Trust laws are expected to be overhauled within the next 18 months as part of an ongoing drive to ma...
Trust laws are expected to be overhauled within the next 18 months as part of an ongoing drive to make Jersey more attractive to investors.
International Investment has been told that high-level discussions between senior officials are due to take place over the summer months.
And the aim is to shake-up outdated policies to make sure institutions don't lose patience and take their money elsewhere.
One source described it as a "spring cleaning" of the laws. "We have meetings lined up over the summer months," he said. "It's hoped that changes could come into effect some time next year."
A working party from the Law Society of Jersey has been analysing the current documentation sporadically for the past two years to see where improvements can be made.
Their findings will be presented to the Jersey Financial Services Commission and discussions will then be held between the two over the course of the summer.
These proposed changes to the trust laws are the latest in a line of improvements and marketing initiatives which officials in Jersey are very keen to implement over the coming months.
By the early part of 2005 the island should have protected cell company legislation in place which could be a massive boost to firms - particularly those in fund management.
Although it's understood that the expected date of its arrival has been pushed back by a number of weeks, sources insist there are no problems and that these issues crop up with regulatory changes.
According to Nicola Davies, partner at law firm Mourant, its introduction could have a significant impact on the way many companies are structured. "It will be an important first," she said. "There are lots of applications where it can be used, particularly in capital markets. Guernsey has had a protected cell structure for a few years now."
The island is also believed to be planning to launch some marketing initiatives in both the US - which is a growing source of business - as well as South East Asia.
Other events have already been taking place across Europe and the Middle East in a bid to spread Jersey's name around the world. The message, claim officials, is that the island is the place to do business.
However, it is recognised that more work needs to be done on Jersey's internal regulatory environment to win the competition for investor affection with other major centres.
Elsewhere, Senator Frank Walker has also pledged to cut through the tangled red tape which is threatening to strangle some areas of Jersey's financial life.
"We're attacking unnecessary bureaucracy and making it easier for businesses to attract the staff they need," he said. "We also want to create a one-stop shop to make inward investment simpler and quicker."
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