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Guernsey Outlines 2012 Financial Sector Agenda

Wednesday, January 25, 2012

Guernsey's Commerce and Employment Department has outlined its agenda for the forthcoming year, which includes concluding legislative programs to allow for the creation of Limited Liability Partnerships, Limited Partnerships and Foundations in Guernsey.

Legislation to introduce the foundation corporate form has been drafted and has been subject to public consultation. Legislation is expected to be tabled before the States of Guernsey, the island's legislative assembly, in Q1 of 2012. Legislation for the introduction of the limited partnership form is currently being drafted, the Department's annual report says.

Other items include amendments to the Companies Law, 2008, and the continuation of the review of Guernsey's arbitration law by two international experts, with a consultation to be launched on latter.

Guernsey will also review the impact of a number of emerging EU directives which will have a third country impact on the jurisdiction, such as the Markets in Financial Instruments Directive.

The Financial Sector Development Unit is to continue its work with the Finance Sector Group in its mandate of scrutinizing finance sector policies and developing new legislation during 2012.

Developments are also proposed for the Guernsey Companies Register, including enhancements to the online portal.

Guernsey will also make comprehensive changes to the island's intellectual property framework, including the implementation of image rights; increased publicity of Guernsey's compliance with the Agreement on Trade Related Aspects of Intellectual Property Rights; extension of the Berne convention for the removal of copyright exceptions for clubs, charities and societies, consistent with UK policy; and extension of the Paris convention to cover patents and biotechnological inventions.