Trust Essentials - July 2017

FURBS and firewalls (In the matter of the A Limited FURBS and the B EBT)

For the first time, a Guernsey trustee has sought advice from the Royal Court over whether it should submit to the jurisdiction of a foreign court – notwithstanding the firewall provisions of the island's trusts law. The case concerns a retirement scheme and English divorce proceedings, and the Royal Court's decision adds important clarity to an interesting area of law, with implications for both trusts practitioners and matrimonial lawyers. Dispute Resolution partner Advocate Mathew Newman explains the practical lessons arising from the case. Read more here

Scope and obligations - Cayman's new beneficial ownership regime begins

The Cayman Islands beneficial ownership scheme is now in force, creating new obligations for in-scope companies – and although trusts themselves, fall out-of-scope, they may still be registrable persons.

Close attention has been paid in the build up to the law's enactment on the specific exemptions for Managed Entities and Subsidiaries, and the new rules demand ongoing analysis beyond the initial reporting obligation.

Cayman partner Anthony Partridge from Ogier's Private Client and Trusts team has advised extensively on the new regime, and in this piece he recaps the implications and the obligations for professionals in the trusts sector. Read more here

Ownership and control - Jersey's deadline passes, what happens next?

The deadline for submitting information about the beneficial ownership and control of all Jersey registered companies, limited partnerships and limited liability partnerships has now passed – all C17S forms (or equivalent, depending upon the entity) needed to be filed with the Jersey Financial Services Commission by midnight on 30 June. Post this deadline there is also an ongoing obligation to file a C17A upon any change in beneficial ownership and control for all such legal entities. For many structures the analysis and completion of the C17S (or equivalent depending on the Entity) was straight forward and this will also be the case for the completion of the C17A on any change in beneficial ownership and control going forward. However, for other structures the position may be more complex, requiring an analysis of the factual position relating to controllers and positions held.

In this briefing, Jersey partner James Campbell from Ogier's Private Client and Trusts team explores the new requirements with regard to Beneficial...