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ArticlesOzannes' lawyers from all departments regularly prepare articles for publication in a variety of legal, financial or offshore journals. Listed below are details of the various articles with links available to download the full text. All Change on RegulationIn June of this year, the Jersey Financial Services Commission (the “Commission”) issued Position Paper No. 4 in relation to amendments to regulatory legislation. The primary legislation to which this relates is the Banking Business Law (Jersey) 1991, Collective Investments Funds (Jersey) Law 1988 (the “CIF Law”), Financial Services (Jersey) Law 1998 (“FSL”) and the Insurance Business Law (Jersey) 1996 (together, the “Regulatory Laws”). 06/08/07 Relocating to GuernseyThe second largest of the Channel Islands, Guernsey consists of some 24 square miles and has a population of just over 61,000. It is at a hub of a thriving set of financial services industries and unlike its somewhat larger sister, Jersey, provides more flexible opportunities both for individuals wishing to establish residence and for companies seeking to relocate there. 06/08/07 Permanent Capital Here to StayOne of the characteristics of a permanent capital vehicle is that the proceeds, and hopefully profits, of the realisation of the fund’s investments are reinvested (instead of being returned to investors, as would normally be the case with a private equity limited partnership investment vehicle). 06/08/07 Guernsey ProfileThe Bailiwick of Guernsey comprises three main islands: Guernsey, Alderney and Sark. Alderney and Sark are dependencies of Guernsey but have certain legislative powers of their own. The Bailiwick is not part of the United Kingdom and therefore is not represented in the UK Parliament. Acts of Parliament do not apply in the Bailiwick unless extended by Order in Council. The UK Government is, however, responsible for the Bailiwick’s international representation and external defence. In the case of international representation the Bailiwick is currently seeking to enhance and increase its international profile. 17/07/07 “Dog-leg” Claims and Trustee’s Legal CostsFive recent decisions of the Royal Court of Jersey illustrate that Jersey continues to be at the cutting edge of trust law. The first relates to the so called “dog-leg” claim by beneficiaries of a trust directly against the directors of a corporate trustee. The other four decisions relate to a trustee’s entitlement to repayment of legal costs from trust assets where the trustee is a party to litigation involving the trust and is acting neutrally. 31/05/07 The growth of Investment Funds in GuernseyInvestment funds are an established but continuously growing industry in Guernsey because of the attractiveness of the territory as an offshore jurisdiction and its tax regime. Ozannes specialise in the establishment of private equity funds, fund of funds, property/real estate funds and emerging market funds, and have seen an influx of activity over the past few months. 04/05/07 Longevity Bonds. One possible solution to the Pension Funding Crisis.By David Moore, Advocate
03/05/07 Misleading Investors - The Royal Court of Jersey delivers an important judgementBy Mark Temple, Partner, Ozannes – Jersey
02/04/07 Jersey - The New European Centre for FundsAS JERSEY CONTINUES TO ENHANCE ITS REGULATORY REGIME it is becoming a leading European centre for specialist funds business. Recent figures show that the value of funds under administration in Jersey, now at a record high of £179.1bn, has risen by 30% over 2006. The hedge fund sector along, with private equity and property, has been the catalyst for much of the growth that began in 2004 when the Expert Fund Guide, the new streamlined authorisation regime for alternative investment funds, was introduced by the Jersey Financial Services Commission (JFSC). Since then, the momentum has shown no signs of slowing. In the last 12 months, expert funds registered in Jersey have more than doubled to 274, while the net asset value of such funds now stands at £29.5bn. 01/02/07 Foundations: an innovation?Like trusts, foundations have been with us since mediaeval times. The concept of a trust probably developed when crusaders handed over their estates to friends to administer until they returned from their travels and the practice evolved into a structure recognised by common law jurisdictions. The foundation arose from the practice of mediaeval patrons making endowments to charities-usually religious houses- in perpetuity and the use of the word ‘foundation’ to describe a charity or charitable purpose has survived into modern day English. However, although mediaeval English patrons may have endowed charities in the same way as their continental cousins, the foundation, as a structure with a separate legal personality, developed as a civil law concept and is recognised by many civil law systems, which do not recognise trusts. The most famous foundation is the Liechtenstein stiftung which dates from 1926 and has enabled Liechtenstein, a tiny country, to create a finance industry in the heart of Europe. The stiftung formed the basis of legislation passed in 1995 to permit the creation of foundations in Panama, which has also greatly assisted expansion in the local finance industry. Other jurisdictions have followed Liechtenstein’s lead, such as the Bahamas, and the Isle of Man, where private foundations are structured as companies limited by guarantee. 01/02/07 Film Finance: Opportunities for JerseyJersey has become a thriving base for film financing, a trend which look set to grow over the coming months. Studios are financing through the UK in greater numbers and many are choosing to use Jersey limited partnerships within their structures to maximise their UK tax reliefs. This has provided a consistent and profitable source of work for many local corporate service providers, banks and their legal advisers.
04 / 07 05 Offshore Trusts and Onshore Divorces: A growing issueDivorce proceedings are now more frequently being seen to affect trusts that were set up for such reasons as tax and inheritance planning, when disputing parties seek information or variations on existing trusts. St John Robilliard explains the current situation when matrimonial disputes involve such trusts. First published in Global Assets, July 2005 edition 02 / 07/ 05 A note on PlanningWith a new Guernsey planning law in the pipeline Roger Perrot tells us how the States of Guernsey’s Environment Department has dealt with planning issues and looks at the likely implications of the new law. First published in Lovells Open Market Brochure in July 2005 20/ 06 / 05 Corporate Governance in an Offshore Context.Paul Christopher examines how corporate governance practices now demand more from directors than in the past, particularly those involved in the offshore world. First published by Euromoney in their June 2005 “Corporate Finance” issue. 10 / 06 /05 Security Options For Guernsey Insurance TransactionsThe issue of security is a common theme in Guernsey captive arrangements. Christopher Anderson reports on some of the security options available and the legal issues arising from them. First published in the Guernsey Insurance Institute’s Newsletter, July 2005 25/ 05/ 05 Property Matters - Buying a house in GuernseyBuying a house in Guernsey can be a complicated process. Roger Perrot guides you through the various steps and factors that need to be taken to complete a property purchase. First published in 24Seven Magazine. 12 / 05/ 05 A Note on LettingThe States of Guernsey corporate housing programme was designed to provide sufficient decent and affordable housing to meet growing demand. Roger Perrot looks at the considerations to be made when letting out property and the pitfalls that may arise. First published in Swoffers Local Market Review in May 2005. 04/04/05 Guernsey as a Hedge Fund Jurisdiction.Gavin Farrell writes for the Alternative Investment Management Association (AIMA) and explains how Guernsey operates as a competitive jurisdiction for hedge funds. 16/11/04 40 Years on – Some Problems Experienced with Middle Aged TrustsSt John Robilliard looks at the problems of trusts created in the early days of the offshore industry when a very different legal climate prevailed. First published in Business Brief in November 2004. 04/04/05 Guernsey’s New Qualifying Investor Fund Regime (QIFs).The introduction of this new regulation introduced by the GFSC to further ease the requirements for fund business in Guernsey is explained by Gavin Farrell. First published in “Legal Week” Offshore feature, March 2005. 04/02/05 Guernsey as a Competitive Jurisdiction for Hedge Funds.Gavin Farrell reports on the latest news surrounding the Guernsey fund sector for Hedge Fund Manager in their Channel Islands special report. 28/01/05 Legislation Review.Benjamin Wrench looks at the recent legislative changes in Guernsey and their significance for “The Lawyer” in the first of their offshore features for 2005. 12/01/05 The Channel Islands Stock Exchange.Benjamin Wrench and Gavin Farrell discuss the recent developments regarding listing on the CISX. Fist published in “In Brief” Channel Islands feature, Jan 2005. 08/03/04 INSURANCE UPDATEChristopher Anderson looks at the revised Licensed Insurers Corporate Governance Code of Conduct (the “Code”) published by the GFSC on 4 July 2003 (the original draft was issued on 5 November 2002). This article was published in the 2004 edition of Captive Review. 12/06/03 ESTATE AGENTS BEWARE: THE CONTINUING DUTYRoger Perrot,Ozannes' senior partner looks at the recent case of John D Wood & Co (Residential and Agricultural) Ltd v Knatchbull and discusses the implications of this judgment on estate agents. 02/05/03 CORPORATE GOVERNANCE IN AN OFFSHORE CONTEXTThe role of the offshore director has in recent times come under intense scrutiny. Greg Barwick explains the key developments and the increased responsibilities now expected of today's offshore director. 18/11/02 INSURANCE - GUIDING YOU THROUGH THE STORMGiven the inclement conditions of the global insurance market it is a fitting time for Guernsey law firm Ozannes to strengthen its insurance and reinsurance capabilities. New appointee Christopher Anderson explains why. 15/11/02 SECURITISATION AND FINANCING STRUCTURESJohn Dyke, a Consultant of Ozannes, describes how Guernsey has developed in recent years as a convenient and efficient jurisdiction in which to establish offshore securitisation and other financing structures. 15/10/02 TRUSTS - A ‘FERTILE FIELD’ FOR LITIGATIONOzannes’ Senior Partner, Roger Perrot, addresses some questions on how recent legal developments – such as the Alan Stuart-Hutcheson v Spread Trustee Co Ltd. case – are affecting the trust world in Guernsey. 12/08/02 A CAREER IN CORPORATE LAWCaroline Chan, a former Head Girl, describes her career path since leaving Ladies’ College in 1984 to her position today as an associate lawyer at Ozannes, one of Guernsey's leading law firms. 16/09/02 ENFORCEMENT OF SECURITY INTEREST AGREEMENTSPeter Harwood, Head of Ozannes Corporate, and Robert Shepherd of Ozannes Litigation describe the problems of attempting to Liquidate an insolvent company. 22/09/02 LITIGATING OFFSHORERobert Shepherd of Ozannes Litigation reports on the legal system in Guernsey and how it differs to England. 19/04/02 GUERNSEY EMPLOYMENT LAW UPDATEThe Employment Protection (Guernsey) Law 1998 introduced the concept of unfair dismissal to Guernsey employment relations. Jessica Roland of Ozannes Litigation discusses the effects of this legislation. 19/04/02 The LEGAL ASPECTS OF E-BUSINESS IN GUERNSEYDavid Moore of Ozannes Corporate reviews how Guernsey has developed its E-Business capabilities and the legislation it now has in place. 20/02/02 THE LEGAL ASPECTS OF COMMERCIAL PROPERTY TRANSACTIONS IN GUERNSEYDue to the proliferation of the finance industry and the resultant increase in prosperity in the last 25 years, legal practitioners in Guernsey have been required to draft and advise on substantial and increasingly complex property transactions in the commercial field. Edward Prentice of Ozannes Property outlines the legal aspects that effect these transactions.
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