Thursday 27 October

A ruling this summer in the Jersey Court of Appeal could lead to changes in legislation in both Guernsey and Jersey. 

The decision hit both the local press with the headline "Vultures could use our court to make the poor poorer" and UK national papers with the likes of "Debt 'vultures' win right to pursue $100m claim".

Wayne Atkinson and Nin Ritchie explain more.

Thursday 27 October

The European Commission published a staff working paper on promoting social investment funds on 13 July 2011. 

The importance of "social businesses" was recognised in the Single Market Act of 13 April 2011. A "social business" is generally recognised as a business that targets social, ethical or environmental goals as its primary corporate objective and reinvests profits to maximise its ability to achieve this objective (meaning little to no profit redistribution for investors). They fall somewhere between for-profit companies and solely charitable ventures. 

This article by Brandon Doffing explains more.

Thursday 27 October

The Channel Islands cornered 25% of new launches of Islamic funds in 2010, according to recently published statistics. 

Shariah-compliant products are booming and the Channel Islands are becoming known as a preferred location for Islamic fund asset classes such as equities, money market, commodities, real estate, mixed assets and sukuk. Shariah compliant expertise, including the provision of the Shariah board, abounds in the Channel Islands.

Adrian Odell explains more.

Thursday 27 October

Guernsey's Commerce and Employment Department has issued a Consultation Paper regarding the proposed Financial Services Ombudsman Scheme for Guernsey and Jersey. 

The proposed FSO Scheme would provide an independent dispute resolution service to settle complaints between consumers and businesses providing financial services in Guernsey and Jersey with a view to providing independent redress as appropriate for that customer. For more information click here.

Thursday 27 October

We are delighted to announce that Collas Crill has appointed a new partner to its Jersey-based Corporate and Commercial team.

Mark Rawlins has considerable experience in offshore funds and corporate work, having spent the past 12 years acting for private equity funds, hedge funds and cross-border investment and finance structures.

He also has significant experience with offshore capital markets transactions and aviation financing. Mark's experience spans from start-up operations to multi-billion dollar transactions and re-structurings.

He joins our busy and expanding team in Jersey headed by Paul Wilson.

Joint managing partner Kathryn Purkis said: "We are delighted with Mark's addition to our funds and corporate department. His expertise and experience provide additional strength and depth to our investment funds services. Together with funds specialist Adrian Odell, we now have a formidable team in the investment funds market."

One client firm said of Mark: "He is not only a superb technical lawyer but also has sound judgement, a great commercial sense and can be expected to routinely come up with creative solutions to difficult problems, often spontaneously."

Mark was most recently a partner at Maples and Calder in Cayman, where he lived for nine years. He trained and worked at the London magic circle firm Linklaters and also has in-house experience, gained in his role at design and engineering firm Ove Arup.

Of his new appointment Mark said: "Collas Crill is an ambitious firm combining a strong vision and first rate culture with legal excellence. It is proudly client focused, innovative and forward looking. With the continued gravitation toward well regulated international financial centres such as Jersey and Guernsey, I am looking forward to assisting both the firm and our clients grow and prosper in these jurisdictions."

Mark is a graduate of Gonville and Caius College, Cambridge, and completed his Common Professional Exam and Law Society Finals at the College of Law in London. He was admitted as a solicitor in England and Wales in 1995 and as an attorney-at-law in the Cayman Islands in 2002.

Thursday 27 October

We've recently seen two important developments in the funds regulatory area for Jersey and an important development for Collas Crill.

The JFSC has now issued a feedback statement on Consultation Paper No.5. Consultation Paper No. 5 regarded proposals to encompass the prospectus regulations relating to closed-ended and open-ended funds into a single Order for the sake of convenience, and to extend the scope of regulation of prospectuses to all types of fund vehicle, to include unit trusts and limited partnerships.

A final version of the Order has been received from the draftsman and the intention is for the Order to be made by the Minister on 1 November 2011 and come into force on 1 May 2012.

Secondly a revised draft of the Certified Fund Codes has now been issued following on from Consultation Paper No.7. The JFSC will liaise with Jersey Finance Limited and the Jersey Funds Association on a date for introducing the Codes towards the end of 2011.