Member News

Volaw Group’s Managing Director Robert Christensen provides an update on Jersey’s funds industry’s passporting into the European Union, which has been approved by the European Securities and Markets Authority.

On 18 July 2016 the European Securities and Markets Authority (ESMA) gave its positive advice to the European Parliament, Council and Commission regarding the extension of the AIFMD passport to 12 non-EU countries including Jersey, but interestingly not the Cayman Islands or BVI. Jersey and Guernsey were among only five non-EU jurisdictions that ESMA identified as facing no significant obstacles to being able to apply the passport across the EU for marketing alternative investment funds, reinforcing the advice issued by them in July 2015.

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As the dust settles on the first full year of FATCA reporting in relation to both US and UK clients, you might expect financial institutions such as Peregrine to move on to more rewarding work, at least taking a break from the burden of dealing with the automatic tax information exchange assignments that have taken up so much time and resources over the last few years. In practice, there is no time to rest on our laurels as the next challenge is already looming large on the horizon in the form of the Common Reporting Standard (“CRS”).

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The UK electorate have spoken. The most contentious political result in recent times seems to have caught many off guard and the subsequent resignations of key advocates for both the ‘for’ and ‘against’ campaigns show that consequences of this momentous event may not have been fully recognised.

Amongst the market and political turbulence the Isle of Man is bound to the UK’s decision as a Crown Dependency (despite it not having a vote in the referendum itself). At this early stage there are still many more questions than answers but with the prospect of a second referendum looking more and more unlikely, focus has moved to the way forwards.

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A recent survey has revealed that employees from all across the age spectrum have considerable gaps in their financial knowledge. Out of over 500 respondents, more than seven in ten of people from the generation X and millennials age groups did not have an understanding of pension investments. Additionally, 49% of those surveyed said that their preferred method of receiving financial advice was face to face.

Read more: The ‘money-gap’ generation

The British electorate have now expressed their views on whether or not the UK should remain in the European Union, giving the UK government a small but decisive mandate to negotiate the UK’s exit from the EU.

Whilst it is too early to be certain of the full short-term impact of this outcome, let alone the long-term impact, the UK government will feel bound to respect the outcome of the referendum, even though it is not legally binding on the government. It is already certain that there will be major changes to the UK’s government: this morning Mr David Cameron gave notice of his intention to resign as the Prime Minister of the UK before the Conservative Party conference in October, stating that “fresh leadership” was needed.

Read more: The Brexit Referendum and Its Impact on Jersey