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Jersey Trusts Law amendments come into force

Amendments to Jersey's Trusts Law were approved by the Privy Council and became statute on 2 October 2006. The amendments, which followed last year’s comprehensive review of the Trusts (Jersey) Law 1984, are designed to respond to developments in other jurisdictions and maintain Jersey’s international competitiveness.

The amendments include the introduction of powers to provide greater statutory certainty as to the level of control and influence a settlor may exercise, in appropriate circumstances, over the ongoing administration of assets placed into trust.

The powers that may be reserved by the settlor will include the power to appoint and remove trustees, to amend or revoke the terms of the trust and to appoint or remove an investment manager or investment adviser

The amendments also permit a trustee to delegate any of his or her trusts or powers if permitted by the terms of the trust.

Other amendments include conflict of law provisions which will mean that the validity of a trust governed by Jersey law will not be affected by any rights conferred on anyone under a foreign law, and a proposal that will remove the existing automatic “personal guarantor” provisions for directors of corporate trustees, making it more attractive to establish private trust companies in Jersey.

Jersey Finance Director of Marketing Beverley Le Cuirot said: "The changes brought in under the Amendment No. 4 Law are the most significant since the Trusts (Jersey) Law came into force in 1984. The purpose is to clarify and enhance the existing Law, and to bring greater certainty to key questions concerning the validity of Jersey Trusts and the powers that may be retained by the settlor of a Jersey Trust.

"In addition, the Amendment will remove a number of provisions in the principal Law which were perceived by some practitioners as limiting the attractiveness of Jersey as a centre for very high net worth private family trust business.”

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