The Channel Islands Stock Exchange (“CISX”), which is based in Guernsey, commenced operations in October 1998, since when it has approved over 4,000 securities for listing with a total market capitalisation of over US$50 billion. Some of the strengths of the CISX are competitive pricing, responsive and approachable market authority that meets daily to consider its applications for listings, a highly personalised approach, international standards of issuer regulation, enhanced marketability and added value service, as well as a premier location. This Factsheet summarises some of the important factors when considering listing Eurobonds on the CISX, CSX or LuxSE.

This guide outlines the legal and regulatory issues related to the carrying on of administration business in or from within Jersey. This is intended as a general guide, however, specific reference to fund structures is included.

This guide outlines the legal issues related to the appointment of a nominee director, subsequent to nomination pursuant to a shareholders agreement or otherwise, and the extent to which such director may be regarded as subject to the wishes of the nominator in addition to or in the place of his fiduciary duties.

This guide outlines the legal and regulatory issues related to the carrying on of investment advisory or management business in or from within Jersey. This is intended as a general guide, however, specific reference to fund structures is included.

Bonds may be issued by a company (“SPV”) to investors with the purpose of raising capital for the specific purpose of hedging the SPV exposure to a risk of a third party which has been assumed by the SPV. Historically, bonds which were issued by an SPV to hedge against exposure to the risk of a third party in relation to a natural disaster, became known as catastrophe bonds. This term now refers to a bond issued to hedge against almost any risk assumed in relation to a third party, including credit default risk. The assumption of risk by the SPV to the third party may be in the form of an insurance, reinsurance or other contract entered into with the third party. The SPV usually pays a high rate of return to catastrophe bondholders, mainly funded by the premium received on the contract with the third party. However, in the event of the catastrophe occurring, the bondholders typically lose their money and the capital of the bonds is used to pay the third party. Given its ability to establish a bridge between the capital markets and insurance/reinsurance markets, an SPV is also sometimes referred to as a transformer. This briefing note provides more information on the subject.

In addition to the option of creating a ‘standard’ partnership via a partnership agreement under Jersey customary law, Jersey has four statutorily recognised types of partnership. This briefing note outlines the four statutory types of partnership.

Open Market properties are freely available for purchase or rent and occupation by anyone with the right of abode in the UK or other EU member state and are generally lived in by those who are unable to obtain a Housing Licence to live in a local market property. In this factsheet we explain how it all works.

Imminent UK tax changes will affect offshore companies holding high value residential property. If your client structure holds high value UK residential property through an offshore company these new UK rules are relevant to you. This checklist is specifically designed for structures in which the UK property is held in a company with an overlying trust. If the structure differs from that model then other relevant considerations will apply.

Imminent UK tax changes will affect offshore companies holding high value residential property. If your client structure holds high value UK residential property through an offshore company these new UK rules are relevant to you. This checklist is specifically designed for structures in which the UK property is held in a company with an overlying trust. If the structure differs from that model then other relevant considerations will apply.

The Jersey Financial Services Commission has recently introduced Codes of Practice for Certified Funds which enhance the framework for the regulation of funds under the Collective Investment Funds (Jersey) Law 1988. The Codes apply to all Uncertified Funds. This includes any fund structured as an open-ended unclassified collective investment fund offered to the general public, an Expert Fund and a Listed Fund and also includes closed-ended funds offered to the public, but excludes any non-Jersey fund; recognized fund; unregulated fund; and private fund. The Codes have been introduced by the JFSC for the stated purpose of establishing sound principles and providing practical guidance in respect of any Certified Fund and any provision of the Law or any regulations or orders made under the Law.

As it currently stands, different legislative regimes apply to the content of a prospectus issued by a Jersey Certified Fund, depending on the Certified Fund’s legal form and whether or not it is open or closed ended. The current legislation is contained in the Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey)(Order) 1995 and the Companies (General Provisions) (Jersey) Order 2002. Whilst generally fit for purpose, these two orders are now dated and do not provide sufficient regulatory oversight or ease of use for modern funds practice. Accordingly, a new prospectus order has been made, entitled the Collective Investment Funds (Certified Funds – Prospectuses) (Jersey) Order 2012. The CFPO will come into force on 17 November 2012 and will replace the UFPO and the CGPO. The UFPO will be revoked, and the CGPO will cease to apply to Certified Funds.

What assets does the grant cover? In principle, the Grant only authorises the deceased’s Executor or Administrator to deal with the deceased’s Personal Estate. In Guernsey, Real Estate does not require an Executor and a Will of Realty would never appoint one.

Funds which will be made available to a restricted circle of persons, in particular no more than fifty persons, and will not be listed on a stock exchange within one year, are treated as private funds in Jersey (“Private Funds”).

Islam is the second largest and fastest growing religion in the world. When protecting and preserving his wealth, the client must, with professional advice, take into account not only the various tax liabilities of his country of residence but also the likely impact of any forced heirship provisions. This factsheet outlines how foundations or trusts can be successfully tailored to form an important part of a client’s strategy for safeguarding asset(s) while complying with Sharia law.