Introduction
On 6 January 2021 the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (the DPI Law) came into effect, together with the Financial Services (Disclosure and Provision of Information) (Jersey) Order (the DPI Order) and the Financial Services (Disclosure and Provision of Information) (Jersey) Regulations (the DPI Regulations).
The DPI Law affects Jersey companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships and separate limited partnerships (both existing and new). The DPI Law introduces a revised statutory framework for reporting information on beneficial owners and controllers to the Jersey Financial Services Commission (JFSC). The most important change is the introduction of the concept of significant persons for these entities, with certain reportable information being made publicly available for the first time.
Many companies are subject to a statutory activity and reporting obligation relating to equality and non-discrimination. The obligation is regulated in the Gender Equality and Discrimination Act, which imposes a mandatory working method on employers that includes documenting and managing risks of discrimination and obstacles to gender equality within companies. Many companies will have to spend time and resources on implementing sufficient systems and routines to comply with the new rules.
Introduction
For many Guernsey tax-resident companies, the onset of the COVID-19 pandemic created difficulties in complying with economic substance requirements.
Guernsey tax-resident companies carrying out certain relevant activities must comply with the substance requirements set out in the Income Tax (Substance Requirements) Implementation Regulations 2018 (as amended) (the regulations). In particular, these include requirements that a company s activities be directed and managed from Guernsey, and that certain core income-generating activities (CIGAs) be carried out in Guernsey.
Difficulties which such companies have encountered over the past year have included the fact that:
directors and other decision makers who might normally travel to Guernsey to attend board or other meetings in person could not do so because of travel restrictions; and
pollution prevention.
Registration of a vessel or asset in a recognised and respected flag state may therefore be regarded as a form of quality assurance.
In Norway, such government regulation is managed by the Norwegian Maritime Authority, which has approximately 12,000 vessels (both commercial and non-commercial) on its books, flagged under both the Norwegian Ordinary Ship Register and the Norwegian International Ship Register. Any vessel operating in Norwegian waters exceeding 15m in length, as well as oil platforms and other mobile offshore units (eg, drilling rigs), must be registered, unless already registered under a foreign flag.
In addition to helping ensure that shipping and offshore activities are carried out in a safe, secure and regulated manner, vessel registration in a flag state plays an important role in the financing of maritime and offshore assets. This is because it enables lenders to obtain security for loans into these sectors in the form of a registerable an
The Ministry of Environment and Energy recently announced the adoption of fiscal and structural measures aiming to secure the adequacy of funds on the special account for financing the renewable energy source (RES) projects operating in Greece and ensure the gradual adaptation of the RES industry to the recently launched operation of the electricity target model.