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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.