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Jersey wins top awards Inside

Channel Island Image Rights New Legislation Page 2

Moore Stephens Jersey launches Board Evaluation Service Page 3

Manager at Moore Stephens Jersey to volunteer at 2012 Olympics Page 4

Jersey’s funds sector shows strong growth Page 5

Funds raised for Sports Relief 2012 Page 6

Charity skydive for Smile Train and CLAPA UK Page 7

Sponsorship of Robert Tilling – Retrospective Catalogue Page 8

Best International Finance Centre

For the third consecutive year, Jersey has been named ‘Best International Finance Centre’ at the 13th International Fund and Product Awards 2012, organised by media group Incisive Media.

The judging panel, consisting of independent industry practitioners and experts took

into consideration a number of criteria, including jurisdictions’ responses to the evolving

regulatory environment and evidence of innovation and flexibility in developing complex

international financial solutions. There were over 50 entries from a wide range of

companies in the offshore sector.

The judging panel commented:

“Jersey’s entry highlights the effectiveness of a close working partnership with regulators

and practitioners alike in terms of ensuring that initiatives introduced have the best

chance of success. In particular, the judges felt that Jersey conducts business in an open

and transparent manner in line with its reputation as a leading offshore jurisdiction.

The introduction of structures and enabling legislation is particularly well thought

through and on trend in terms of market relevance.”

Continued on next page

Summer 2012

NewsletterDescriptor P R E C I S E . P R O V E N . P E R F O R M A N C E .

Channel Island Image Rights New LegislationNew image rights legislation is set to be introduced in Guernsey by late 2012 and this will be of benefit for high profile, wealthy individuals to protect their reputation. There may also be tax advantages.

This new legislation will lead the way in recognising Image Rights

on a statutory footing and see the introduction of a register of

image rights which is a world first.

Image Rights are widely recognised as being a valuable asset

especially for sports stars and show business celebrities. The

Guernsey legislation is intended to assist in the drafting of

commercial agreements and provide clarity.

Those wishing to do so can obtain a registered Guernsey Image

Right protecting certain definable aspects such as their name

and less tangible characteristics such as gestures, distinctive

expressions or other attributes. The legislation will balance the

protection of the image rights against other important rights

such as freedom of news reporting and public interest.

A Guernsey Image Right may well be registered by a person’s

estate so that protection is offered to the living and the

deceased, for example, in the case of international recording

stars, the use of their image may well provide a source of

income for their heirs for years to come.

Moore Stephens in the Channel Islands will be able to provide the

most appropriate structures for your clients to protect their Image

Rights as soon as the legislation is enacted and we will keep you

informed as to the progress of the bill. In the meantime, if you have

any clients whom you know will benefit from the introduction of the

new law, please get in touch with us at the earliest opportunity

so that we can discuss what is needed and be prepared as soon

as the legislation is enacted.

For further information, please contact:

[email protected]

Best Offshore Centre

Jersey also received the accolade of ‘Best Offshore Centre’ in the annual investment management awards organised by Global Investor/ISF, one of the flagship titles published by Euromoney Institutional Investor plc, a title read by the global asset management and securities finance community.

Alastair O’Dell, part of the judging panel said: “These awards

are prized by the industry because they are decided by a truly

independent panel. Each and every winner is deserving of

their award.”

The following factors that were taken into consideration included

the legislative enhancements during 2011, the introduction of the

Private Placement regime, the arrival of up to 18 new finance

houses in Jersey, many of them hedge funds and the issuing of

two new banking licences, the ongoing signing of tax information

and other agreements with authorities abroad and Jersey’s

consistent number one ranking in the Global Finance

Centres Index.

Geoff Cook, Chief Executive, Jersey Finance, commented:

“While we are working in tough economic times, where all

jurisdictions are facing much greater scrutiny and increasing

swathes of regulation which together bring their own set of

challenges, it is encouraging that Jersey continues to receive

recognition for the quality of the jurisdiction and its international

offering from respected publishing groups. Most importantly,

we are being recognised for the fact that we continue to evolve

and develop to meet those global challenges in order to secure

new business for the jurisdiction.”

(Source of information: Jersey Finance Limited)

For further information regarding the benefits of structuring wealth

in Jersey, please contact:

[email protected]

Continued...

Newsletter – Summer 2012

Moore Stephens Jersey launches Board Evaluation Service Moore Stephens Jersey has launched its new Board Evaluation Service, primarily aimed at Jersey funds affected by the new Codes of Practice, which provides the opportunity for boards to create a virtuous circle of sustained improvement and competitive advantage by promoting best leadership practice for company strategic and operational decision-making, oversight, risk management and accountability.

Phillip Callow, Partner of Moore Stephens Jersey who heads

up the Board Evaluation Service commented, “Effective Board

leadership is critical to business success, especially in the face

of increasing market complexity, high investor expectations

and critical public opinion.”

If good leadership is in place, this will assist with meeting

regulatory requirements. Periodic and robust evaluations

should form an important element of best practice, whether

for listed or unlisted funds.

The recently released Codes of Practice for Certified Funds

encourages the adoption of rigorous self-review measures

as of 2 April 2012. They comprise the most recently issued

additional governance measures published by the Jersey

Financial Services Commission.

The Moore Stephens Board Evaluation Service offers an

immediate solution to this requirement.

Moore Stephens Jersey has the expertise to precisely and

sensitively collect, analyse and report data to clients, with

clarity and discretion. Board directors are given the means

to conduct self-assessments through tailored questionnaires

and informal interviews. The data is presented as clear and

actionable business intelligence.

Boards can adapt the scope and scale of the assessments to

meet their specific needs across the breadth of regulatory, risk

management and other governance requirements. The number

of questions and topics examined can be tailored to each specific

case, as can the order of priority. The evaluation will highlight

strengths as well as those areas that may need to be improved.

It is invaluable for demonstrating excellence to shareholders

whilst gaining critical management information for the highest

level of corporate governance.


Phillip Callow, Partner and Head of Board Evaluation Service (Moore Stephens Jersey)

[email protected]


Manager at Moore Stephens Jersey to volunteer at 2012 OlympicsNick De Freitas, Manager, Rightsourcing Department at Moore Stephens Jersey has volunteered for the London 2012 Summer Olympics (2012 Olympics) as a Protocol Language Services Team Member and will be predominantly based in the Basketball Arena in the Olympic Park.

Nick saw an article in The Times newspaper approximately

2 years ago which launched the search for Olympic ‘Games

Makers’ – the name given to the volunteers who will be

working at the 2012 Olympics.

The selection process was stringent, with 250,000 applications

for only 70,000 positions which were chosen by the process of

interviewing 100,000 people. Following the interview process,

candidates had to wait a few months before being told whether

they had been selected or not. Nick received the good news

in February 2012 that he had been selected to be a Protocol

Language Services Team Member. Since then he has attended

various training sessions including venue specific training held at

the Basketball Arena where he will be undertaking his role.

Nick De Freitas commented: “I have always been a sports fan

and jumped at the opportunity to be part of the biggest show

on earth. The number of applications was high so I am happy

to have been selected from the initial 250,000 applicants.”

Nick will be providing language services for Portuguese speaking

individuals to members of the ‘Olympic Family’, which comprise

of the athletes’ families, International Olympic Committee and

National Olympic Committee members as well as politicians,

dignitaries and the Anti-Doping and Health Organisations.

He will also be assisting, where necessary, the Media and

Communications team alongside professional translators, and

will be assisting the other Protocol team members who will be

looking after the designated areas for ‘Olympic Family’ members.

Nick will be operating at the Basketball Arena in the Olympic

Park, although he may be called upon at any time to assist in

other areas of the Olympic Park throughout the duration of the

games. There are events happening in the Basketball Arena

(basketball and handball) almost every day between 28 July

and 12 August 2012.

Nick commented: “I am looking forward to being part of the

2012 Olympics, and mixing with a variety of individuals and

other Games Makers from various parts of the world. It is

something which I may never get to experience again and

with the Olympics on our doorstep, it was too big an

opportunity to miss.”

Nicolas De Freitas, Manager (Moore Stephens Jersey)


www.jerseyarcherysociety.co.uk

The new clubhouse will provide extra facilities for the Society

and will help to make the sport of Archery and the Archery

Range more attractive to prospective archers and the parents

of junior archers.

The Society is the largest Archery club in Jersey. They aim to

provide a safe and fun club to participate in the sport of archery.

The Society is affiliated to the Grand National Archery Society

which is the governing body for the sport of Archery in the UK.

In March 2012, Clive Barton, Senior Partner of Moore Stephens

Jersey and some members of the Society made the first dig on

the site of the new clubhouse at Crabbé, St. Mary before handing

over to contractors to officially start building.

Moore Stephens Jersey sponsors archery clubhouseMoore Stephens Jersey has sponsored the building of a new wooden clubhouse for the Jersey Archery Society (‘the Society’).

Clive Barton, Senior Partner (Moore Stephens Jersey) and some members of the Jersey Archery Society

For further information about the Jersey Archery Society

please visit:

Further, the total number of unregulated funds geared

towards sophisticated, professional and institutional investors

also increased by an impressive 8.5% whilst the number of

regulated funds grew by 1.4%.

Geoff Cook, Chief Executive of Jersey Finance, commented:

“In these uncertain times there is a strong demand from

investors for high quality safe harbours like Jersey and we

Jersey’s funds sector shows strong growth The latest figures tracing the performance of Jersey’s finance industry reveal particularly strong growth in its funds sector during the first quarter of 2012, with a 3.5% increase in the net asset value of funds under administration and a total of 1,412 funds registered, the highest figure since 2009.

are well placed to benefit from this. We believe that Jersey’s

long-term perspective, stability and continued drive for

innovation are extremely attractive to investors worldwide.’’

For further information in relation to Jersey funds,

please contact:

[email protected]


The new equipment will allow youngsters in primary schools

to learn how to fence without the risk of injury as the swords

are made of plastic. Martha Bernstein, Jersey Fencing Secretary

commented: “In the past we had some well used foam equip-

ment, however, the new kit is going to make it easier for the

young people to understand how to control the sword as they

are more rigid whilst not being too heavy. The kit also includes

helmets and protective clothes in two colours which make

dividing a class up much easier. We are very grateful to Moore

Stephens Jersey for enabling us to upgrade our equipment.”

Moore Stephens Jersey sponsors Jersey Fencing Moore Stephens Jersey has sponsored Jersey Fencing which has allowed for the purchase of Midi Fence equipment for primary schools in the Island.

From left to right: Gianpaolo Marini (Coach), Clive Barton (Senior Partner - Moore Stephens Jersey) and Alastair Christie (President - Jersey Fencing)

Coach Gianpaolo Marini will be able to use the equipment

in lessons at schools as well as for any club or association for

young people who would like to try fencing.

Staff raised money by taking part in the Sports Relief Run in

Jersey, running a combined distance of 47 miles with James

Tinnelly, Tax Senior, finishing 5th overall, and by holding a

‘bake off’ and photography competition within the office.

The money raised will help people locally and internationally

to make positive changes in their lives and will provide support

to both young and elderly people, local communities, refugees

Funds raised for Sports Relief 2012Moore Stephens Jersey raised a total of £316.00 for Sports Relief in March 2012.

Moore Stephens Sports Relief Running Team 2012

and asylum seeking women, sufferers of domestic and sexual

abuse and people with mental health issues.


Charity skydive for Smile Train and CLAPA UKChristina Lawlor, Information Systems Administrator at Moore Stephens Jersey together with Andreia Carvalho, Senior Trust Officer at Barclays are skydiving for two charities, Smile Train and CLAPA UK.

Christina Lawlor, Information Systems Administrator (Moore Stephens Jersey)

Their aim is to raise £3,000 by Sunday 22

July 2012 - the date of the skydive. The

money raised will be shared respectively

by the two charities which support

individuals who are affected by cleft

lip and palate.

Although about 1 in 700 babies are born

with a cleft in the UK (about 1,000 per

year), the cause is not fully understood.

About 70 per cent of cleft babies are

diagnosed pre-birth and parents can

suddenly feel overwhelmed with worries

and unanswered questions.

Clefts are also a major problem in

developing countries where millions of

children suffer with unrepaired clefts.

Most cannot eat or speak properly, are

not allowed to attend school or hold a

job and face very difficult lives filled with

shame and isolation, pain and heartache.

Christina Lawlor commented:

“My wonderful friend Andreia Carvalho

will be skydiving with me to take a leap

of faith for Smile Train and CLAPA UK.

The charities are close to her heart

because her 7 week old nephew,

Tyler, has a cleft lip and was unable

to breastfeed properly. He has already

undergone one operation in the UK

and will require further surgery as he

gets older.

We are paying for the skydive using

our own funds. Any sponsorship raised

will go directly to Smile Train and CLAPA

UK. The two charities provide much

needed support to individuals who are

affected by cleft lip and palate including

information, advice, one to one support,

free surgery and follow up care, and free

training for medical professionals to

promote sustainability.”

Christina and Andreia are holding

numerous fundraising activities and have

also both set up a just giving donation

page to help promote the charities to

the local community.

Christina commented: “Charity starts

at home but sometimes you have to

consider others and give them a good

start in life before it’s over. So far we

have raised £1,535 of the target amount

of £3,000. There is still a long way to

go and any support would be gratefully

appreciated.”


[email protected]


Sponsorship of Robert Tilling – Retrospective CatalogueMoore Stephens Jersey has sponsored a catalogue containing artwork by the late Robert Tilling, namely, the ‘Robert Tilling – Retrospective Catalogue’ which has been produced in connection with two exhibitions of his finest work to be held at Studio 18 Ltd and the Jersey Arts Centre in July 2012.

Robert Tilling was born in Bristol on 29th September 1944.

He studied Architecture and Art Education, and became head

of Art at Victoria College, Jersey in 1968, a post he held until

1997. Exhibiting in galleries including the Bristol Arts Centre, the

Jersey Museum, Exeter University and Regent Street Polytechnic,

he was then awarded the prize for the ‘Most Outstanding Work

by a Non-Member’ in the 1985 exhibition of the Royal Institute

of Painters in Water Colours.

He was elected a member of the Royal Institute in the same year

and nine years later was awarded the corresponding prize for

most outstanding work by a member. In 1987 he was invited

to lecture at the Tate Gallery.

In 1988 he exhibited at the Barbican Centre with the poet Ron

Tamplin and he also collaborated with Charles Causley on the

travelling exhibition ‘Secret Destinations’ later shown at the Jersey

Arts Centre. He was a major prize winner at the International

Drawing Biennale in Cleveland and was awarded the prize for

‘Excellence in Watercolour’ at the Royal West of England

Academy Autumn exhibition in 2003.

He illuminated two of the Loyal Addresses presented to Her

Majesty The Queen on visits to Jersey, and the original of his

watercolour ‘Distant Mont Orgueil’, reproduced to decorate the

menu card for Her Majesty’s visit in 2001, was later presented as

a gift to Their Royal Highnesses the Earl and Countess of Wessex

on their visit to the Island the following year. He was made an

MBE for his services to the Arts in Jersey in 2006.

Robert Tilling’s work is held in many public and private collections

including the Lodz Museum, Poland, the Cleveland Country

Museum, Shell Limited, British Petroleum, the National Portrait

Gallery, the Jersey Museum and Moore Stephens Jersey.

He was also highly respected as a writer on blues and jazz and

appeared at many festivals as a guitarist and teacher.

Robert Tilling died in Jersey on 25th January 2011 at the age of

66. The exhibitions are a celebration of the life and work of one

of Jersey’s most accomplished artists.

(Source of information: ‘Robert Tilling – Retrospective Cata-

logue’)

The exhibitions are being held at:

Studio 18 Ltd: Continues until: 21 July 2012

Tel: +44 (0)1534 734920

Jersey Arts Centre: Monday 23 July 2012

5.30pm to 7.30pm - Preview

Continues until: 18 August 2012

Tel: +44 (0)1534 700445


Chinese Property Buying in the UKKathy Gillen, Partner and Head of the Trust and Corporate Services division, is a member of the Moore Stephens Europe’s China Special Interest Group.

One of the focuses of the Group is

to assist Chinese clients who want to

either relocate to, or invest in, the UK.

Kathy’s role is to assist with appropriate

structuring using suitable Jersey vehicles.

Kathy advised that: “The Chinese are

becoming a powerful buying force in

the UK. Primarily, they are looking

to buy properties in close proximity

to educational establishments not just

in London but also other areas of the

country where there are leading schools

and universities. A recent article in the

Sunday Times included a number of

interesting facts:

• They tend to favour new properties as

they prefer not to buy a house in which

someone has died, which effectively rules

out Georgian and other period residences

• Current figures show that buyers from

China (and other Asia Pacific countries)

account for one in three new premium

build property purchases, mainly in the

price range of £500,000 to £750,000

• Buyers can have some very specific

demands, such as, the number of the

house or flat they are purchasing. The

No. 5 is seen to be a bad omen as is a

flat situated on the 5th floor of a block,

but No. 8 is considered a good number”

For details of the recent changes in

the UK Budget and how they will impact

the traditional structuring for purchasing

UK property, please contact Kathy

Gillen, Partner.

Kathy will be pleased to give an insight

into what are considered the long term

benefits that will remain for Chinese

clients who own the UK property through

a Jersey structure rather than directly.


[email protected]

Cris Lakeman, Headteacher at d’Auvergne Primary School

commented: “We are trying to encourage families to leave their

cars at home and would like children to walk, cycle or scoot to

school whenever possible. This is partly to ease the congestion

of traffic particularly at the end of the day, partly to improve the

environment generally and partly to encourage children to live

a healthy life style.

This year we delivered cycling proficiency to all children in Years

5 and 6. We did this during curriculum time in a PE lesson to

ensure the maximum number of children participated. Weekend

or holiday courses are great but we have no guarantee that

children will attend. All of the children were successful in

Sponsorship of bicycle racks for local school Moore Stephens Jersey has supported d’Auvergne Primary School, Jersey in the provision of bicycle racks for their pupils.

From left to right: Paul Le Claire (Former Member of the States of Jersey), Representative of co-sponsor (Le Masurier) and Cassie Horton (Moore Stephens Jersey)

gaining a certificate and are therefore now able to cycle on

the local roads with parents’ permission.

Without bike racks we could not have completed the project as

there would be nowhere for the children to leave their bikes.”


Jersey is number one for registering FTSE 100 companies outside of the UK

Figures compiled by the Hemscott Group

Limited, a Morningstar company, confirm

that Jersey continues to be the number

one ranked jurisdiction for registering

FTSE 100 companies outside of the UK.

As of 29 June 2012, eight out of eleven

such companies have been listed with

a combined market capitalisation of

£69 billion. Jersey has a further nine

companies registered in the FTSE 250

Index, a total market capitalisation value

from both exchanges of more than £78

billion, at least six times higher than any

of its closest competitors in the market.

Jersey is also one of four jurisdictions

alongside Bermuda, the British Virgin

Islands and Guernsey, with the most

Alternative Investment Market (AIM)

companies registered outside of the UK.

The research also shows that Jersey was

home to five companies which floated

on the London Stock Exchange, half of

all the non UK company flotations

during the period.

Geoff Cook, Chief Executive of Jersey

Finance Limited, commented:

“One of Jersey’s strengths in the global

markets is its appeal as a jurisdiction

for listings and these latest figures on

the listings on London’s Main Markets

highlight our pre-eminent role in

attracting the large scale listings.

The rankings help to demonstrate

that we have the skilled practitioners

here to advise some of the world’s

leading companies on the advantages

of registering in Jersey and that when

combined with our attractive companies

law, robust regulation and tax neutrality,

make Jersey an ideal choice for this type

of business.”

Among the Jersey companies formed to

list on the main London Exchange in the

last eighteen months has been one for

Glencore, the world’s largest commodity

trader, which established a Jersey holding

company in May 2011 for the biggest

ever Initial Public Offering (IPO) on the

London Stock Exchange and Genel

Energy plc, which was admitted to the

Main Market in June 2011 and was the

second largest flotation on the London

Stock Exchange last year.

Worldwide Jersey has close to 100

companies which are listed on global

stock exchanges with a total market

capitalisation exceeding 135 billion.

Listing on a major Stock Exchange can

be an important step in the development

of private companies by:

• Providing capital for growth

• Creating a market for the company’s

shares

• Enhancing the profile and credibility

of the business

• Ultimately, providing an exit strategy

for its owners

Moore Stephens Jersey is able to provide

assistance with listings on major Stock

Exchanges.


[email protected]


New Appointments

Eleri Crichton In-House Legal Advisor (Moore Stephens Fund Administration Limited)

Eleri joined Moore Stephens in February

2012 from a London law firm, where

she worked as an associate partner

within the corporate department.

She has six years’ experience in the

corporate sector specialising in corporate

restructuring, corporate finance (including

public company work) and acquisitions.

Eleri also has experience in advising

on company law and financial services

regulation. She is a member of the Law

Society of England and Wales.

In her capacity as In–House Legal Advisor

for Moore Stephens Fund Administration

Limited, Eleri’s key responsibilities include:

• Advising directors on a wide range

of issues, from regulatory and legal

requirements, to corporate governance

and risk management

• Advising clients on the wide range of

fund vehicles and structures available

under Jersey Law

Paul Horton Senior Compliance Manager Paul Horton has been appointed to the

position of Senior Compliance Manager

in March 2012. He has considerable

experience in compliance and is the

Compliance Officer, Money Laundering

Reporting Officer (MLRO) and Money

Laundering Compliance Officer (MLCO)

for Moore Stephens and its Participating

Members and Moore Stephens Fund

Administration Limited, and is MLRO

for Moore Stephens Financial

Management Limited.

Paul provides a focal point for compliance

within the firm and is the principal point

of contact between the Jersey Financial

Services Commission and Moore Stephens.

Prior to joining Moore Stephens, Paul

worked for 22 years at Capita Fiduciary

Group where he held the roles of

Compliance Officer and MLRO before

becoming a Director of the Custody and

Offshore Share Registration functions.

Paul was born and educated in Jersey

and is married to Julie, he has two

young daughters.

Louisa Lempriere Business Development Assistant (Moore Stephens Fund Administration Limited)

Louisa was born and educated in the

UK and has a 2:1 honours degree in

Marketing, and both a Certificate and

Diploma in Digital Marketing from The

institute of Direct and Digital Marketing.

Louisa has over 9 years’ experience in

Marketing and Business Development

roles. Prior to joining Moore Stephens

in February 2012, Louisa worked at Jersey

Post where she was responsible for their

websites and digital marketing.

She has also worked for major banks

and utility suppliers both in the UK

and Jersey. In her role as Business

Development Assistant, Louisa will be

promoting the Moore Stephens Fund

Administration service.

[email protected] [email protected]

[email protected]



For more information please go to:

www.moorestephens-jersey.com

PO Box 236, First Island House

Peter Street, St. Helier, Jersey

Channel Islands JE4 8SG

Tel: + 44 (0)1534 880088

E-mail: [email protected]

Regulated by the Jersey Financial Services Commission in the conduct of Trust and Company Services business and Fund Services business. Registered to carry on Audit work by the Institute of Chartered Accountants in England and Wales.

[email protected]

Key contacts

General Enquiries

[email protected]

Audit and Accounting

David Green, Partner

[email protected]

Phillip Callow, Partner

[email protected]

Dermot Boylan, Partner

[email protected]

International Planning

Clive Barton, Senior Partner

[email protected]

Moore Stephens Financial Management

Michael Norem, Director

[email protected]

Moore Stephens Fund Administration

Adrian Moll, Partner

[email protected]

Nicholas Solt, Partner

[email protected]

Moore Stephens Risk and Recovery

Adrian Rabet, Director

[email protected]

Rightsourcing

Brona Lambert, Partner

[email protected]

Trust and Corporate Services

Kathy Gillen, Partner

[email protected]

Documents

Moore Stephens