The Companies (Amendment No. 10) (Jersey) Law 2009 came into force on 6 November 2009. The Law amends the Companies (Jersey) Law 1991 to provide an additional right of appeal against certain directions of the Jersey Financial Services Commission, clarify the law with regard to distributions and reduction of share capital, introduce a new offence where companies do not comply with obligations regarding the keeping of a registered office in Jersey, and introduce provisions permitting companies to specify in their articles of association a higher than two-thirds majority for the passing of special resolutions.
Whilst the Companies (Amendment No. 4) (Jersey) Regulations 2009 came into force in part on 10 December 2009, the key Regulations will not come into force until a date to be appointed by the States of Jersey. The Regulations will replace Part 16 of the Companies (Jersey) Law 1991 (which deals with accounts and the auditing of accounts) in order to establish an auditor oversight regime meeting the equivalency requirements of the European Union's Statutory Audit Directive. In particular, the new Part 16 will require companies with shares traded on European Union stock markets to have their accounts audited by auditors who are bound by the relevant rules of certain recognized professional bodies.