Various local and international media have today reported on amendments to Jersey’s new legal framework for economic substance.

Joe Moynihan, CEO, Jersey Finance said:

“From an industry perspective, these amendments are completely in line with previous commitments and are not material changes to the economic substance legislation. They only seek to clarify certain definitions in the law so that they satisfy all stakeholders, including the EU, OECD and the industry in Jersey. Of course, this is important legislation and it is vital for all parties to work together to provide absolute clarity on this issue. We are confident that these minor amendments will be approved in due course and that there is therefore no risk of any change to Jersey’s recognised status as a cooperative jurisdiction.”