1. The Alternative Investment Funds (Jersey) Order 2013 came into force on 22 July 2013.

a. The Order sets out certain exemptions and prescribed services under the Alternative Investment Funds (Jersey) Regulations 2012 and stipulates that a service provider must be approved by the Jersey Financial Services Commission before carrying out any prescribed service.

2. The Alternative Investment Funds (Jersey) Regulations 2012 came into force on 2 April 2013.

a. The Regulations provide for the regulation, in relation to Jersey, of the management and marketing of certain investment funds (called AIFs or alternative investment funds).

3. The Alternative Investment Funds (Amendment of Regulations) (Jersey) Order 2013 came into force on 22 July 2013.

a. The Order amends the Alternative Investment Funds (Jersey) Regulations by substituting a new definition of ‘AIF’.

4. The Collective Investment Funds (Certified Funds – Prospectuses) (Amendment) (Jersey) Order came into force on 22 July 2013.

a. The Order amends the Collective Investment Funds (Certified Funds – Prospectuses) (Jersey) Order 2012 so as to exempt certificate holders from the requirement to prepare a prospectus in respect of Jersey eligible investor funds, as defined in the new Schedule 2.

5. The Companies (Amendment No. 7) (Jersey) Regulations 2013 came into force on 27 March 2013.

a. The Regulations amend the Companies (Jersey) Law 1991 in order to enable foreign companies to act as directors of Jersey companies.

6. The Control of Housing and Work (Jersey) Law 2012 came into force on 1 July 2013.

a. The Law establishes a new registration process for residents of Jersey and makes provision for the control of work and housing.

7. The Control of Housing and Work (Exemptions) (Jersey) Order 2013 came into force on 1 July 2013.

a. The Order prescribes exemptions under the Control of Housing and Work (Jersey) Law 2012.

8. The Control of Housing and Work (Exemptions) (Amendment) (Jersey) Order 2013 came into force on 30 July 2013.

a. The Order amends the Control of Housing and Work (Exemptions) (Jersey) Order 2013 to add two further categories of individual who may be disregarded for the purpose of an undertaking’s compliance with its business licence.

9. The Control of Housing and Work (Fees) (Jersey) Order 2013 came into force on 1 July 2013. The Order prescribes the fees payable under the Control of Housing and Work (Jersey) Law 2012.

10. The Control of Housing and Work (Guidance on Temporary Absence and Significant Ownership) (Jersey) Order 2013 came into force on 1 July 2013.

a. The Order brings into force Guidance (R.69/2013 and R.70/2013) issued under the Control of Housing and Work (Jersey) Law 2012 in relation to control provisions related to the change in the ultimate beneficial ownership of an undertaking that is not a company with a share capital and in relation to the effect on a person’s residential and employment status of any temporary absence from the Island.

11. The Control of Housing and Work (Residential and Employment Status) (Jersey) Regulations 2013 came into force on 1 July 2013.

a. The Regulations set out the conditions for residential and employment status under the Control of Housing and Work (Jersey) Law 2012.

12. The Debt Relief (Developing Countries) Jersey Law 2013 came into force on 1 March 2013.

a. The Law makes provision in relation to the relief of debts of certain developing countries, in accordance with the international Heavily Indebted Poor Countries Initiative (the “Initiative”).
b. The Law deals with those circumstances where Jersey is obliged to enforce foreign judgments under European Union law or another international obligation and will prevent the use of the Jersey courts to enforce in full the debts of countries which have received relief under the Initiative.

13. The Financial Regulation (Disclosure of Information) (Amendments) (Jersey) Regulations 2013 came into force on 13 March 2013.

a. The Regulations amend the Collective Investment Funds (Jersey) Law 1988, the Banking Business (Jersey) Law 1991, the Insurance Business (Jersey) Law 1996 and the Financial Services (Jersey) Law 1998 with regard to the permissible disclosure of restricted information by the Jersey Financial Services Commission.

14. The Financial Services (Amendment of Law) (No. 4) (Jersey) Regulations 2012 came into force on 2 April 2013.

a. The Regulations amend the Financial Services (Jersey) Law 1998 with respect to alternative investment funds.

15. The Financial Services (Amendment of Schedule 2 to Law) (No. 4) (Jersey) Order 2013 came into force on 22 July 2013.

a. The Order amends the Financial Services (Jersey) Law 1998 in respect of AIF (Alternative Investment Fund) services business.

16. The Financial Services (Financial Service Business) (Amendment) (Jersey) Order 2013 came into force on 22 July 2013.

a. The Order amends the Financial Services (Financial Service Business) (Jersey) Order 2009 in order to add AIF (Alternative Investment Fund) business as a class of financial services business under the Financial Services (Jersey) Law 1998.

17. The Gambling (Jersey) Law 2012 came into force on 1 January 2013.

a. The Law replaces existing legislation with an updated framework for the regulation of gambling in Jersey.

18. The Goods and Services Tax (Amendment No. 4) (Jersey) Law 2013 came into effect on 5 December 2012, with the substantive tax changes taking effect from 1 January 2013.

a. The Law amends the Goods and Services Tax (Jersey) Law 2007 in order to remove an anomaly concerning bad debt relief and to make share transfers of residential property zero-rated (rather than exempt) in order to introduce consistency with transfers of residential immovable property.

19. The Income Tax (Amendment No. 41) (Jersey) Law 2013 came into effect on 5 December 2012, with the substantive tax changes taking effect from 1 January 2013.

a. The Law amends the Income Tax (Jersey) Law 1961 by making substantial and complex changes to the taxation of “distributions” and to the Income Tax Instalment System (“ITIS”).

20. The Income Tax (Amendment No. 42) (Jersey) Law 2013 came into force on 16 January 2013.

a. The Law amends the Income Tax (Jersey) Law 1961 in order to bring the tax treatment of Limited Liability Partnerships (“LLPs”) into line with that of the other types of partnerships in Jersey, namely Limited Partnerships, Separate Limited Partnerships and Incorporated Limited Partnerships. As a result of this change, tax will be assessed on the partners of an LLP on their share of the LLP’s income and gains, and no assessment will be raised on the LLP itself.

21. The Limited Liability Partnerships (Amendment of Law) (Jersey) Regulations 2013 came into force on 17 January 2013.

a. The Regulations amend the Limited Liability Partnerships (Jersey) Law 1997 so as to replace the previous means of creditor protection. Instead of a bond, each Limited Liability Partnership (“LLP”) now has to file an annual ‘specified solvency statement’, the terms of which confirm the solvency of the LLP and that it can continue to pay debts over the coming year.

22. The Money Laundering (Amendment No. 5) (Jersey) Order 2013 came into force on 9 August 2013.

a. The Order amends the Money Laundering (Jersey) Order 2008 in several important respects, taking into account revised recommendations of the Financial Action Task Force on Money Laundering and clarifying the circumstances of simplified or enhanced CDD measures.

23. The Register of Names and Addresses (Jersey) Law 2012 came into force on 1 July 2013.

a. The Law makes provision for the establishment of a Register of Names and Addresses of individuals in Jersey.

24. The Register of Names and Addresses (Register Entries) (Jersey) Regulations 2013 came into force on 1 July 2013.

a. The Regulations make provisions concerning entries, and applications for copies of entries, on the Register of Names and Addresses established under the Register of Names and Addresses (Jersey) Law 2012.

25. The Security Interests (Jersey) Law 2012 came into force in part on 1 October 2013, with the remainder coming into force on 2 January 2014.

a. The Law replaces the previous regime for taking security with a simplified and updated legal framework for the creation, perfection, priority, transfer and enforcement of consensual security interests in intangible movables and their proceeds.

26. The Security Interests (Amendment of Law) (Jersey) Regulations 2013 came into force on 1 October 2013.

a. The Regulations make a number of amendments to the Security Interests (Jersey) Law 2012, including amendments in relation to the classes of securities to which the Law applies, the priority rules and transitional provisions.

27. The Security Interests (Amendment of Law) (No. 2) (Jersey) Regulations 2013 came into force on 1 October 2013.

a. The Regulations amend the Security Interests (Jersey) Law 2012 with regard to transitional provisions and clauses in relation to further advances.

28. The Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013 came into force on 1 October 2013.

a. The Order supplements the Security Interests (Jersey) Law 2012 as regards the procedures and requirements in relation to registration of financing statements and financing change statements.

29. The Taxation (Accounting Records) (Jersey) Regulations 2013 came into force on 11 June 2013.

a. The Regulations prescribe minimum standards for making and keeping accounting records, based on the international standards set by the Global Forum on Transparency and Exchange of Information for Tax Purposes.

30. The Taxation (Exchange of Information with Third Countries) (Amendment No. 6) (Jersey) Regulations 2013 came into force on 20 March 2013.

a. The Regulations amend the Taxation (Exchange of Information with Third Countries) SZ (Jersey) Regulations 2008 to add Brazil and Latvia to the list of third countries with which Jersey has entered into Tax Information Exchange Agreements.

31. The Taxation (Exchange of Information with Third Countries) (Amendment No. 7) (Jersey) Regulations 2013 came into force on 6 November 2013.

a. The Regulations primarily amend the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008 in order to limit the statutory scope for appeal with regard to decisions to exchange tax information with third countries. The Regulations will also reduce the time period within which information must be produced.

32. The Taxation (Implementation) (Disclosure Facility) (Jersey) Regulations 2013 came into force on 25 June 2013.

a. The Regulations require Jersey financial institutions to contact clients who are resident in the United Kingdom for tax purposes to make them aware of the disclosure facility set out in Schedule 2 of the Memorandum of Understanding signed between Jersey and the United Kingdom in March 2013.

33. The Trusts (Amendment No. 6) (Jersey) Law 2013 came into force on 25 October 2013.

a. The Law amends the Trusts (Jersey) Law 1984 by making statutory provision in relation to the rule in Hastings-Bass and the doctrine of mistake.

34. The Money Laundering (Amendment No. 6) (Jersey) Order 2013 came into force on 18th December 2013.

a. The Order amends a number of articles as follows i. Article 10A amended = Financial services business carried on outside Jersey –

ii. Article 11 amended = Policies, procedures and training to prevent and detect money laundering –
iii. Article 13 amended = Application and timing of customer due diligence measures –
iv. Article 16 substituted = Reliance on introducers and intermediaries –
v. Article 17 substituted = Reliance in certain circumstances where the intermediary is a regulated person –
vi. Article 18 amended = Simplified customer due diligence measures vii. Article 19 amended = Records to be kept –
viii. Article 22A amended = Disclosure within the relevant person’s organization

This note is intended to highlight key Laws and Orders which were brought into force in 2013. It is not intended to be comprehensive nor to provide legal advice and should not be acted or relied upon as so doing. Professional advice appropriate to the specific situation should always be obtained.