of two Jersey law trusts had been transferred into a circular ownerless corporate structure, terminating the trusts. This case highlights the need for trustees to obtain detailed legal and tax advice when considering a restructuring of assets held in trust and is a helpful reminder that a trustee's duty to account is at the heart of the trustee-beneficiary relationship.
Under the Security Interests (Jersey) Law 1983, the powers of a secured party on enforcement were limited to a power of sale. The Security Interests (Jersey) Law 2012 changed the way in which security is created over intangible movables and introduced a wider range of enforcement powers. This article examines the enforcement of security interests in the event of default.