Summer 2012
Newsletter Descriptor
PRECISE. PROVEN. PERFORMANCE.
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
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
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
Newsletter – Summer 2012 Continued...
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.
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
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.”
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.”
The following factors that were taken into consideration included
(Source of information: Jersey Finance Limited)
the legislative enhancements during 2011, the introduction of the Private Placement regime, the arrival of up to 18 new finance
For further information regarding the benefits of structuring wealth
houses in Jersey, many of them hedge funds and the issuing of
in Jersey, please contact:
two new banking licences, the ongoing signing of tax information and other agreements with authorities abroad and Jersey’s
clive.barton@moorestephens-jersey.com
Channel Island Image Rights New Legislation New 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
income for their heirs for years to come.
commercial agreements and provide clarity. Moore Stephens in the Channel Islands will be able to provide the Those wishing to do so can obtain a registered Guernsey Image
most appropriate structures for your clients to protect their Image
Right protecting certain definable aspects such as their name
Rights as soon as the legislation is enacted and we will keep you
and less tangible characteristics such as gestures, distinctive
informed as to the progress of the bill. In the meantime, if you have
expressions or other attributes. The legislation will balance the
any clients whom you know will benefit from the introduction of the
protection of the image rights against other important rights
new law, please get in touch with us at the earliest opportunity
such as freedom of news reporting and public interest.
so that we can discuss what is needed and be prepared as soon as the legislation is enacted.
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
For further information, please contact: clive.barton@moorestephens-jersey.com
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
Phillip Callow, Partner and Head of Board Evaluation Service (Moore Stephens Jersey)
additional governance measures published by the Jersey Financial Services Commission.
Boards can adapt the scope and scale of the assessments to meet their specific needs across the breadth of regulatory, risk
The Moore Stephens Board Evaluation Service offers an
management and other governance requirements. The number
immediate solution to this requirement.
of questions and topics examined can be tailored to each specific case, as can the order of priority. The evaluation will highlight
Moore Stephens Jersey has the expertise to precisely and
strengths as well as those areas that may need to be improved.
sensitively collect, analyse and report data to clients, with
It is invaluable for demonstrating excellence to shareholders
clarity and discretion. Board directors are given the means
whilst gaining critical management information for the highest
to conduct self-assessments through tailored questionnaires
level of corporate governance.
and informal interviews. The data is presented as clear and actionable business intelligence.
For further information, please contact: phillip.callow@moorestephens-jersey.com
Newsletter – Summer 2012
Manager at Moore Stephens Jersey to volunteer at 2012 Olympics Nick 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.
Nicolas De Freitas, Manager (Moore Stephens Jersey)
Nick will be operating at the Basketball Arena in the Olympic
Nick commented: “I am looking forward to being part of the
Park, although he may be called upon at any time to assist in
2012 Olympics, and mixing with a variety of individuals and
other areas of the Olympic Park throughout the duration of the
other Games Makers from various parts of the world. It is
games. There are events happening in the Basketball Arena
something which I may never get to experience again and
(basketball and handball) almost every day between 28 July
with the Olympics on our doorstep, it was too big an
and 12 August 2012.
opportunity to miss.”
Newsletter – Summer 2012
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. Further, the total number of unregulated funds geared
are well placed to benefit from this. We believe that Jersey’s
towards sophisticated, professional and institutional investors
long-term perspective, stability and continued drive for
also increased by an impressive 8.5% whilst the number of
innovation are extremely attractive to investors worldwide.’’
regulated funds grew by 1.4%. For further information in relation to Jersey funds, Geoff Cook, Chief Executive of Jersey Finance, commented:
please contact:
“In these uncertain times there is a strong demand from investors for high quality safe harbours like Jersey and we
fundadmin@moorestephens-jersey.com
Moore Stephens Jersey sponsors archery clubhouse Moore Stephens Jersey has sponsored the building of a new wooden clubhouse for the Jersey Archery Society (‘the Society’). 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.
Clive Barton, Senior Partner (Moore Stephens Jersey) and some members of the Jersey Archery Society
In March 2012, Clive Barton, Senior Partner of Moore Stephens
For further information about the Jersey Archery Society
Jersey and some members of the Society made the first dig on
please visit:
the site of the new clubhouse at Crabbé, St. Mary before handing over to contractors to officially start building.
www.jerseyarcherysociety.co.uk
Newsletter – Summer 2012
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. 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 equipment, 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
From left to right: Gianpaolo Marini (Coach), Clive Barton (Senior Partner - Moore Stephens Jersey) and Alastair Christie (President Jersey Fencing)
helmets and protective clothes in two colours which make
Coach Gianpaolo Marini will be able to use the equipment
dividing a class up much easier. We are very grateful to Moore
in lessons at schools as well as for any club or association for
Stephens Jersey for enabling us to upgrade our equipment.”
young people who would like to try fencing.
Funds raised for Sports Relief 2012 Moore Stephens Jersey raised a total of £316.00 for Sports Relief in March 2012. 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. Moore Stephens Sports Relief Running Team 2012
The money raised will help people locally and internationally to make positive changes in their lives and will provide support
and asylum seeking women, sufferers of domestic and sexual
to both young and elderly people, local communities, refugees
abuse and people with mental health issues.
Newsletter – Summer 2012
Charity skydive for Smile Train and CLAPA UK Christina 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. Their aim is to raise £3,000 by Sunday 22
The charities are close to her heart
July 2012 - the date of the skydive. The
because her 7 week old nephew,
money raised will be shared respectively
Tyler, has a cleft lip and was unable
by the two charities which support
to breastfeed properly. He has already
individuals who are affected by cleft
undergone one operation in the UK
lip and palate.
and will require further surgery as he gets older.
Although about 1 in 700 babies are born with a cleft in the UK (about 1,000 per
We are paying for the skydive using
year), the cause is not fully understood.
our own funds. Any sponsorship raised
About 70 per cent of cleft babies are
will go directly to Smile Train and CLAPA
diagnosed pre-birth and parents can
UK. The two charities provide much
suddenly feel overwhelmed with worries
needed support to individuals who are
and unanswered questions.
affected by cleft lip and palate including information, advice, one to one support,
Clefts are also a major problem in
free surgery and follow up care, and free
developing countries where millions of
training for medical professionals to
children suffer with unrepaired clefts.
promote sustainability.”
Most cannot eat or speak properly, are
Christina Lawlor, Information Systems Administrator (Moore Stephens Jersey)
consider others and give them a good start in life before it’s over. So far we
not allowed to attend school or hold a
Christina and Andreia are holding
have raised £1,535 of the target amount
job and face very difficult lives filled with
numerous fundraising activities and have
of £3,000. There is still a long way to
shame and isolation, pain and heartache.
also both set up a just giving donation
go and any support would be gratefully
page to help promote the charities to
appreciated.”
Christina Lawlor commented:
the local community.
“My wonderful friend Andreia Carvalho
For further information, please contact:
will be skydiving with me to take a leap
Christina commented: “Charity starts
of faith for Smile Train and CLAPA UK.
at home but sometimes you have to
christina.lawlor@moorestephens-jersey.com
Newsletter – Summer 2012
Sponsorship of Robert Tilling – Retrospective Catalogue Moore 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. Robert Tilling died in Jersey on 25th January 2011 at the age of He illuminated two of the Loyal Addresses presented to Her
66. The exhibitions are a celebration of the life and work of one
Majesty The Queen on visits to Jersey, and the original of his
of Jersey’s most accomplished artists.
watercolour ‘Distant Mont Orgueil’, reproduced to decorate the menu card for Her Majesty’s visit in 2001, was later presented as
(Source of information: ‘Robert Tilling – Retrospective Cata-
a gift to Their Royal Highnesses the Earl and Countess of Wessex
logue’)
on their visit to the Island the following year. He was made an MBE for his services to the Arts in Jersey in 2006.
The exhibitions are being held at:
Robert Tilling’s work is held in many public and private collections
Studio 18 Ltd: Continues until: 21 July 2012
including the Lodz Museum, Poland, the Cleveland Country
Tel: +44 (0)1534 734920
Museum, Shell Limited, British Petroleum, the National Portrait Gallery, the Jersey Museum and Moore Stephens Jersey.
Jersey Arts Centre: Monday 23 July 2012 5.30pm to 7.30pm - Preview
He was also highly respected as a writer on blues and jazz and
Continues until: 18 August 2012
appeared at many festivals as a guitarist and teacher.
Tel: +44 (0)1534 700445
Newsletter – Summer 2012
Chinese Property Buying in the UK Kathy 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
• They tend to favour new properties as
For details of the recent changes in
to assist Chinese clients who want to
they prefer not to buy a house in which
the UK Budget and how they will impact
either relocate to, or invest in, the UK.
someone has died, which effectively rules
the traditional structuring for purchasing
Kathy’s role is to assist with appropriate
out Georgian and other period residences
UK property, please contact Kathy
structuring using suitable Jersey vehicles.
Gillen, Partner. • Current figures show that buyers from
Kathy advised that: “The Chinese are
China (and other Asia Pacific countries)
Kathy will be pleased to give an insight
becoming a powerful buying force in
account for one in three new premium
into what are considered the long term
the UK. Primarily, they are looking
build property purchases, mainly in the
benefits that will remain for Chinese
to buy properties in close proximity
price range of £500,000 to £750,000
clients who own the UK property through
to educational establishments not just
a Jersey structure rather than directly.
in London but also other areas of the
• Buyers can have some very specific
country where there are leading schools
demands, such as, the number of the
and universities. A recent article in the
house or flat they are purchasing. The
Sunday Times included a number of
No. 5 is seen to be a bad omen as is a
interesting facts:
flat situated on the 5th floor of a block,
For further information, please contact: kathy.gillen@moorestephens-jersey.com
but No. 8 is considered a good number”
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. 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.
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)
This year we delivered cycling proficiency to all children in Years
gaining a certificate and are therefore now able to cycle on
5 and 6. We did this during curriculum time in a PE lesson to
the local roads with parents’ permission.
ensure the maximum number of children participated. Weekend or holiday courses are great but we have no guarantee that
Without bike racks we could not have completed the project as
children will attend. All of the children were successful in
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
Geoff Cook, Chief Executive of Jersey
second largest flotation on the London
Limited, a Morningstar company, confirm
Finance Limited, commented:
Stock Exchange last year.
that Jersey continues to be the number
“One of Jersey’s strengths in the global
one ranked jurisdiction for registering
markets is its appeal as a jurisdiction
Worldwide Jersey has close to 100
FTSE 100 companies outside of the UK.
for listings and these latest figures on
companies which are listed on global
the listings on London’s Main Markets
stock exchanges with a total market
As of 29 June 2012, eight out of eleven
highlight our pre-eminent role in
capitalisation exceeding 135 billion.
such companies have been listed with
attracting the large scale listings.
a combined market capitalisation of
The rankings help to demonstrate
Listing on a major Stock Exchange can
£69 billion. Jersey has a further nine
that we have the skilled practitioners
be an important step in the development
companies registered in the FTSE 250
here to advise some of the world’s
of private companies by:
Index, a total market capitalisation value
leading companies on the advantages
from both exchanges of more than £78
of registering in Jersey and that when
billion, at least six times higher than any
combined with our attractive companies
of its closest competitors in the market.
law, robust regulation and tax neutrality,
• Creating a market for the company’s
make Jersey an ideal choice for this type
shares
Jersey is also one of four jurisdictions
• Providing capital for growth
of business.”
alongside Bermuda, the British Virgin
• Enhancing the profile and credibility
Islands and Guernsey, with the most
Among the Jersey companies formed to
Alternative Investment Market (AIM)
list on the main London Exchange in the
companies registered outside of the UK.
last eighteen months has been one for
• Ultimately, providing an exit strategy
Glencore, the world’s largest commodity
for its owners
of the business
The research also shows that Jersey was
trader, which established a Jersey holding
home to five companies which floated
company in May 2011 for the biggest
Moore Stephens Jersey is able to provide
on the London Stock Exchange, half of
ever Initial Public Offering (IPO) on the
assistance with listings on major Stock
all the non UK company flotations
London Stock Exchange and Genel
Exchanges.
during the period.
Energy plc, which was admitted to the Main Market in June 2011 and was the
For further information, please contact: kathy.gillen@moorestephens-jersey.com
Newsletter – Summer 2012
New Appointments
Eleri Crichton In-House Legal Advisor (Moore Stephens Fund Administration Limited)
Paul Horton Senior Compliance Manager Paul Horton has been appointed to the
Louisa Lempriere Business Development Assistant (Moore Stephens Fund Administration Limited)
position of Senior Compliance Manager Eleri joined Moore Stephens in February
in March 2012. He has considerable
Louisa was born and educated in the
2012 from a London law firm, where
experience in compliance and is the
UK and has a 2:1 honours degree in
she worked as an associate partner
Compliance Officer, Money Laundering
Marketing, and both a Certificate and
within the corporate department.
Reporting Officer (MLRO) and Money
Diploma in Digital Marketing from The
Laundering Compliance Officer (MLCO)
institute of Direct and Digital Marketing.
She has six years’ experience in the
for Moore Stephens and its Participating
corporate sector specialising in corporate
Members and Moore Stephens Fund
Louisa has over 9 years’ experience in
restructuring, corporate finance (including
Administration Limited, and is MLRO
Marketing and Business Development
public company work) and acquisitions.
for Moore Stephens Financial
roles. Prior to joining Moore Stephens
Eleri also has experience in advising
Management Limited.
in February 2012, Louisa worked at Jersey
on company law and financial services
Post where she was responsible for their
regulation. She is a member of the Law
Paul provides a focal point for compliance
Society of England and Wales.
within the firm and is the principal point
In her capacity as In–House Legal Advisor
of contact between the Jersey Financial
She has also worked for major banks
Services Commission and Moore Stephens.
and utility suppliers both in the UK
for Moore Stephens Fund Administration Limited, Eleri’s key responsibilities include:
websites and digital marketing.
and Jersey. In her role as Business Prior to joining Moore Stephens, Paul
Development Assistant, Louisa will be
worked for 22 years at Capita Fiduciary
promoting the Moore Stephens Fund
• Advising directors on a wide range
Group where he held the roles of
Administration service.
of issues, from regulatory and legal
Compliance Officer and MLRO before
requirements, to corporate governance
becoming a Director of the Custody and
and risk management
Offshore Share Registration functions.
• Advising clients on the wide range of
Paul was born and educated in Jersey
fund vehicles and structures available
and is married to Julie, he has two
under Jersey Law
young daughters.
eleri.crichton@moorestephens-jersey.com
paul.horton@moorestephens-jersey.com
louisa.lempriere@moorestephens-jersey.com
Newsletter – Summer 2012
Key contacts General Enquiries
Moore Stephens Fund Administration
mail@moorestephens-jersey.com
Adrian Moll, Partner adrian.moll@moorestephens-jersey.com
Audit and Accounting
Nicholas Solt, Partner
nicholas.solt@moorestephens-jersey.com
David Green, Partner
david.green@moorestephens-jersey.com
Moore Stephens Risk and Recovery
Phillip Callow, Partner
phillip.callow@moorestephens-jersey.com
Adrian Rabet, Director
adrian.rabet@moorestephens-jersey.com
Dermot Boylan, Partner
dermot.boylan@moorestephens-jersey.com
Rightsourcing
International Planning
Brona Lambert, Partner brona.lambert@moorestephens-jersey.com
Clive Barton, Senior Partner clive.barton@moorestephens-jersey.com Trust and Corporate Services Moore Stephens Financial Management
Kathy Gillen, Partner
kathy.gillen@moorestephens-jersey.com
Michael Norem, Director michael.norem@moorestephens-jersey.com michael.norem@msfm-jersey.com
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: mail@moorestephens-jersey.com
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.