Jersey Private Placement Funds
By Linda Inman, Volaw Trust & Corporate Services Ltd.
The Jersey Private Placement Fund Guide (the "Guide") was issued by the Jersey Financial Services Commission (the "Commission") on 26 January 2012. A Private Placement Fund ("PPF") satisfying the Guide's conditions brings a number of advantages – it removes the Commission's traditional "promoter test" (which sets out detailed criteria against which the Commission vets new promoters of funds), making it much simpler for new and existing promoters to establish funds in Jersey; it offers a streamlined 72-hour authorisation process for the approval of funds which meet the Guide's criteria, and it provides certainty in relation to the contents of the offering document ("PPM") requirements.
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By Linda Inman, Volaw Trust & Corporate Services Ltd.
The Jersey Private Placement Fund Guide (the "Guide") was issued by the Jersey Financial Services Commission (the "Commission") on 26 January 2012. A Private Placement Fund ("PPF") satisfying the Guide's conditions brings a number of advantages – it removes the Commission's traditional "promoter test" (which sets out detailed criteria against which the Commission vets new promoters of funds), making it much simpler for new and existing promoters to establish funds in Jersey; it offers a streamlined 72-hour authorisation process for the approval of funds which meet the Guide's criteria, and it provides certainty in relation to the contents of the offering document ("PPM") requirements.
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Cross-border car registration within the EU to be simplified
On average, it currently takes five weeks and costs about EUR 400 to reregister a car registered in a EU country in another member state. If the proposal of the EU Commission is followed, this procedure will get faster, easier, and cheaper in the future.
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On average, it currently takes five weeks and costs about EUR 400 to reregister a car registered in a EU country in another member state. If the proposal of the EU Commission is followed, this procedure will get faster, easier, and cheaper in the future.
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Anti-money laundering regulations to be adjusted
The third Anti-Money Laundering Directive as a legal framework is based on standards established by the Financial Action Task Force (FATF) and states that it falls into the responsibility of the EU to protect the financial system against money laundering and terrorist financing. One of the obligations internationally agreed upon is that the EU Commission will review and appropriately adjust its legislation. In the meantime, a corresponding report has been approved by the Commission. The Commission plans to propose a fourth Anti-Money Laundering Directive this autumn, following the conclusion of the public consultation period on June 13, 2012.
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The third Anti-Money Laundering Directive as a legal framework is based on standards established by the Financial Action Task Force (FATF) and states that it falls into the responsibility of the EU to protect the financial system against money laundering and terrorist financing. One of the obligations internationally agreed upon is that the EU Commission will review and appropriately adjust its legislation. In the meantime, a corresponding report has been approved by the Commission. The Commission plans to propose a fourth Anti-Money Laundering Directive this autumn, following the conclusion of the public consultation period on June 13, 2012.
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EU Parliament in favor of common corporate tax base
On April 19, 2012, the members of the European Parliament voted in favor of the compulsory introduction of a common corporate tax base with a clear majority of 452 against 172 votes at first reading of the consultation procedure. With this decision, the Parliament goes beyond the draft legislation of the European Commission, which only provides for a voluntary system.
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On April 19, 2012, the members of the European Parliament voted in favor of the compulsory introduction of a common corporate tax base with a clear majority of 452 against 172 votes at first reading of the consultation procedure. With this decision, the Parliament goes beyond the draft legislation of the European Commission, which only provides for a voluntary system.
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