Ogier
20 Experts
3 Contributions by Ogier
PRACTICE NOTES
1. Have there been any recent developments regarding the Indonesian merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Guernsey?
Note—To verify whether notification thresholds in Guernsey and across the globe are satisfied, please refer to: Where to Notify.
Following the demerger of the Guernsey Competition and Regulatory Authority (GCRA) and the Jersey Competition Regulatory Authority on 1 July 2020, the States of Deliberation (the States) undertook a comprehensive and substantive evaluation of Guernsey’s competition framework, with particular emphasis on its merger control rules. The objective was to achieve closer alignment between Guernsey’s competition legislation and that of the European Union (EU), and to address a range of potential enhancements to the mergers and acquisitions framework flagged by the GCRA and the island’s legal profession. As a consequence of this review, the States
Competition
PRACTICE NOTES
Loan market and developments
This section offers a succinct outline of the current state of the loan markets in this jurisdiction together with any material recent developments. Lending by Jersey-domiciled banks tends to be restricted, in practice, to arrangements concerning domestic real estate or locally based businesses, and, in the private banking sphere, to global high net worth individuals across a range of transactions. In parallel, we observe significant volumes of financing provided by UK and European banks to Jersey structures that primarily hold assets situated outside Jersey, including, in particular, UK real estate.
It also summarises forthcoming legal changes and other matters that may influence the loan markets or the answers to the questions below. The Security Interests (Jersey) Law 2012, which took effect on 2 January 2014 (the SIJL), implemented comprehensive, far-reaching reforms to how security is created over intangible moveable property in
Banking & Finance
PRACTICE NOTES
Note—To check whether notification thresholds in Jersey and worldwide are satisfied, please see: Where to Notify.
1. Have there been any recent developments regarding the merger control regime in Jersey and are any updates or developments expected in the coming year? Are there any other ‘hot’ merger control issues in Jersey?
There have been no fresh amendments to the principal statute, the Competition (Jersey) Law 2005 (the Law), nor to the Competition (Mergers and Acquisitions) (Jersey) Order 2010 (the Mergers Order). On 21 February 2023, the Government of Jersey launched a public consultation, which closed on 21 April 2023, to obtain views on a series of proposals to revise and modernise Jersey’s competition framework. That exercise featured wide engagement with local stakeholders, including figures from the legal and financial professions, the telecommunications industry, and the Jersey Consumer Council. The headline proposal arising from the
Competition
4 Contributions by Ogier Experts
PRACTICE NOTES
The foundation originates in civil law and, unlike the common law trust, is a statutory construct. This Practice Note distils the regime that began in 2013. It highlights the core attributes of a Guernsey foundation and briefly covers the registration steps, the key individuals involved and their respective rights and duties, the applications of a foundation, and the relocation of an overseas foundation to Guernsey. The regulation and taxation of Guernsey foundations are also considered below...
What is a Guernsey foundation?
The Foundations (Guernsey) Law, 2012 (the Law), which took effect on 7 January 2013 (and was amended by the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the Beneficial Ownership Law) and, most recently, by the Foundations (Guernsey) (Amendment) Law, 2023, together with further changes made by ordinance and regulation), enables the creation of foundations in Guernsey. The flexibility afforded by the Law
Private Client
PRACTICE NOTES
Loan market and developments
This section offers a concise overview of the present condition of the loan markets in this jurisdiction and highlights any significant recent developments. The British Virgin Islands (BVI) does not maintain a domestic commercial lending market; financing relevant to this guide is ordinarily extended by lenders outside the BVI. In practice, a BVI borrower sources funding from major financial centres worldwide and typically draws and operates its facilities beyond the territory. At present, most lending seen in the jurisdiction originates from European, Asian and North American institutions. Historically, balance sheet lending and asset finance have been the dominant segments for the BVI, while shifting global conditions have also driven a notable rise in restructurings and work-outs...
Banking & Finance
PRACTICE NOTES
Loan market and developments
Offer a succinct summary of the current position of the loan markets in your jurisdiction and any notable recent developments. Lending by Guernsey banks is generally confined to deals concerning local real estate or other Guernsey assets held by Guernsey businesses. In practice, Guernsey financing is chiefly provided by UK and other European banks to Guernsey vehicles that own both Guernsey and non-Guernsey situs assets, including UK property.
Provide a short outline of any impending legal changes or other factors that may influence the loan markets or the answers below. No relevant changes are anticipated.
Lending
Must any consents or licences be obtained to lend in your jurisdiction or to enforce rights under a loan agreement, and if so, what is the procedure for securing such consent or licence?
Are there any additional lending restrictions that foreign lenders should note?...
Banking & Finance
PRACTICE NOTES
Introduction to the enforcement regime in Guernsey
Guernsey’s system for recognising and enforcing arbitral awards rests on statute. The Arbitration (Guernsey) Law 2016 (the 2016 Law) refreshed the island’s arbitration framework to mirror best-practice jurisdictions, whereas the Arbitration (Guernsey) Law 1982 (the 1982 Law) governs domestic arbitral proceedings and the enforcement of awards (covering domestic, foreign and New York Convention Awards). The Royal Court has additionally promulgated the Royal Court (Arbitration) (Guernsey) Rules 1983 (the Rules), which prescribe the procedure for applications brought under the arbitration legislation. Guernsey is a contracting party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention), whose territorial application was extended to the Island in 1985. Under the 2016 Law, recognition and enforcement of awards issued pursuant to an arbitration agreement in the territory of a state that is a New York
Arbitration
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