27 Jan 2021

Hatstone’s BVI team advises the Bank of London and The Middle East plc

Hatstone’s BVI team has advised the Bank of London and The Middle East plc (BLME), led by Paul DeCroos, Head of Real Estate Finance, on the BVI law aspects of its successful Sharia’a compliant financing of a valuable commercial property in Swindon.

The team, led by Group Partner Philipp Neumann alongside Group Partner, Bella Ward, focused on the financing and corporate aspects of the transaction, working closely with the Islamic Finance team at Druces LLP, comprising Claire Rigby, Suzanne Middleton Lindsley and Rebecca Pinder, throughout.

Philipp Neumann said:

“We are delighted to have advised BLME in relation to this transaction, which provided a great platform on which to showcase the advantages of using BVI property holding structures in these types of financing arrangements. As always, it was a pleasure to work with and assist Druces.”

Druces LLP’ Partner and Head of Islamic Finance, Christopher Axford, said:

“Working with BLME and Hatstone on this transaction has been a pleasure. Appetite for Sharia’a compliant financing continues to grow and transactions such as this highlight the confidence in this area. Our team is ideally suited to assist clients, such as BLME, providing bespoke Islamic finance advice for investments and funding.”

11 Jan 2021

Hatstone shortlisted as the Jersey Law Firm of the Year in the Citywealth International Financial Centre Awards

Hatstone is pleased to announce that it has been shortlisted as the Jersey Law Firm of the Year in the Citywealth International Financial Centre Awards. Now in their tenth year, the Awards were established to highlight the excellence of those working in the private wealth sector in the major international financial centres.

Speaking on the announcement, Group Partner, Simon Vivian, said “We are very proud to have been shortlisted for this prestigious award, which is testament to the dedication and commitment of our team. To be shortlisted is to have been recognised by an international panel of judges that is comprised of highly respected private wealth practitioners”.

11 Jan 2021

Implementation of new online public Digital Registry in Jersey

Following the introduction of the Financial Services (Disclosure of Provision of Information) (Jersey) Law 2020, which came into force on 6 January 2021, regulated entities are required to appoint a nominated person and give the JFSC more information on their significant persons.

The new law provides a definition of the significant persons for each of the different entities (including Companies, Foundations, ILPs, LLCs, LLPs, SLPs, LPs and any other prescribed bodies or persons).

KEY CHANGES:

  • Each entity must appoint at least one eligible person as a nominated person by 6 April 2021.
  • The most notable change is the requirement to update the JFSC’s public central register with details of significant persons. You must also notify the JFSC with information changes within 21 days.
  • Details of beneficial ownership to be provided to the JFSC.
  • The Easy Company Registry will be replaced with myRegistry. Paper filing will not be accepted.
  • Annual confirmation statements replace the annual return process.
  • Each entity must submit an annual confirmation statement that confirms that the information provided is accurate.
  • The first annual confirmation statement is due by 30 April 2021.
11 Jan 2021

COVID-19 – Update on Business Restrictions – The Law Society of Jersey excerpt

On Friday 18 December 2020, the Chief Minister announced that unless critical to the running of their business, islanders must work from home until further notice.

Firms were asked revert to home working, on the same basis as the essential employees scheme implemented in March 2020, albeit without the authorisation regime previously adopted.

Non essential businesses were subsequently required to close.

The Government’s timetable for potential relaxation of current measures to manage COVID-19:

  • Monday 18 January 2021 – STAC is due to meet to review the next stages. This may include the re-opening of non-essential businesses.
  • Wednesday 20 January 2021 – STAC will present its recommendations to Ministers.
  • Thursday 21 January 2021 – a further announcement will be made by Government.
  • Monday 25 January 2021 – there may be a potential re-opening of non-essential businesses.

It is not yet clear whether the ‘working from home’ requirement will be lifted in line with the re-opening of non-essential businesses.

Guidance in this regard will be issued by the Law Society to firms as soon as the position has been confirmed by Government.