Latest updates

Astral projections: Cayman Islands STAR trusts
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 06 December 2018

The Special Trusts (Alternative Regime) (STAR) Law introduced so-called 'STAR trusts' into Cayman Islands law to overcome some of the difficulties arising from more conventional offshore trusts. One of the most challenging aspects of establishing a STAR trust is the drafting of the purposes for which it is established. While the STAR Law contains rules to prevent STAR trusts from failing (eg, failure resulting from object and beneficiary uncertainty), there are a number of traps for the unwary.

Company demergers: a guide to the new regime
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 01 November 2018

The recently enacted Companies (Demerger) (Jersey) Regulations introduce a new demerger regime for Jersey companies. The new regime will be of particular interest to those who use, or are considering using, Jersey companies in their structures. It makes the use of a Jersey company more flexible and has a range of potential uses, including implementing a pre-sale reorganisation.

Company demergers: a guide to the new regime
  • Corporate Finance/M&A
  • Jersey
  • 31 October 2018

The recently enacted Companies (Demerger) (Jersey) Regulations introduce a new demerger regime for Jersey companies. The new regime will be of particular interest to those who use, or are considering using, Jersey companies in their structures. It makes the use of a Jersey company more flexible and has a range of potential uses, including implementing a pre-sale reorganisation.

Guernsey Green Fund – environmentally friendly wrapper
  • Environment & Climate Change
  • Guernsey
  • 29 October 2018

The Guernsey Financial Services Commission recently introduced the Guernsey Green Fund designation to provide investment managers with an opportunity to "assure investors that their investments are contributing to initiatives that have a positive environmental impact on the planet and in so doing inspire confidence that their investments are well regulated". The designation is available to registered and authorised schemes run in accordance with the Guernsey Green Fund Rules.

Guernsey Green Fund – environmentally friendly wrapper
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 25 October 2018

The Guernsey Financial Services Commission recently introduced the Guernsey Green Fund designation to provide investment managers with an opportunity to "assure investors that their investments are contributing to initiatives that have a positive environmental impact on the planet and in so doing inspire confidence that their investments are well regulated". The designation is available to registered and authorised schemes run in accordance with the Guernsey Green Fund Rules.

Cayman Islands foundation companies at a glance
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 25 October 2018

Foundation companies are a unique structuring option in the Cayman Islands for wealth planning and also serve as holding and special purpose vehicles for commercial transactions and cryptocurrency offerings. Although a foundation company may be used as an alternative to a Cayman trust, a number of features specific to Cayman trust law have been incorporated into the foundation company vehicle which should prove beneficial to investors and private clients.

How Guernsey is benefiting from global M&A boom
  • Corporate Finance/M&A
  • Guernsey
  • 24 October 2018

A variety of factors are fuelling a sustained boom in M&A activity around the world, including a number of mega-deals across a variety of sectors. Irrespective of deal size, a wide range of positive factors has driven deal volume. All of this is good news for the financial services community in Guernsey, which is seeing significant growth in work as a result – not least law firms with experienced M&A teams.

Company demergers: a guide to the new regime
  • Corporate Finance/M&A
  • Jersey
  • 24 October 2018

Structuring ICOs in the Cayman Islands
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 18 October 2018

The Cayman Islands has become a popular choice for many businesses conducting initial coin offerings (ICOs) due to its tax neutrality, its reputation as a pre-eminent jurisdiction for investment funds and its securities law regime, which is generally more permissive than those of other jurisdictions. However, before any steps towards conducting an ICO are taken, it is critical that comprehensive legal and tax advice is obtained for each business before any token is sold or any entity is formed.

How Guernsey is benefiting from global M&A boom
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 18 October 2018

A variety of factors are fuelling a sustained boom in M&A activity around the world, including a number of mega-deals across a variety of sectors. Irrespective of deal size, a wide range of positive factors has driven deal volume. All of this is good news for the financial services community in Guernsey, which is seeing significant growth in work as a result – not least law firms with experienced M&A teams.

Grand Court examines master-feeder redemption procedures
  • Litigation
  • Cayman Islands
  • 16 October 2018

A recent Grand Court decision is significant for Cayman master-feeder fund structures. Funds and their advisers should review the redemption provisions in master fund articles of association and partnership agreements to ensure that, operationally, redemptions are being effected in accordance with such documents.

Grand Court examines master-feeder redemption procedures
Ogier
  • Private Client & Offshore Services
  • Cayman Islands
  • 11 October 2018

A recent Grand Court decision is significant for Cayman master-feeder fund structures. Funds and their advisers should review the redemption provisions in master fund articles of association and partnership agreements to ensure that, operationally, redemptions are being effected in accordance with such documents.

Jersey limited partnerships
  • Company & Commercial
  • Jersey
  • 08 October 2018

Limited partnerships in Jersey are governed by the Limited Partnerships (Jersey) Law 1994, as amended. The main feature of limited partnerships, as the name suggests, is the limited liability afforded to the limited partners. In addition, the law is highly flexible, such that the partners in a Jersey limited partnership are free to agree the terms attaching to the structure and operation of the partnership between them. For this reason, Jersey limited partnerships are popular vehicles.

Plans for Guernsey deposit protection scheme to be laid out before end of 2018
  • Real Estate
  • Guernsey
  • 05 October 2018

The Office for the Environment and Infrastructure recently announced that a new deposit protection scheme will be planned before the end of 2018. The announcement follows news that a local estate agent has ceased trading, leaving some tenants and landlords uncertain of their position with regard to rents and deposits that were being held by that agent. The proposal is likely to be that Guernsey should introduce a similar, if not identical, scheme to that already in place in Jersey.

Jersey limited partnerships
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 04 October 2018

Limited partnerships in Jersey are governed by the Limited Partnerships (Jersey) Law 1994, as amended. The main feature of limited partnerships, as the name suggests, is the limited liability afforded to the limited partners. In addition, the law is highly flexible, such that the partners in a Jersey limited partnership are free to agree the terms attaching to the structure and operation of the partnership between them. For this reason, Jersey limited partnerships are popular vehicles.

Plans for Guernsey deposit protection scheme to be laid out before end of 2018
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 04 October 2018

The Office for the Environment and Infrastructure recently announced that a new deposit protection scheme will be planned before the end of 2018. The announcement follows news that a local estate agent has ceased trading, leaving some tenants and landlords uncertain of their position with regard to rents and deposits that were being held by that agent. The proposal is likely to be that Guernsey should introduce a similar, if not identical, scheme to that already in place in Jersey.

New law enables valid execution of will when person cannot physically sign their name
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 23 August 2018

The Signing of Instruments (Miscellaneous Provisions) Jersey Law 2018 was recently passed to enable people to validly execute legal documents (eg, a will or power of attorney) when they are physically incapable of signing their name. It brings about the much-needed change in law that was brought to light in 2015, when a local resident passed away after a paralysis of his hands had rendered him physically – but not mentally – incapable of signing a will.

Guernsey Court of Appeal provides avenue of escape to tax advisers and trustees
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 23 August 2018

The Guernsey Court of Appeal recently handed down its long-awaited judgment in M v St Anne's Trustees. On appeal, neither party had challenged the Guernsey Royal Court's decision that Guernsey law should follow Pitt v Holt. Instead, they had focused on arguing that there had been a breach of fiduciary duty and that the Royal Court should have exercised its discretion to grant relief.

Refusal of consent under AML reporting regime: Royal Court weighs in
  • White Collar Crime
  • Guernsey
  • 20 August 2018

The Financial Intelligence Service's recent refusal to consent to a proposed transaction under Guernsey's anti-money laundering reporting regime has resulted in the Royal Court deciding its first private law action between the person claiming the asset and the financial institution holding it. The decision clarifies the legal framework for determining the source of funds, which will be highly relevant to all regulated entities in Guernsey.

Refusal of consent under AML reporting regime: Royal Court weighs in
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 16 August 2018

The Financial Intelligence Service's recent refusal to consent to a proposed transaction under Guernsey's anti-money laundering reporting regime has resulted in the Royal Court deciding its first private law action between the person claiming the asset and the financial institution holding it. The decision clarifies the legal framework for determining the source of funds, which will be highly relevant to all regulated entities in Guernsey.