Descriptor
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:
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:
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.
For further information, please contact:
Phillip Callow, Partner and Head of Board Evaluation Service (Moore Stephens Jersey)
Newsletter – Summer 2012
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)
Newsletter – Summer 2012
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:
Newsletter – Summer 2012
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.
Newsletter – Summer 2012
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.”
For further information, please contact:
Newsletter – Summer 2012
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
Newsletter – Summer 2012
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.
For further information, please contact:
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.”
Newsletter – Summer 2012
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.
For further information, please contact:
Newsletter – Summer 2012
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]
Newsletter – Summer 2012
Newsletter – Summer 2012
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.
Key contacts
General Enquiries
Audit and Accounting
David Green, Partner
Phillip Callow, Partner
Dermot Boylan, Partner
International Planning
Clive Barton, Senior Partner
Moore Stephens Financial Management
Michael Norem, Director
Moore Stephens Fund Administration
Adrian Moll, Partner
Nicholas Solt, Partner
Moore Stephens Risk and Recovery
Adrian Rabet, Director
Rightsourcing
Brona Lambert, Partner
Trust and Corporate Services
Kathy Gillen, Partner