British Virgin Islands investment funds - autumn 2024 update British Virgin Islands Financial Services Commission statistics Q2 2024 The British Virgin Islands (the “BVI”) Financial Services Commission (“FSC”) has published its Statistical Bulletin for Q2 2024 (see here, with ‘Investment Business’ statistics at page 17 and ‘Funds’ statistics at page 18) identifying progress made in different sectors of the Financial Services industry, including
Guernsey investment funds – autumn 2024 update Guernsey funds statistics The Guernsey Financial Services Commission (“GFSC”) has published its Investment Statistics Summary for Q2 2024 (see here). The full statistics can be viewed here, but the key statistics are as follows: Guernsey funds The total net asset value of Guernsey funds at the end of the quarter was £295.7 billion, an increase over the quarter of £3.2 billion (+1.1%) ...
Cayman Islands investment funds – autumn 2024 update Beneficial ownership for Cayman Islands Monetary Authority (“CIMA”) registered funds – updated requirements On 31 July 2024, the Cayman Islands Beneficial Ownership Transparency Act, 2023 (“BO Act”) and the accompanying Beneficial Ownership Transparency Regulations, 2024 (“BO Regulations”) were brought into force (see here for the BO Act, and here for the BO Regulations) ...
On the 7 October 2024, the Financial Conduct Authority (‘FCA’) published a ‘Dear CEO letter’ to Payment Service Providers (‘PSPs’) impacted by the mandatory reimbursement requirements for victims of authorised push payment fraud (‘APP’) ...
The Employment Rights Bill 2024 promises to bring substantial change to employment law across Great Britain, designed to enhance worker protections and promote fair employment practices. We consider the key changes and their implications for employers. Key changes Day-one rights for unfair dismissal One of the most significant changes is the introduction of day-one rights for unfair dismissal ...
In our eighth article in the series focusing on the risk of discrimination in the workplace, we consider the protected characteristic of disability, the common issues that arise and what employers can do to avoid discrimination claims. What is disability discrimination? Disability discrimination occurs where a job applicant or employee is treated less favourably because of their disability ...
Non-compete agreements can be an effective method for protecting confidential and proprietary business information. However, over the past several years, it seems that non-compete agreements have been falling out of favor ...
October 9, 2024 By: Kathryn Fox and Michelle Lopez On September 30, 2024, Governor Gavin Newsom signed SB 988 into law. The new state law, known as the Freelance Worker Protection Act (“FWPA”), goes into effect on January 1, 2025. The FWPA provides various protections to freelance workers and imposes minimum requirements on any contracts entered into or renewed on or after January 1, 2025 between freelance workers and hiring parties ...
October 7, 2024 By: Alexandra Shulman and Leah Lively AI in hiring: About 80% of U.S. and almost all Fortune 500 companies use AI-powered hiring software. AI may be used to target online advertising for job opportunities and to match candidates to jobs on employment platforms (e.g., LinkedIn, Indeed). AI may also be used to reject or rank applicants using automated resume screening and chatbots based on knockout questions, keyword requirements, or specific qualifications or characteristics ...
October 3, 2024 By: Daniel Silva and David Wilson On September 6, 2024, Wynn Las Vegas (“Wynn LV”) agreed to forfeit over $130 million to resolve a criminal investigation into the gaming giant’s suspected violated federal anti-money laundering (“AML”) laws. Daniel Silva, a Buchalter Shareholder and former federal prosecutor, led the investigation from its inception in 2014 while working at the U.S. Attorney’s Office for the Southern District of California ...
A recent High Court decision has important implications for commercial real estate owners considering taking enforcement action against defaulting tenants, particularly during unprecedented situations or in connection with newly enacted legislation ...
The rules on the duration and termination of insurance contracts governed by Belgian law have often been found overly formalistic and complex, especially by consumers. Save for a few exceptions, the duration of non-life insurance contracts can, in principle, not exceed one year. Instead, such contracts are tacitly renewed for successive one-year periods, subject to a notice for termination or objection to the tacit renewal being made by one of the parties ...
Administration of Bermuda's Corporate Income Tax In August 2024, Bermuda’s Ministry of Finance published a public consultation paper setting out certain proposed compliance obligations for Bermuda corporate taxpayers including certain anticipated procedural requirements with respect to registration, tax return filings, and payment of taxes ...
Establishment of Bermuda’s Corporate Income Tax Agency Following the enactment of Bermuda’s Corporate Income Tax Act (the “CIT Act”) in December 2023, in July 2024, the Government of Bermuda passed the Corporate Income Tax Agency Act (the “Agency Act”) which, among other things, (i) establishes the Bermuda Corporate Income Tax Agency (the “Agency”); (ii) sets out the functions and powers of the Agency with respect to administration of the CIT Ac
Licensing under the POI Law “Controlled investment business” Carrying on controlled investment business involves three elements: engaging in a “restricted activity”; which is in connection with a “controlled investment”; and which is done by way of business ...
On 21 September 2024, the Chief Public Prosecutor of the Belgian Competition authority (“BCA”) publicly announced that in the BCA’s investigations into agreements concerning subsidies granted for the delivery of newspapers and magazines in Belgium the BCA will for the first time also be prosecuting physical persons ...
The UK Government has now enacted secondary legislation to reflect the new “go live” date of the Procurement Act 2023 (the “Act”) on 24 February 2025. On 16 September 2024, the Procurement Act 2023 (Commencement No 3 and Transitional and Saving Provisions) (Amendment) Regulations 2024 (SI 2024/959) (“Amendment Regulations”) were made ...
Carey Olsen in Guernsey advises Phoenix Equity Partners on securing £600 million in new funds Phoenix's latest Flagship Fund will enable the firm to continue investing in high-growth, lower mid-market businesses across select sectors, while the launch of its Growth Partnership Fund will allow the firm to continue and extend its partnership with high-performing portfolio companies Nineteen Group ("Nineteen") and Envisage Dental ("Envisage") ...
Directors' duties on the insolvency of a BVI company At all times, directors of a company incorporated in the British Virgin Islands (the “BVI”) need to be aware of their role and responsibilities as director, in particular where the company is insolvent or of doubtful solvency ...
This newsletter gives a short overview of the latest legal and administrative developments when temporarily posting workers to Belgium. The topics covered are relevant for both foreign posting employers and Belgian service users. 1. The Limosa notification and the place of work: administrative clarifications When filing a Limosa notification for your posted workers, you must, amongst others, identify the place of work. However, this is not always easy to do ...
ALRUD has received information from various sources indicating that this increase is under consideration. Reports suggest that the exit tax could rise to as much as ****40% of the valuation**** of the relevant asset. Despite conflicting information circulating in public sources, our contacts within the authorities have stated that ****no official decisions have been made**** regarding this matter ...
HR teams have a lot on their plate, but a key priority for 2024 is undoubtedly protecting the employee brand proposition. Our 2024 online programme is focused on supporting HR teams to do just this, equipping them with the tools they need to protect the employee brand proposition of the organisations they work for. Our latest webinar focused on what organisations need to do to manage conflicting protected beliefs ...
On September 15, 2023, the DOLE issued Labor Advisory No. 20, Series of 2023, providing new guidelines on the implementation of a Cancer Control and Prevention Policy and Program in the Workplace. Under the Labor Advisory, employers and their employees are required to adopt such program, which shall include the following areas: 1. promotion of a safe and healthy lifestyle, including the mental and social well-being of employees; 2 ...
On 6 September 2024, the China Securities Regulatory Commission (CSRC) publicly released feedback regarding an application submitted by Mizuho Securities Co., Ltd. (Mizuho Group) for the establishment of Mizuho Securities (China) Co., Ltd. (“瑞穗证券（中国）有限公司”). If approved, Mizuho Group will become the fifth foreign financial group to establish a wholly foreign-owned (WFOE) securities company in China, joining the ranks of J.P ...
