The Nevis Financial Services Development and Marketing Department revealed recently that UK solicitor and barrister Stephen Jones, (who has been in charge of the drafting of the Nevis Multiform Foundations Ordinance) met with the jurisdiction's service providers late last month to discuss the use and unique features of the Nevis Multiform Foundations Ordinance.
According to the Department's latest newsletter, Mr. Jones highlighted each provision of the Ordinance and focused on role of the service providers, regulator and registrar in relation to the legislation. He also pointed out the key selling points of the Ordinance such as its management control feature and its ability to allow for transformation of a trust into a foundation and for consolidation of entities.
Mr. Jones will reportedly be returning to Nevis later this year to conduct a more in depth workshop with all service providers.
The Multiform Foundations Ordinance is currently undergoing the final stages of the drafting process, and is expected to be passed by November 1, 2004.
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