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Designation of Recognized Enitities under Foundations (Mergers) (Jersey) Regulations 2009.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made 30 November 2009 regarding: Designation of Recognized Enitities under Foundations (Mergers) (Jersey) Regulations 2009.

Decision Reference:   MD-E-2009-0214 

Decision Summary Title :

Designation of Recognized Entities under Foundations (Mergers) (Jersey) Regulations 2009

Date of Decision Summary:

27 November 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Designation of Recognized Entities under Foundations (Mergers) (Jersey) Regulations 2009

Date of Written Report:

27 November 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Designation of Recognized Entities under Foundations (Mergers) (Jersey) Regulations 2009

(“the Regulations”).

Decision(s):  

The Minister designated Recognized Entities as per the attached Notice and directed the Notice to be published on the States web-site and Jersey Evening Post Gazette.

Reason(s) for Decision: 

The Regulations provide for recognized entities, as designated by the Minister for Economic Development, to merge with Jersey foundations.  The bodies listed in the Notice are considered to be similar in nature to Jersey foundations and therefore appropriate vehicles for merger.

This list has been subject to consultation with industry through Jersey Finance Limited, which supports the designation.

Resource Implications: 

There are no measurable financial or manpower costs for the States.  The Jersey Financial Services Commission and the Registrar will have costs associated with considering proposed mergers for approval but these costs will be passed on to those seeking the merger.  Overall, the measures will be revenue positive.

Action required: 

The Notice to be published on the States web-site and Jersey Evening Post Gazette

Signature:  Senator A.J.H.Maclean  
 

Position:  Minister for Economic Development

Date Signed: 
 

Date of Decision (If different from Date Signed): 

Designation of Recognized Enitities under Foundations (Mergers) (Jersey) Regulations 2009.

The Minister for Economic Development (“the Minister”)  

Designation of Recognized Entities under Foundations (Mergers) (Jersey) Regulations 2009  
 

1 THE ISSUE AND RECOMMENDATION  

  1. It is recommended that the Minister should designate recognized entities under Regulation 2 of the Foundations (Mergers) (Jersey) Regulations 2009 (“the Regulations”) as per the attached Notice and that the Notice should be published on the Economic Development web-site.

 

  1. FOUNDATION MERGERS

 

  1. The Regulations were adopted by the States on 17 November 2009 under the Foundations (Jersey) Law 2009 and came into force immediately.  The Regulations provide how foundations may merge and continue as a single foundation.  They also provide how a foundation and a recognized entity incorporated or established outside Jersey may merge and continue either as a foundation incorporated in Jersey or as a recognized entity incorporated or established outside Jersey.
  2. The concept of “recognized entities” is used in the Regulations to specify which overseas entities are within the scope of the Regulations, i.e. a Jersey foundation may merge with a recognized entity and a recognized entity may merge with a foundation.  Regulation 2 provides for the Minister to designate these entities.  The bodies listed in the Notice are considered to be similar in nature to Jersey foundations and therefore appropriate vehicles for merger.
  3. This list of recognized entities set out in the Notice has been subject to consultation with industry through Jersey Finance Limited, which supports the designation.

 

  1. RECOMMENDATION

 

3.1 It is recommended that the Minister should designate recognized entities under Regulation 2 of the Regulations as per the attached Notice and that the Notice should be published on the Economic Development web-site. 
 
 

Finance Industry Development Executive

27 November 2009

 

Economic Development Department

NOTICE

In accordance with Regulation 2 of the Foundations (Mergers) (Jersey) Regulations 2009, the Minister for Economic Development has designated the following classes of body corporate to be recognized entities for the purpose of those Regulations:

  • Panama Private Interest Foundations,
  • Bahamas Foundations,
  • Liechtenstein Stiftungs,
  • Liechtenstein Anstalts,
  • St Kitts Foundations,
  • Nevis Multiform Foundations, and
  • Malta Private Foundations.

 

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