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Jersey To Widen Scope Of Merger Law

Thursday, January 27, 2011

The Economic Development Department has lodged regulations to benefit the finance industry by improving the merger provisions in the Jersey Companies Law.

The regulations will enable Jersey companies to merge not only with foreign companies but also foreign bodies that are incorporated outside Jersey but which are not companies subject to appropriate safeguards. The regulations will also allow Jersey companies to merge (in any combination) with other Jersey companies, ie. other bodies incorporated in Jersey, such as foundations.

At present, it is only possible to directly merge a Jersey company with another Jersey company. It is possible to merge a Jersey company with a foreign company indirectly by first bringing them into the same jurisdiction (via a continuance) and then merging them, but this procedure is more cumbersome and more costly.

Under the regulations, a merger involving only Jersey companies will be able to be carried out through the Registrar of Companies. Any proposed merger involving a body other than a Jersey company will require the consent of the Jersey Financial Services Commission, which must consider the interests of members, creditors and the public, and the reputation of Jersey. Further, proposed mergers involving insolvent companies will only be allowed if the Royal Court permits the merger on the basis that it will not be prejudicial to any creditor of any of the merging bodies.

Under the plans, the Panel on Takeovers and Mergers and the Jersey Competition Regulatory Authority will continue to carry out their respective functions in relation to mergers.

Welcoming the proposal, Economic Development Minister, Alan Maclean, said: “In an increasingly globalized world, more and more business is conducted across national borders and there has been a growing demand for Jersey companies to be able to merge directly with a wider range of bodies. These regulations will strengthen the competitiveness of the Jersey company, one of the key tools used by the finance industry in the island, which will help to maintain Jersey’s position as one of the most progressive jurisdictions in the world."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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