Overview Jersey property law is derived from a mixture of local statute and customary (common) law. Jersey's customary law has evolved from Norman-French law and is primarily contained in the judgments of the Royal Court of Jersey and the writings of local and French jurists. In Jersey law property is either "movable" or "immovable". These classifications are broadly similar to the English classifications as "personal" or "real" property ...
How does Singapore's business environment make it an attractive location for foreign law firms? Anthony McKenzie: Singapore is considered a favourable destination for doing business due to its political stability, strong legal framework, well-regulated financial sector, competitive tax rates, excellent infrastructure and pro-business policies that attract foreign investment. It has a highly skilled and educated workforce with a strong emphasis on innovation and technological advancements ...
The Government set out its objectives in respect of property energy efficiency and EPCs within the Carbon Neutral Roadmap (approved by the States Assembly on 29 April 2022). The Government has since issued a progress report in July 2023 on the implementation of the Carbon Neutral Roadmap ...
Legal Property Due Diligence In a property transaction, whether that is buying, leasing, or financing, a legal property due diligence exercise may be required to assess the potential risk to a client before committing to the transaction. The potential for AI to be used to review and digest legal property DD documentation with speed and accuracy is clear ...
Current Regulatory Regimes Bermuda was one of the first jurisdictions to introduce sector specific laws and regulations relating to the issuance of ‘digital assets’ and the provision of ’digital asset business’ services. Bermuda's regime regulates the activities of issuers and services providers rather than the technology or digital assets themselves ...
The BVI is a leading international financial centre, and BVI companies play a significant role in the flow of capital across the global economy. As global economic conditions become more challenging, lenders are increasingly reliant on formal insolvency procedures to realise value from distressed assets. As a result, the past year has seen a marked increase in the use of statutory demands against BVI companies as a precursor to an application to appoint liquidators ...
The Policy will apply to a broader range of regulated entities and includes updates to take account of Jersey’s evolving regulatory framework. The key amendments to the Policy are as follows: private funds or other funds with a consent issued pursuant to the Control of Borrowing (Jersey) Order 1958 (“COBO”), (which could include funds not domiciled in Jersey and unregulated funds) are not caught under the Policy ...
It is essential that directors determine whether they are caught by the Director Registration Regime and, if so, familiarise themselves with its requirements and register themselves in advance of the 1 October 2023 registration deadline. What is the Six Directorship Exemption? Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under the Fiduciaries Law ...
The Cayman Islands Court of Appeal ("CICA") has delivered a valuable judgment on the application of section 238 of the Companies Act (as revised) in Re Trina Solar Limited.[1] This case update can be read in conjunction with our previous briefing setting out certain practical points to note in 'fair value' appraisal proceedings ...
Contents Changes to the requirements for individuals acting as a director 2022 Annual Report - Guernsey Financial Services Commission (the “Commission”) Updates to the AML/CFT Handbook Update on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Financial Crime Return Rules Changes to the requirements for individuals acting as a director Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick o
Contents Changes to the Money Laundering (Jersey) Order 2008 Changes to the Proceeds of Crime (Jersey) Law 1999 - Schedule 2 Businesses Limited Partnerships (Continuance) (Jersey) Regulations 2023 Forthcoming changes to the JFSC's Outsourcing Policy Changes to the Money Laundering Order The Government of Jersey is set to make a number of amendments to the Money Laundering (Jersey) Order 2008 ("MLO") following the conclusion of its recent consultation ...
Corporate income tax Residences Companies tax resident in Guernsey are subject to income tax on their worldwide income ...
On 31 July 2023, significant changes to the Eastern Caribbean Supreme Court Civil Procedure Rules ("ECSC CPR") will come into effect. Arguably the most significant changes for parties to litigation in the BVI Commercial Court are the amendments to ECSC Part 7, governing service of proceedings out of the jurisdiction ...
Many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Whilst there is no doubt that this is a nascent space, and these assets still represent a tiny percentage of the funds industry, we expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of "traditional" financial assets (e.g ...
Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law") ...
On 25 April 2023, Guernsey introduced the Preferred Debts (Insurance Policyholders) (Bailiwick of Guernsey) Amendment Ordinance, 2023. That Ordinance effects changes to the Preferred Debts Law, 1983, which accords priority to certain preferred creditors in the event of insolvency. Full details of Guernsey's insolvency regime can be found here ...
The key issue before the formal body of advisers to the UK sovereign was whether the trustee of a settlement “exercised for a proper purpose” an express power contained in the trust deed to add and exclude discretionary objects, having added a purpose trust as an object and removed all family members comprising the entire class of objects. The Background The trust settlors were two brothers who founded Formosa Plastics Group, one of the largest business conglomerates in Taiwan ...
Legal service providers (LSPs) in Bermuda are encouraged to contribute to the development and implementation of new and existing legislation in response to the ever-evolving needs of their clients ...
Introduction The sphere of asset tracing and recovery, particularly the extent of tools available around the world, is rightly attracting more attention in cross-border fraud and investigations. This includes projects at the international level, such as UNCITRAL's ongoing efforts (for which the author acts as an expert), as well as attention being given in national legislatures around the world ...
It is often acknowledged that, like fine wine, some things get better with age. However, the same is not always true of trust deeds – particularly those that may have been drafted using a mechanical typewriter or require service of notices by Telex. While families grow and evolve, legislation is regularly revised and expanded upon and technology continues to develop at an incredibly fast pace, trusts often remain unchanged ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Jersey does not have a formal administration regime and neither the Companies (Jersey) Law 1991 nor any other legislation provides for a specific rescue remedy equivalent or similar to administration. The one Jersey statutory route closest to administration is the remsie de biens ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent British Virgin Islands (BVI) company, and in practice, as primarily a holding company jurisdiction pre-packs are not in high demand in the BVI ...
Introduction Parts of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (“Law”) came into force on 1 January 2023.The Law introduces new licensing regimes for lending, credit and finance activities and provides UK-style consumer protection for retail and home borrowers. The Law replaces the registration regime under the Registration of Non- Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (“RNFSB”) ...
