Jersey hails 'significant' interest in Foundations

The new law permits Foundations or incorporated bodies that can hold assets, transact business and sue and be sued in their own name. According to Jersey Finance, the new structures will be a "significant success" that will have long-term appeal. While similar in design to Foundations in other jurisdictions, the Jersey structure has mandatory requirements for one member on its council to be licensed as a Qualified Person by the Jersey Financial Services Commission. The Jersey Foundations must also have a ‘guardian', who has a duty to supervise the council's activities.   "It is ...