Guernsey investment funds update - Q4 2023 Changes to the requirements for individuals acting as a director As noted in our previous update, on 8 July 2023 new regulations to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) came into operation, introducing additional exemptions from the need to obtain a personal licence pursuant to the Fiduciaries Law ...
Jersey investment funds update - Q4 2023 FSJL - Changes to investment business On 31 October 2023, two amendments to the definition of “investment business” (as set out in article 2(2) of the Financial Services (Jersey) Law 1998 (“FSJL”)) came into force. The amendments have been discussed extensively over the last few years via numerous consultations with industry ...
On November 30, 2023, the Financial Market Commission ("FMC") issued Exempt Resolution No. 9077 (the "Resolution") which agreed to modify the category of transactions "expressed" in foreign currency, to also include those "in" foreign currency, which will be renamed as "transactions in foreign currency and expressed in foreign currency" ...
Carey Olsen named Channel Islands Law Firm of the Year at WealthBriefing Awards Independently evaluated by expert panels, these awards celebrate outstanding achievements in the wealth management sector within the Channel Islands. The awards encompass various categories, highlighting excellence among individuals, teams, products, and services catering to wealth managers, clients, and institutions of diverse sizes and types ...
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 ...
SyCipLaw's Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2023. Please read the full texthereor via thislink. The SyCipLaw T.I.P.S - International Edition covers the following tax issues: 1 ...
Carey Olsen's FinTech practice ranked Band 1 in Chambers 2024 Guide Carey Olsen Bermuda has advanced two positions to secure its Band 1 ranking, just six years after the office opened. The team has been commended by clients as "really knowledgeable in Bermuda law and very responsive on time-sensitive matters" ...
In the guide, Chambers notes that Simonsen Vogt Wiig is a highly respected firm in Norway with significant expertise in payments law. The firm acts for large banks and start-ups on corporate matters, regulatory compliance, data privacy and cryptocurrency issues. It has further capability in intellectual property and crowdfunding ...
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 ...
Channel Island Wills for non-Jersey domiciliaries Do I need a Channel Island Will? It is not essential for you to have a separate Will to cover your Channel Island assets especially if you already have a validly executed Will which covers your entire estate, including Jersey and Guernsey, and which is validly executed. However, there are certain benefits to having a separate Channel Island Will in place ...
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 ...
Jersey fast-track procedure to obtain Jersey grant In order to obtain a Jersey Grant, we will require the following: The original or a Court sealed and certified copy of the British Grant and Will (if the deceased left a Will). If sending copy documents, please do ensure that both the Will and Grant are separately certified by the Court that issued the original and that each page bears the Court’s seal. A certified copy of the death certificate ...
Probate and estate administration for non-Jersey domiciliaries Why do I need a Jersey grant of representation? Jersey is an independent legal jurisdiction for estate administration purposes ...
Wills for Jersey residents What is a Will? Jersey law treats movable and immovable assets differently for succession purposes, therefore we need to consider them separately when looking at your estate planning needs. Movable assets include things such as bank accounts, jewellery, furniture, cars, life insurance proceeds and shares (including shares in a property holding company entitling the owner to occupy a share transfer apartment) ...
Law firms periodically receive requests for advice from CPAs regarding a client’s need to come into compliance with the relatively new and sometimes confusing “economic nexus” or “Wayfair” rules for selling goods or providing services to customers in another state ...
Most founders are familiar with Section 1202 of the Internal Revenue Code, which provides a tax exemption for the sale of Qualified Small Business Stock (QSBS). Less well known is Section 1202's cousin, Section 1045, which provides certain tax benefits for a "rollover" of proceeds from the sale of QSBS into replacement QSBS. The basic rules are as follows: The original QSBS must be owned for at least 6 months prior to its sale ...
Bringing together leading developers, agents, operators, design specialists, as well as policy and legal experts, Shoosmiths hosts a roundtable discussion on meeting the real estate demands of the UK’s life sciences sector ...
The recent Autumn Statement contained little support for charities as the sector continues to face increased demand, higher costs and reduced funding ...
Please note the following press release. This press release is available at our homepage. Heuking advises shareholders of DigiComm Group on sale to AddSecure Group A team led by Dr. Michael Sörgel, Partner at Heuking’s Düsseldorf office, legally advised the shareholders of DigiComm Group on the sale of DigiComm Group to Sweden’s AddSecure Group ...
Since the enactment of the statutory donor-advised fund (“DAF”) rules under the Pension Protection Act of 2006, sponsoring organizations that manage DAF programs have relied on the Internal Revenue Code (“IRC” or the “Code”) and certain limited administrative guidance to structure and operate DAFs ...
The Probate (Amendment) (Jersey) Law 2023 came into force on 27 October 2023 and has introduced some flexibility for the management of a deceased person's movable (personal) property. Small estates exemption The main change is to the exception for small estates. Under the previous regime it was necessary for someone to apply a grant of probate/letters of administration (a "grant") if a deceased person died leaving any movable property in Jersey of any value whatsoever ...
This briefing summarises the types of company available under Jersey law, the main steps involved in incorporating a Jersey company and some related points. We would be pleased to provide further information on company incorporations and on the purposes for which Jersey companies can be used. There is a range of briefing notes on our website. Types of Jersey company The key governing legislation in Jersey is the Companies (Jersey) Law 1991, as amended (the “CJL”) ...
Given the current economic climate, many employers are reformulating their businesses or are aiming to cut costs, which may give rise to more cases of proposed redundancies. We discuss how affected employees can best navigate these uncertain times. A redundancy situation is rarely welcomed by both employers and employees; they can represent financial hardship, both for employers struggling with profitability, and the inevitable direct impact on individual employees and their families ...
