This month, the European Bank for Reconstruction and Development (EBRD) traditionally presented their annual transition report at the National Bank of Serbia (NBS) at an event that was attended by Karanović & Nikolić's Banking & Finance partner, Maja Jovančević-Šetka ...
During the first half of March, Miloš Vučković, Partner at Karanović & Nikolić, attended the two-day long Distressed Assets Forum in London, UK. The event was a good opportunity to learn about the latest developments in the field of trading non-performing loans (NPL's) on the European market, with many prominent banking, real-estate, advisory, and legal executives appearing as speakers and panellists ...
In a continued effort to implementthe policy change announced by President Obama on December 17, 2014 to engage and empower the Cubanpeople, the Office of Foreign Assets Control (“OFAC”) and the Bureau of Industryand Security (“BIS”) have announced additional amendments to the Cuban AssetsControl Regulations (“CACR”) and the Export Administration Regulations (“EAR”),respectively, which will be published and effective in the upcoming days ...
New Florida Statute Changes Building Code Requirements for Roof Repairs In May, Florida’s legislature met for a special session to address issues with property insurance claims and rates within the state ...
Trade mark law may be contained in statutes, but judges are the ones who interpret the statutes. Judges are also the ones who eventually decide whether one trade mark is confusingly similar to another. It is these factors that make the “Question the Trade Mark Judges” event that recently took place at University College London so fascinating for anyone interested in trade marks ...
The U.S. District Court in Portland, Oregon, issued a 28-day temporary restraining order (TRO) in an unusual weekend session just before the “Presidential Proclamation on Suspension of Entry of Immigrants Who Will Financially Burden the United States Healthcare System” was to go into effect on November 3, 2019. Judge Michael H. Simon agreed to “freeze things the way they are” so a determination can be made on the merits of the case ...
On Monday, 11 July 2016, the Johannesburg Stock Exchange (“JSE”) launched a T+3 settlement cycle. This is in line with international best practice and moves away from the previous standard T+5 settlement cycle. The result is that settlement, payment and funds release in respect of securities trades will be done in a total of four days, as opposed to six days (as was previously the case). The move is the culmination of a project initiated by the JSE in 2013 ...
Following an extensive consultation process over a two-year period with relevant stakeholders in the project finance market, the South African Registrar of Securities Services (the “Registrar”) has announced that the Johannesburg Stock Exchange (“JSE”) Debt Listings Requirements (“DLRs”) have been amended with effect from 1 March 2018 to include a new section 10, which will now specifically cater for so-called “project bonds” ...
When a scion of the investment banking world gets into crypto it is probably worth taking notice. JP Morgan Chase, America's largest bank, has just grabbed everyone's attention with the launch of its very own cryptocurrency, the JPM Coin. JP Morgan intends the internally developed crypto asset to be used in its wholesale payment system, which currently sees daily volumes in the region of $6 trillion ...
On 10 July 2003 the Verkhovna Rada of the Ukraine adopted the Amendment to the Land Code of the Ukraine (Amendment) Act of the Ukraine. The Amendment came into force on 31 July 2003. Under this Amendment, Article 82 of the Land Code of the Ukraine (Land Code) is amended, the very article which regulates land ownership of legal entities ...
This pilot is a first-of-its-kind use of distributed ledger (Web3) SLC technology and is expected to deliver reduced operational costs and improved risk management for lenders. Based on natural language contract terms developed by SVW and converted to SLCs using Hunit’s AI-powered tools, MMB’s clients will benefit from simplified processes, streamlined monitoring, and improved contract fulfilment ...
The news last week that the development of the Haymarket site in Edinburgh is to receive £9 ...
There has been an increase in market capitalisation of Jersey listed companies on global exchanges from £269 billion in 2014 to £278.9 billion in 2021. Furthermore, The International Stock Exchange (TISE) has seen the number of listings increase from 2,272 in 2016 to 3,431 securities on its official list at end of June 2021. These are just some examples which explain why Jersey is now regarded as a premier international finance centre ...
Contents Contents Legal framework Security Restructuring Insolvency Cross-border/Groups Liability risk The COVID-19 pandemic Other Trends and predictions Tips and traps Legal framework What domestic legislation governs restructuring and insolvency matters in your jurisdiction? The main legislation governing restructuring and insolvency matters in Jersey is: the Bankruptcy (Désastre) (Jersey) Law 1990 (the "Bankruptcy Law"); and the Companies (Jersey
Approval process Listed Funds are established on certification by the fund administrator that the fund complies with the criteria set out in the LF Guide. The Jersey Financial Services Commission (“JFSC”) issues the relevant certificate on receipt of the certification and the fund’s offer document. As a result, a Listed Fund can be established in Jersey within 3 days ...
Jersey investment funds update Q1 2024 Jersey Financial Services Commission updates and news Supervisory Risk Data Collection The Jersey Financial Services Commission ("JFSC") launched its annual Supervisory Risk Data Collection ("SRDC") exercise on 5 February, the results of which are used by the JFSC to inform its approach for risk-based supervision and its financial crime examination process and, in aggregated form, to refresh its risk model and national risk assessments ...
Jersey investment funds update - Q4 2023 FSJL - Changes to investment business On 31 October 2023, two amendments to the definition of “investment business” (as set out in article 2(2) of the Financial Services (Jersey) Law 1998 (“FSJL”)) came into force. The amendments have been discussed extensively over the last few years via numerous consultations with industry ...
Limited partnerships Limited partnerships (“LPs”) are now the favoured vehicles for closed-ended private equity funds and can be established in three ways: “Traditional” Jersey LPs (“JLPs”), which are similar to English LPs, are established under the Limited Partnerships (Jersey) Law 1994 ...
Jersey fast-track procedure to obtain Jersey grant In order to obtain a Jersey Grant, we will require the following: The original or a Court sealed and certified copy of the British Grant and Will (if the deceased left a Will). If sending copy documents, please do ensure that both the Will and Grant are separately certified by the Court that issued the original and that each page bears the Court’s seal. A certified copy of the death certificate ...
Approval process The Jersey Financial Services Commission (“JFSC”) does not need to review the fund structure, documentation or the promoter. Instead the fund administrator certifies to the JFSC that the fund complies with the EF Guide and once the certification and the fund’s offer document are filed the JFSC aims for a 3 day turnaround on the application for approval ...
Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl
One of the main rationales for using a cash box structure is that equity securities issued by PLC are issued for a non-cash consideration so that the statutory pre-emption provisions set out in the UK Companies Act 2006 do not apply. The issue can therefore take place without the timing implications of seeking shareholder approval to disapply the pre-emption rights or conducting a pre-emptive issue ...
Contents Legal and Enforcement Framework Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? As a matter of policy, Jersey has chosen not to regulate
With this continued interest, a number of Singapore are managers using Jersey as the jurisdiction in which to domicile their funds. This choice is driven by several factors. Singapore tax treatment of digital assets. Digital assets do not fall within the definition of a “designated investment” for the purposes of Singapore tax legislation. This means that a Singapore domiciled fund will be subject to tax in the country, and such tax leakage is hugely unattractive to investors ...
