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Offshore Trusts Report: GuernseyGuernsey Trusts Law 2007 In September 2005, the Guernsey FSC launched a consultation with trust professionals, lawyers, accountants and regulators to: investigate the requirement for changes to enable new trust products and services to be available to the Fiduciary Sector in Guernsey; to consider the availability of competitor trust products and services from other jurisdictions; to consider marketing requirement for the Fiduciary Sector; and to make recommendations for the desired changes. The introduction of the new trust legislation in Guernsey was viewed by practioners in the field as a demonstration of the jurisdiction's adaptability and flexibility in reacting to changing market situations and conditions. The Trusts (Guernsey) Law, 2007 was designed to create a more flexible framework for the local trust industry, and to ensure that Guernsey, as a jurisdiction for the establishment and administration of fiduciary structures, remained well placed and competitive. Some of the key major changes incorporated in the new law are summarised below:
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