The benefits of Guernsey as a fund domicile. Guernsey is one of the world’s largest offshore finance centres, with a thriving funds industry. Over 1,400 investment funds and sub-funds are currently administered in the island. The value of funds under management and administration in Guernsey as at the end of June 2021 is US$533 billion (up 24.4% in 12 months), based on the most recent available data published in The 27th annual Monterey Insight Guernsey Fund Report ...
The Procedures reflect updates to the de-registration process for mutual funds and establish for the first time the de-registration process for private funds, which aim to create a streamlined and harmonised regime for regulated funds ...
On 11 November 2022, the China Banking and Insurance Regulatory Commission ("CBIRC") issued for public consultation a draft revision to the PRC Banking Supervision Law (the "Consultation Draft"). The current PRC Banking Supervision Law was first promulgated in February 2004 and was amended once in 2006 (the "Current Law") ...
2022 saw the removal of all COVID-19 related restrictions. As we enter our first winter restriction free, we are likely to see a significant spike in COVID-19 cases in addition to other cold or flu viruses. So, what should employers do to manage this? It is imperative that employers consider what they can do to effectively manage COVID-19 within the workplace this winter and how best to protect their employees from associated risks ...
On November 9, 2022, the Financial Market Commission (“CMF”) published General Instruction No. 2,325 which updates the regulations on the prevention of money laundering, financing of terrorism and non-proliferation of weapons of mass destruction (“New Instruction”) applicable to: (i) banks (including their subsidiaries and support companies); (ii) savings and credit cooperatives; (iii) and payment card issuers ...
This article first provides an overview of the current state of the crypto disputes landscape, which arises at a novel intersection of crypto, arbitration and insolvency. It then looks at the type of legal and practical factors that may be relevant to a creditor in deciding on a dispute strategy when faced with a financially distressed crypto company, including in the context of arbitration and liquidation proceedings ...
With all the changes to the world of work that we have recently experienced and are continuing to experience, our webinar programme this year is focused on the future of work and in particular the hot topics that HR teams are having to handle now in order to future-proof their organisations. Our latest seminar focused on menopause in the workplace ...
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
All eyes are on the U.S. Federal Reserve as it attempts what many are calling a tightrope walk: raising interest rates just enough to slow the economy without triggering a recession in the hope of achieving an economic soft landing. With the Fed doing everything in its power to make borrowing costlier, factors are facing a similar balancing act ...
Blockchain litigation lead, Matt Green will be hosting our latest podcast series, 'In Early - The Crypto Podcast' - Listen to episode 3. During this five-part series, Matt will be speaking to special guests at the forefront of the digital asset space, telling real life stories, discussing the growth and growing pains of the industry, and exploring how blockchain technology has made an impact on people’s lives ...
According to a recent Employment Appeal Tribunal decision, an employee cannot settle future statutory claims that have not arisen at the date of the settlement agreement. We review what this means in practice for parties entering into such agreements. In order for a settlement agreement to be valid, it must comply with the necessary statutory requirements ...
The Confederation of British Industry (CBI) has recently published its most recent Financial Services Survey, the results of which demonstrate the effect that Brexit is having on immigration of employees and expertise in to the UK in the financial services sector. There are an estimated 1.1 million UK jobs in the financial services sector. Historically, the sector obtained one fifth of its workers from outside of the UK ...
July was a busy month for the FCA in publishing guidance, policy and rules which have a significant impact on a firm’s relationships with its senior managers and staff. On 30 June, and towards the beginning of the “crypto winter”, Sarah Pritchard, Executive Director of Markets at the FCA gave a speech to the City UK Annual Conference entitled “Finding Opportunity in a World of Uncertainty” ...
Employers will be familiar with the desire to settle a Tribunal claim before it reaches a final hearing, in fact the Tribunal itself actively encourages mediation and settlement. Swiss Re Corporate Solutions Ltd v Sommer EAT is an excellent example of why it is important to be careful in all without prejudice communication so that if a settlement is not reached, the without prejudice communication does not end up disclosed as part of the Tribunal proceedings ...
How can an employment disciplinary investigation findings determine fitness and propriety? Senior Managers & Certification Regime (SM&CR) firms are under a duty to consider fitness and propriety on an ongoing basis ...
The Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt ...
On October 21, 2022, the IRS announced in Notice 2022-55 cost-of-living adjustments to the tax-qualified retirement plan dollar limits for 2023. Most of the applicable dollar limits currently effective for 2022 will increase substantially compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective January 1, 2023: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is increased from $20,500 to $22,500 ...
Whilst generational wealth from around the world has commonly been held, in some form, via Cayman trusts, the client base of the local trust industry has in recent years expanded greatly to include a wider range of global family offices, ultra-high-net-worth individuals, and entrepreneurs keen to take advantage of the modern and flexible options on offer ...
The Employment Appeal Tribunal (EAT) has held that legal privilege does not apply retrospectively to an original version of a report produced before legal advice was sought ...
When we talk about discrimination, most people think of those with protected characteristics such as disability, race or sex being treated less favourably. Should we be considering people being treated less favourably because of their height? What is heightism? The general premise of heightism is the act of forming beliefs subconsciously about someone’s mental and physical qualities because of their height ...
