View from Carey Olsen

Guernsey’s code of market conduct

By Ben Morgan, Miranda Dunlop The European Union’s Market Abuse Regulation (MAR) introduced in 2016 continues to present real challenges for businesses seeking to issue certain forms of listed debt securities on any EU regulated market, multi-lateral trading facility or organised trading facility. Guernsey is not part of the European Union and has its own market abuse […]

Implications of Brexit on Guernsey and Jersey

By Christopher Anderson, Robert Milner The Bailiwick of Guernsey (comprised of the islands of Guernsey, Alderney, Sark and Herm) (“Guernsey”) and the Bailiwick of Jersey (“Jersey“) form the Channel Islands, situated in the Bay of St Malo off the northwest coast of France. Although closely connected to the United Kingdom, the Channel Islands are not subject to […]

Guernsey: new guidance for senior personnel in financial institutions

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be “fit and proper” persons. While the requirement to be “fit and proper” is not a new requirement, the guidance seeks to provide clarity to individuals […]

Guernsey: Proposed implementation of substance requirements by end of 2018

By Chris Hutley-Hurst Like other offshore jurisdictions, Guernsey will be implementing legislative economic substance requirements by the end of 2018 to address concerns raised by the EU Code of Conduct Group on Business Taxation that Guernsey’s corporate tax system could facilitate offshore structures aimed at attracting profits which do not reflect real economic substance. This briefing […]

Impact of UK property changes on Jersey and Guernsey structures

The UK Government has announced that with effect from April 2019, it intends to bring non-UK investors into scope for either capital gains tax (“CGT”) or corporation tax (“CT”) on any direct or indirect gains made in relation to investments in UK property. Jersey and Guernsey have responded to the public consultations and liaised with […]

Jersey: The Trusts Law 2018 – An insight

By Siobhan Riley, Andreas Kistler The Trusts (Amendment No. 7) (Jersey) Law 2018 (the Amendment Law), which came into force on 8 June 2018, reÊnes and further enhances Jersey’s trusts legislation, the Trusts (Jersey) Law 1984 (the Law). Since its introduction in 1984, the Law has been amended and updated periodically, the last changes having been made […]

Trust legislation in Guernsey

By Russell Clark Much of Guernsey’s economic success over the past 50 years or so has been largely due to its adaptability and flexibility to react to changing market situations and conditions. This adaptability is no better illustrated than by the island’s willingness to amend and review legislation to ensure that it retains its position within […]

Jersey lodges the draft Taxation Law 201

Jersey has lodged the draft Taxation (Companies – Economic Substance) (Jersey) Law 201- (the “Law”). The Law, once adopted, is intended to meet the commitment made by Jersey to address certain concerns raised by the EU Code of Conduct Group on Business Taxation (the “Code Group”) in relation to the need for relevant businesses to […]

Proposal for new substance requirements in Guernsey from 2019

2019 Budget Proposal Guernsey’s 2019 Budget is due to be debated by the States of Deliberation (Guernsey’s parliament) at its meeting on 6 November 2018. Section 5 of the 2019 Budget sets out proposed changes to be introduced under domestic legislation in order to meet commitments given to the European Union (“EU”) in relation to […]

British Virgin Islands introduces the Micro Business Companies Act

By Alan Hughes As a leading oÂshore Ênancial center and in keeping with its constant drive toward the development and implementation of robust, modern and progressive corporate products, the British Virgin Islands (BVI) has recently introduced the Micro Business Companies Act (the “MBC Act”) – bespoke and innovative legislation designed speciÊcally toward developing and supporting the […]

Blockchain and Cryptocurrency Regulation 2019

Understanding the blockchain, cryptocurrency and electronic token space is becoming more important than ever for financial institutions, business, investors and start-ups. This is particularly the case in relation to government attitudes and definitions, cryptocurrency and sales regulation, money transmission laws and anti-money laundering requirements, promotion and testing, ownership and licensing requirements, taxation and border restrictions. […]

Forum non conveniens: an important clarification by the BVI Court of Appeal

The BVI Court of Appeal has issued an interesting and timely judgment clarifying the principles applicable on a forum non conveniens challenge, in relation to claims alleging a multi-million dollar fraud purportedly involving a number of BVI incorporated companies and other foreign defendants. Carey Olsen acted for some of the successful appellants…

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