The Companies (Amendment No.4) (Jersey) Regulations 200- are expected to come into force early this year. The regulations insert a substitute Part 16 into the Companies (Jersey) Law 1991, as amended (the "Companies Law"), and have been proposed for two reasons:
- To respond to the impact on Jersey-based auditors of European Union Directive 2006/43/EC which aims to introduce harmonised provisions in all EU member states relating to auditor eligibility and independent oversight (or quality assurance).
- To improve the Island's level of compliance with "IOSCO Principle 16": the International Organisation of Securities Commissions' standard relating to accounting and auditing matters.
The Companies (Amendment No.10) (Jersey) Law 2009 came into force in November 2009. The law amends the Companies Law and (i) provides an additional right of appeal against certain directions of the JFSC, (ii) clarifies the law with regard to distributions and reductions of share capital, (iii) introduces a new offence where companies do not comply with obligations regarding the keeping of a registered office in Jersey, and (iv) introduces provisions permitting companies to specify in their articles of association a higher than two-thirds majority for the passing of special resolutions.
The Companies (Amendment No. 3) (Jersey) Regulations 2009 came into force on 3 March 2009. The Regulations amend the Companies Law 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.