· A clarification on the practice of trustees transacting with themselves on behalf of different trusts: this amendment provides clarity in expressly permitting trustees to contract with themselves in respect of two or more trusts for which they are trustee.
“Whilst specific in nature, the feeling amongst private wealth industry professionals in Jersey is that the changes contained in Amendment No 5 will make Jersey a significantly more attractive destination overall for private client business,” said Geoff Cook, chief executive, Jersey Finance. "The international private wealth management industry is constantly evolving, and clarity and certainty are absolutely vital, so it is important that we continue to evolve our trust framework and ensure that our legislation is as robust as possible.”
Jersey’s amendments to its trust regime can be seen as another development in the “arms race” rival jurisdictions engage in to enhance their attractiveness on the global stage. Jersey’s fellow UK Crown Dependency Guernsey has for example introduced its own version of foundations, an addition to its “toolkit” which practitioners will start to use from early next year.