Seychelles: The Seychelles’ Foundations Act 2009 – Another jurisdiction which has recently entered into the foundations market is the Seychelles, which enacted the Foundations Act 2009 (the “Act”) in December of that year. We have briefly considered below certain key aspects of the Seychelles’ law which differentiate it from some of the other offshore offerings […]

The Foundations Law provides that every foundation must have a council and one member of the council must be a “qualified person”. ‘Qualified person’ is defined in the Foundations Law as a person registered under the Financial Services (Jersey) Law 1998 (the “Financial Services Law”) to carry on trust company business that permits a person […]

Confusion as French trust law filing date approaches – Financial advisers in France report that a state of confusion exists in fiduciary companies and… ‘French mini-FATCA’ fears as France goes after trusts – Tax experts who have been studying France’s new tax regime for wealthy individuals are likening… Financial advisers in France report that a […]

Changes to Jersey’s trusts law are good news for the industry. Jersey has made changes to its trust law which will come into force later in 2012. The changes will further enhance Jersey’s reputation amongst wealthy families and their advisors and for trust professionals, it also provides practical solutions to some challenges the industry has […]

TCB ON-SITE EXAMINATION PROGRAMME FINDINGS 2011 – SUMMARY FINDINGS – During 2011, the Jersey Financial Services Commission (the “Commission”) continued its programme of on-site examinations (“examinations”) as part of its supervision of trust company businesses. The purpose of an on-site examination is to assess a business in terms of its performance against the legislative and […]

The Financial Services Authority (FSA) has been carrying out an investigation into Johnny Cameron, former Executive Director of The Royal Bank of Scotland Group plc (RBS) and former Chairman of Global Markets. Following this investigation Cameron has agreed to settle with the FSA on the basis that he has undertaken to the FSA that he […]

“I am in trouble, please, send me money,” hackers swindle people trouble – “I have been robbed at the airport in London, please, send me 1,450 pounds to get back home!,” reads an e-mail which was sent to over 400 friends of the chair of the Center of NGOs in the town of Razgrad Georgi […]

Dalemont v Senatorov and Others [2012] JRC 044A, The implications of Dalemont are concerning. The court described the paralysis of Helios Investments Foundation as unacceptable, yet it was permitted by law. In light of Dalemont service providers would be prudent to review their current arrangements in detail and, if concerned, seek legal advice. The Foundations […]