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| Guernsey Outlines 2012 Financial Sector Agenda |
by Jason Gorringe, Tax-News.com, London
Wednesday, January 25, 2012
Guernsey's Commerce and Employment Department has outlined its agenda for the
forthcoming year, which includes concluding legislative programs to allow for
the creation of Limited Liability Partnerships, Limited Partnerships and Foundations
in Guernsey.
Legislation to introduce the foundation corporate form has been drafted and has
been subject to public consultation. Legislation is expected to be tabled before the
States of Guernsey, the island's legislative assembly, in Q1 of 2012. Legislation
for the introduction of the limited partnership form is currently being drafted,
the Department's annual report says.
Other items include amendments to the Companies Law, 2008, and the continuation of the review
of Guernsey's arbitration law by two international experts, with a
consultation to be launched on latter.
Guernsey will also review the impact of a number of emerging EU directives
which will have a third country impact on the jurisdiction, such as the Markets in Financial
Instruments Directive.
The Financial Sector Development Unit is to continue its work with the Finance Sector Group
in its mandate of scrutinizing finance sector policies and developing
new legislation during 2012.
Developments are also proposed for the Guernsey Companies Register, including enhancements
to the online portal.
Guernsey will also make comprehensive changes to the island's intellectual
property framework, including the implementation of image rights; increased
publicity of Guernsey's compliance with the Agreement on Trade Related Aspects of Intellectual Property Rights; extension of the Berne convention
for the removal of copyright exceptions for clubs, charities and societies,
consistent with UK policy; and extension of the Paris convention to cover patents
and biotechnological inventions.
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