What is a JPUT? A Jersey Property Unit Trust (JPUT) is a legal structure whereby legal ownership of assets (primarily non-Jersey real estate) is vested in one or more trustees who hold the assets on trust for the benefit of unitholders upon the terms of a written trust instrument. What are the benefits of a JPUT? JPUTs have many plus points: Familiarity: JPUTs are generally recognised and accepted by investors, lenders, advisers, regulators and tax authorities in the UK and elsewhere ...
The EU ETS is a good step in the right direction towards reducing the EU’s total GHG emissions by 55% by 2030. The EU legislators have worked hard on this. But the respective IMO and the EU portals are still not aligned. And the EU ETS reporting starts in a few weeks ...
In recent years, the intersection of economic openness and national security has prompted international policy development in various countries, including Norway. Concerns about vulnerabilities arising from foreign investments, particularly in security-sensitive sectors, have led to the revision of legislation and the initiation of supply chain assessments by trading partners ...
The much-anticipated judgment in the Court of Appeal case of Churchill v Merthr Tydfil County Borough Council [2023] EWCA Civ 1416 has now been handed down. The case concerns a claimant that alleges the Council allowed Japanese knotweed to spread from its land onto the claimant’s private property ...
A judgment has been handed down in the Supreme Court case of Wolverhampton City Council and others v London Gypsies and Travellers and others [2023] UKSC 47. The case considered whether the court had the jurisdiction to make injunctions against not only ‘persons unknown’, but also against unidentified and unknown persons that have not yet performed, or even threatened to perform, the acts which the injunction prohibits. Such persons are known as “newcomers” ...
Shoosmiths hosts a roundtable covering the partnerships model in the UK's living sector, as part of the UKAA’s Annual Build to Rent Conference 2023. As the UK’s residential market navigates economic challenges, including the impact of elevated interest rates and borrowing costs, many real estate businesses are now exploring partnerships ...
The timing of challenges to an expert witness’s evidence has been considered in the Supreme Court case of Tui Ltd v Griffiths [2023] UKSC 48, with judgment handed down on 29 November 2023. Although the case emanated from a holiday claim in the County Court, this Supreme Court decision is of significance to all cases where parties seek to rely on evidence from experts or witnesses of fact ...
It is highly documented that the transport sector is heavily male dominated. Indeed, reports suggest that while women account for 47% of the general UK workforce, within the transport sector women only account for 20% of the workforce and only 3% of HGV drivers in the UK. Many employers are aware of the work that needs to be done in this sector in terms of addressing and challenging behaviours, changing mindsets and creating inclusive cultures ...
Introduction The International Convention for the Prevention of Pollution from Ships (“MARPOL” or the “Convention”) was promoted by the International Maritime Organisation (“IMO”). It was adopted on the 2nd of November 1973 to tackle the menace of marine pollution by oil, chemicals, and other hazardous materials from ships through operational or accidental causes ...
IF YOU WANT TO TRADE IN AFRICA If you are interested in trading in Africa, this is a wake-up call! Enforcement of Competition law and policy has revved up several gears on the Continent, as delineated by the recent commencement of investigations by the Common Markets for Eastern and Southern Africa (“COMESA”) Commission into a suspected violation of the COMESA Competition Regulations by Pay TV Companies and the conclusion of investigations into “misleading and unconscionable
Introduction Block exemption regulations (BER) for liner shipping companies have been in place in one form or another since 1986, originally as «Conference» BER, and since 2008 as «Consortia» BER. With the discontinuation, the liner shipping segment joins other shipping segments as fully subject to the competition rules in the EU, including the prohibition against anti-competitive cooperation under Article 101 TFEU ...
Convening Scheme Meetings: Cayman Islands Court in China Aoyuan confirms the applicable principles Introduction The first stage in any restructuring by way of a scheme of arrangement in the Cayman Islands involves meetings of such classes of creditors or shareholders (as the case may be) to consider, and if thought fit, approve the terms of the scheme. An application to Court is required for orders to be granted for convening such meetings ...
Changes to Stamp Duty, LTT & EPTT in Jersey Increase to the first-time buyer threshold The Law provides a welcome amendment to first time buyer stamp duty rates (and equivalent land taxes such as land transactions tax (LTT) in respect of share transfer properties and enveloped property transactions tax (EPTT)), with the maximum purchase price threshold for first-time buyers increasing from £500,000 to £700,000 ...
Many charities occupy property, whether as offices, shops or for other charitable purposes from hospices to food banks ...
On December 21st, 2023, the Chilean Congress approved the bill that modifies Law No. 21,420, which amended the Mining Code as of January 1st, 2024; the Mining Code; the Constitutional Organic Law on Mining Concessions; and the law that creates the National Geology and Mining Service (the “Bill”). Main amendments introduced by the Bill 1 ...
On the 1st of August 2023, Bill No. 63 entitled the Air Navigation Act (hereinafter referred to as the “Act”) was published in the Supplement to the Government Gazette. The proposed Act has reached the stage of the Third Reading and shall repeal the Civil Aviation (Air Operators’ Certificates) Act (Chapter 218 of the Laws of Malta), the Air Navigation Order (Subsidiary Legislation 499 ...
The U.S. Department of State has released details on a proposed pilot program testing the agency’s ability to resume domestic visa renewals for certain nonimmigrant visa categories and to study the effect the program has on reducing visa wait times worldwide. The program will begin on January 29, 2024 and end on April 1, 2024 ...
The Norwegian real estate market in 2023 has been characterized by uncertainty regarding inflation and interest rates. The key interest rate is right now at 4.5%, which is the highest rate since the financial crisis in 2008. As a consequence of the aforementioned uncertainty, we have seen decreased investments in the real estate market in 2023 compared to recent years ...
****Dear Ladies and Gentlemen,**** We would like to update you on recent precedent-setting judgements by Russian courts in matters involving foreign businesses that decided to leave Russia. On 17 October 2023, the Arbitrazh court of Moscow city sustained the claim by Russian bank PJSC Sovkombank against Citibank N.A. (a US company) and its Russian subsidiary JSC KB Citibank concerning the joint recovery of US$24m in losses1. On 21 December 2023, an appeals court upheld the judgement ...
Another great year for the Ocean team at SVW has ended. The Shipping industry had a great year, as we have witnessed it through our clients’ engagements. More steps have been taken toward environmentally smarter investments by many clients, not only within the fuel engine options in new-building orders, but also piloting strategic joint ventures and collaborations in the fuel terminals infrastructure (hydrogen/ammonia), as well as power plants ...
January 2, 2024 By: Braeden Mansouri and Alicia Guerra The California Legislature’s laser focus on addressing the state housing crisis did not subside during the 2023 legislative session. While legislators proposed over 150 housing bills, only a fraction of those bills were approved by both chambers. Still, Governor Gavin Newsom signed 56 housing bills into law ...
Shoosmiths' Living sector co-heads, Judy Fawcett, Kathryn Jump and Lisa Tye examine what 2024 might bring for the UK’s residential landscape. The Levelling-Up and Regeneration Act 2023 (LURA) is set to reshape the planning system and wider residential landscape in 2024. The Act introduces significant changes to the planning system, hinting at a shift toward centralised decision-making in the planning process – impacting all areas of the UK’s living sector ...
Shoosmiths' Judy Fawcett reflects on a roundtable the firm hosted in November 2023 - examining the partnerships model and the role it plays as part of the UK's living sector. “That’s the way we look at doing business. It is creating that partnership, relationship, that trust. And, hopefully that works both ways,” said Gwynn Thomson, investment director at Sigma Capital Group, during a roundtable Shoosmiths hosted in November 2023 ...
The current exposure in the EU investment fund sector to the risks in real estate markets has been the subject of a recent publication, dated 10th January 2024, which was issued by the European Securities and Markets Authority (“ESMA”) as part of its ongoing Trends, Risks and Vulnerabilities (“TRV”) risk analysis ...
