A NEW law governing the formation and regulation of foundations as a financial structure could be introduced in Jersey.
John Harris, director of international finance at Policy and Resources, says work has just started, but the industry believe such a law would fill a gap in the product market.
Mr Harris explained that a foundation - neither a trust, nor a company, but somewhere in between - had particular advantages, in that the settlor could retain more control.
A foundation could also form a basis for international pension contracts, he said.
‘We are working with the Jersey Law Society and practitioners.
This kind of structure is just beginning to come into the western world and we want to be the first.
Jersey was the first to introduce a Trust Law 20 years ago and it has got a big share of the market.
Article posted on 14th July, 2004 - 12.00am
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