Guernsey Consults On Foundations Law
Friday, April 15, 2011
Guernsey’s Commerce and Employment Department has published a consultation
document on draft legislation providing for the proposed introduction of the
foundation company form in Guernsey.
Announcing the consultation, Carla McNulty Bauer, Minister, Commerce &
Employment Department, said:
“The States have already approved in principle the introduction of foundations
in Guernsey and have directed the preparation of the necessary legislation.
The release of this consultation document is the next step in bringing this
innovative legal structure into effect. Foundations will provide the financial
services industry with a new structure that will provide greater flexibility
for its clients. This is an opportunity for the finance industry to have an
input at a key stage of the development process.”
The consultation ensures that the proposed Law will meet the needs of the
finance industry whilst also ensuring that Guernsey maintains its international
reputation as a premier jurisdiction for financial services, he said.
“Guernsey is a well regulated, transparent and co-operative jurisdiction
with a global reputation as a high quality wealth management centre. The introduction
of foundations will create a unique opportunity for Guernsey to expand into
new markets. The feedback gathered in this consultation will assist with the
fine tuning of the draft legislation to ensure that it meets the needs of the
industry,” explained Deputy McNulty Bauer.
Responses to the consultation will be accepted until May 23, 2011.