The Collective Investment Funds (Unregulated Funds) (Amendment No. 2) (Jersey) Order 2009 came into force on 23 February 2009. The Order amends the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 to specify which London Stock Exchange markets are acceptable markets for an Unregulated Exchange Traded Fund.
The Companies (Amendment No. 3) (Jersey) Regulations 2009 came into force on 3 March 2009. The Regulations amend the Companies (Jersey) Law 1991 by widening the definition of "open-ended investment company" to include other funds whose shares may be subject to frequent redemption, as well as making other minor amendments.
The Companies (Takeovers and Mergers Panel) (Jersey) Law 2009 came into force on 1 July 2009. The Law provides a statutory framework for the regulation of takeovers and mergers in Jersey, building on the existing informal arrangements with the United Kingdom's Panel on Takeovers and Mergers.
The Companies (Uncertificated Securities) (Amendment) (Jersey) Order 2009 came into force on 9 March 2009. The Order amends the Companies (Uncertificated Securities) (Jersey) Order 1999 to widen the definition of "competent authority".
The Employment (Amendment No. 4) (Jersey) Law 2009 came into force on 1 October 2009. The Law gives the Jersey Employment Tribunal two new powers relating to unfair dismissal: the power to reduce the (otherwise fixed) compensatory award where the Tribunal find that the employee's own conduct had in some way contributed to the dismissal; and the power to order the re-employment of an employee as an alternative to unfair dismissal compensation, together with the power to award additional compensation should an employer fail to comply with a direction for re-employment.
The Financial Regulation (Miscellaneous Provisions) (Jersey) Law 2009 came into force on 9 January 2009. The Law makes various amendments to 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 in order to achieve greater consistency with current international standards. The amendments are a mixture of those deferred from earlier legislation due to time constraints, adjustments being made to earlier amendments as a result of practical considerations and amendments of a "housekeeping" nature.
The Financial Services (Amendment of Schedule 2 to Law) (No. 3) (Jersey) Order 2009 came into force on 28 January 2009. The Order amends Schedule 2 to the Financial Services (Jersey) Law 1998 in relation to fund services business carried on by overseas persons. Schedule 2 exempts specified activities from classes of financial service business and consequently from the requirement to be registered under the Law.
The Financial Services Commission (Amendment No. 5) (Jersey) Law 2009 came into force on 8 May 2009. The Law amends the Financial Services Commission (Jersey) Law 1998 to expand the defined expression "supervised entity" so as to include a certificate holder in relation to an unclassified fund, restoring the application of Article 8(2), as it relates to unclassified funds, to that prevailing before the Collective Investment Funds (Jersey) Law 1988 was amended by the Collective Investment Funds (Amendment No. 4) (Jersey) Law 2008.
The Foundations (Jersey) Law 2009 came into force on 17 July 2009. A Jersey foundation is an incorporated body, with its own distinct legal personality. A Jersey foundation has a council, one of the members of which must be a person regulated under the Financial Services (Jersey) Law 1998, and licensed to act as a council member under that Law. Such a person is also required to incorporate a Jersey foundation. Additionally, every Jersey foundation must have a guardian, whose duties include ensuring that the council acts in accordance with its duties and within its power and authority. The constitutional documents of a Jersey foundation consist of the charter, which is open to public inspection, and the regulations, which are a private document. The charter must contain the name and objects of the foundation, provide details of the initial endowment (if any), state whether subsequent endowments are permitted, and specify what is to happen to any assets that remain on dissolution of the foundation. The regulations must establish the council to administer the assets of the foundation and pursue its objects, and deal with procedural issues relating to the appointment, retirement, remuneration and functioning of the council, as well as the appointment, retirement and remuneration of the guardian. Other matters can be stated in either the charter or the regulations as desired.
The Limited Partnerships (Amendment) (Jersey) Law 2009 came into force on 1 March 2009. The Law makes a number of amendments to the Limited Partnerships (Jersey) Law 1984, including new provisions ensuring that a limited partnership has the occupier's authorization to use premises as its registered office and enabling the general partners to request a limited partnership's deregistration.