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Jersey funds business reaches all-time high
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The value of regulated funds serviced in Jersey saw double-digit growth to reach an all-time high, while bank deposits also increased over the course of 2018, according to the latest figures from the Jersey Financial Services Commission (JFSC). Figures for the final quarter of 2018 (ending 31 December 2018) show that the net asset value of regulated funds under administration in Jersey grew 10% annually to stand at £319.9bn, the highest recorded figure to date, while the value of...
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GFSC issues revised Handbook on Countering Financial Crime and Terrorist Financing
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The Commission has issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing, following approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the States of Guernsey in December. The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring the bailiwick’s framework for combatting money laundering and terrorist financing into line with internationa...
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Appleby releases Energy & Natural Resources report
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Offshore law firm Appleby has published its latest Energy & Natural Resources report, which provides merger and acquisition insight and deal intelligence on the sector’s offshore activity in 2018. The report reveals that in total $22bn was spent on offshore energy and natural resources companies in 2018, with the 10 largest deals in the sector collectively worth $15.6bn. There were strong showings from companies incorporated across the region, notably Jersey, Hong Kong and th...
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Guernsey confirms continuity of UK market access for funds post-Brexit
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Guernsey’s financial services regulator has, like Jersey, signed a Memorandum of Understanding with the UK’s Financial Conduct Authority to ensure market access for Guernsey investment funds into the UK after Brexit. Guernsey has a market access agreement with the 28 member states of the European Union under the EU’s Alternative Investment Fund Managers Directive. The agreement was made and signed with the European Securities and Markets Authority (ESMA). Once the UK ...
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Jersey law firms merge
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Jersey law firm Steenson’s has merged with Nicholls Law. The combined practices will operate under the name Steenson Nicholls and will be led by Senior Partner David Steenson. Steenson Nicholls is a limited liability partnership, registered under the Limited Liability Partnerships (Jersey) Law 2017, and will practise from new premises in Mielles House, St Helier. Nicholls Law Partner Paul Nicholls said the merger reunites a specialist team of lawyers who all previousl...
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