Consultation on new Funds Section to AML/CFT Handbook.
Proposed rationalisation and consolidation of Jersey's Private Fund and Unregulated Fund regimes
Are your Powers of Attorney valid under Jersey law?
The draft Limited Liability (Jersey) Law 201- would replace the Limited Liability Partnerships (Jersey) Law 1997 and aims to make the Jersey LLP more competitive so that it is used as a vehicle of choice for local and international businesses.
Inaugural Annual Conference to be held today in Jersey.
Charities (Jersey) Law 2014 (the “Law”)
I run a Charity – what do I need to do?
The Law has introduced a test for what constitutes charity, it has established a new position of a Charity Commissioner and created a new body – the Charity Tribunal.
How am I affected by the Law?
At this stage, only the parts of the law relating to the establishment of a ‘Charities Test’ and the position of the Charity Commissioner have been enacted. There is currently little impact on existing charities.
Do I need to register as a charity on the new charities register?
If you are a charity already established in Jersey, happily there is no obligation for you to become a registered charity under the Law. Charities can continue to operate under the existing customary law provisions.
However, once the parts of the Law relating to the charities register have come into effect, only a charity registered under the Law can refer to itself as a charity and receive tax relief as such. If your charity wants to accept contributions from the general public, wishes to take advantage of tax exemptions or simply wishes to continue to refer to itself as a charity, then you should register once the applicable provisions of the Law come into force.
What should I do next?
If you do want to become a registered Jersey charity, and do not simply want to continue to operate under the existing customary law, then you should prepare a purpose statement, a public benefit statement, review your constitutional documents to ensure they will comply with the new charity test, and finally, review any accounts to be filed for and on behalf of your charity.
The private equity and venture capital summit will be held at the Landmark Hotel in London on 5 and 6 October 2016.
The firm celebrates is seventh year of business with independent commendations
The Children's Property and Tuteurs (Jersey) Law 2016 (the "Tuteurs Law") comes into force on 22 August 2016. The Tuteurs Law will make the process clearer, less expensive and more suitable for modern families.
As well as introducing the requirement to give details of Persons with Significant Control (“PSCs”), the UK Small Business Enterprise and Employment Act 2015 has replaced the manner in which key details of companies and limited liability partnerships are updated.
Pinel Advocates is pleased to have taken part in the consultation regarding the regulation of virtual currencies, which resulted in the Proceeds of Crime (Miscellaneous Amendments) (Jersey) Regulations 2016. The Regulations were adopted by the States of Jersey on 15 June 2016 and are expected to come into force in September.
So what happens to our digital legacy? Whilst English and Jersey case law on the subject of the transfer of digital assets is virtually non-existent, there are some steps you can take to ensure your digital assets are protected in the future.
The Channel Islands Financial Ombudsman (the “CIFO”) is the joint Channel Islands operation to resolve financial services complaints and point out opportunities for improvement.
On 1 June 2016 the JFSC entered into a memorandum of understanding with the Prudential Regulation Authority (PRA) and Bank of England.
The Jersey Financial Services Commission has issued a consultation paper on proposed changes to the regulatory regime for funds in Jersey.
On 10 June 2016, the Chief Minister’s Department published a draft Digital Policy Framework, setting out how Jersey intends to capitalize on digital technology. The deadline for comments on the draft Digital Policy Framework is 5 August 2016.
We understand that the Registrar has recently conducted a review of the records that he holds on limited partnerships and that he is actively seeking to ensure that General Partners comply with the provisions of the Law.
On 20 June 2016, HM Treasury published an updated list of countries supporting the initiative to automatically exchange information on beneficial ownership.
The Jersey Employment Forum is reviewing the minimum wage and recently consulted industry on what rate the minimum wage should be set at from 1 April 2017.
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