Jersey Celebrates A Year Of Banner Progress

by Amanda Banks, Tax-News.com, London

09 May 2006

Last week in London a senior delegation of Jersey government and industry figures told the island’s 5th Annual Conference about record figures in investment and fund assets, during a series of presentations to leading finance and legal professionals.

Jersey enjoys increasing growth in specialist sectors, and the conference highlighted proposed new measures to enhance the appeal of the jurisdiction. Jersey’s Finance Industry believes it has increased its market share in fiduciary services, funds and capital markets during the last 12 months, despite increasing competition.

During the Conference, the range of speakers, including Clive Jones, Chairman and Managing Director, Citibank (Channel Islands) Limited, who spoke on behalf of the Finance Industry, announced or reaffirmed a number of new proposals including a fundamental review of how funds business is regulated to further simplify the process for registered fund services providers; a proposal for a new Super Expert Fund to be targeted at more sophisticated investors; and extensions to the range of options for incorporating companies in the Island.

In addition, delegates were updated on the recent introduction of Protected Cell Company (PCC) and the unique Incorporated Cell Company (ICC) legislation onto the statute; the proposed changes to the Island’s trust laws, which were now ready for implementation, subject to the approval of the Island’s Government; and the partnership with Cass, the City of London Business School, who are to have a presence on the Island’s multi-million pound waterfront development.

Senator Frank Walker, the Island’s Chief Minister, commented:

‘I firmly believe that in recent years Jersey has added significantly to our already strong position as a forward thinking, confident and dynamic jurisdiction with a world-wide reputation for innovation and adaptability to the needs of the market and I believe we have managed to marry those qualities with a well established reputation for stability.’

The Island’s Chief Minister, Deputy Chief Minister and Finance Minister, Economic Development Minister, and senior civil servants, joined representatives from Jersey’s Finance Industry and more than 300 London delegates at the Mermaid Conference & Events Centre, for the event entitled ‘Jersey – The Right Move in a Competitive Market’.

There was further endorsement for the Island from another of the speakers, Sue Baines, Vice President & Head of Offshore Business Development, Global Fund Services, Northern Trust. She spoke about why retaining an office acquired in Jersey has proved to be ‘the right move’ for Northern Trust.

Pierre Horsfall, CBE, Chairman of Jersey Finance Limited, which organised the Conference, described the London event as the most important conference in Jersey’s international programme. He said that business levels in Jersey had been very strong during the past 12 month with indications of increasing market share in specialist sectors.

‘There is no doubt in my mind that Jersey has changed its outlook and perspective over the past few years and today Jersey has market driven products, supported by competitive legislation and sensible regulation. We continue to review and update our products and services, regulation and legislation in order to remain competitive and most recently, we have created Industry based working groups to help manage our strategic positioning in a more commercial and proactive way.’

A new guide has also been published for business travellers visiting the Island. Entitled ‘Jersey4Business’, the guide is the result of collaboration between the two representative arms in the Island, Jersey Finance and Jersey Tourism.

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