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Jurisdiction issues | 25
First Jersey Foundations
established
Giles Corbin, Partner and Head of the
Financial Services team, Mourant du
Feu & Jeune
O
ffshore law firm Mourant du Feu
& Jeune has established the first
two Foundation structures in
Due largely to Jersey’s reputation as
Jersey, on the first day the new
law came into force in the
Island.
a well-regulated jurisdiction and its
Giles Corbin, partner and head of the firm’s
Trusts practice, Simon Gould, partner and head ‘white list’ status, we have
of the Financial Services team, and associates
Katharine Skulski and Craig Swart advised on
experienced a flight to quality in
the establishment of the first Jersey
Foundations.
Jersey’s new Foundations law came into force
terms of the administration of trusts
on Friday 17th July, having been approved by
the Privy Council in June, making it the first
moving to the Island and we expect
Crown Dependency to offer Foundations. The
new law has been welcomed as a positive step in
affirming the Island as a leading jurisdiction for
to see a similar effect in relation to
private wealth management business.
Whilst similar in design to Foundations in Foundations
other jurisdictions, the Jersey structure has
mandatory requirements for one member on its could be considerable and we have further in Cayman, Dubai, Dublin, Guernsey, Hong
council to be licensed as a Qualified Person by Foundations in the pipeline. Kong, Jersey, London, Luxembourg, New York
the Jersey Financial Services Commission and “Due largely to Jersey’s reputation as a well- and Singapore.
for the Foundation to have a ‘guardian’, who has regulated jurisdiction and its ‘white list’ status, It employs more than 1,000 individuals
a duty to supervise the council’s activities. In we have experienced a flight to quality in terms worldwide.
addition, the flexibility of the Jersey structure of the administration of trusts moving to the Mourant is made up of two, complementary
allows it to be tailored to suit a broad range of Island and we expect to see a similar effect in divisions. Mourant du Feu & Jeune is an
needs. relation to Foundations. There are 77 pure civil offshore law firm. Operating from offices in
Giles Corbin, partner at Mourant du Feu & law jurisdictions in the world including China, Cayman, Guernsey, Jersey and London, it
Jeune, said: “Mourant du Feu & Jeune has one Denmark, France, Germany, Greece, Italy, specialises in providing offshore legal services to
of the leading trust and private client practices Japan, Luxembourg, Norway, Poland, Portugal, financial institutions, corporations, fund
in the Island and we are delighted to be Russia, Spain, Sweden, and Switzerland, so the promoters and high net worth individuals.
involved in establishing the first Foundations in fact that civil law thinkers will more readily Mourant International Finance
Jersey. There has been significant interest in recognise the concept, key features and Administration is an international provider of
Jersey Foundations for some time and this firm operational model of a Jersey Foundation fund and corporate administration services,
has seen a steady flow of enquiries and should not be lost on us.” with over $170 billion in fund assets under its
instructions over recent weeks, particularly Mourant is a multi-disciplinary, international administration. It operates from offices in
from wealthy clients in civil law jurisdictions professional services group, specialising in Cayman, Dubai, Dublin, Guernsey, Hong Kong,
where the trust concept is not readily offshore law and fund and corporate Jersey, London, Luxembourg, New York and
recognised. In fact, the potential flow of work administration. The Group currently has offices Singapore.
www.investmentinternational.com July/August 2009 Investment International
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