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September 20, 2010

Deloitte moves legal registration to UK

Deloitte’s global office has changed its legal registration from a Swiss verein to a UK private company.

Deloitte said it was motivated to change the registration because it had outgrown the Swiss verein structure, which is more suitable for sports clubs and charities rather than corporate holding entities.

“When Deloitte was initially formed, it was a much smaller organisation with very few central activities, and was therefore not significantly impacted by the unique restrictions upon the activities of a verein under Swiss law,” Deloitte said.

A Reynolds Porter Chamberlain partner said English law endures very high statues globally and several international networks are registered under it.

“The world has confidence in the English law and jurisdiction, as we can see in a lot of arbitration clauses that apply English law and contracts involving foreign parties where English law is specified in preference to the governing law. The governing law elsewhere is often less comprehensive or the outcome less certain to the one in the UK,” the partner said.

Deloitte’s UK legal structure became effective on 31 July 2010. Deloitte’s global office operates a completely separate legal entity to its member firms.

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