On Oct. 10, Attorney General Merrick Garland announced that TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's investigation into money laundering and Bank Secrecy Act violations. When combined with agreements with the Federal Reserve, the Office of the Comptroller of the Currency and the U.S ...
SyCipLaw Senior Partner and Head of Banking, Finance & Securities Department Philbert E. Varona, Partners Mark Xavier D. Oyales, Ricardo Jesus E. Gutierrez, and Associate Marcella Maria L. Karaan contributed the Philippine chapter of the new Chambers Project Finance 2024 Global Practice Guide ...
SyCipLaw Senior Partner and Head of Banking, Finance and Securities Department Philbert E. Varona, Partners Jan Celine C. Abaño-Ranada, Camille Angela M. Espeleta-Castillo, and Ricardo Jesus E. Gutierrez prepared the Philippine chapter of the latest Chambers Debt Finance 2024 Global Practice Guide (GPG) ...
Introduction Directive No. 19 (the “Directive”), issued by the Central Bank of Malta (the “CBM” or the “Central Bank”) on the 7th July 2021 officially came into effect on 1st January 2022, with amendments issued in September 2024. It applies to all paper-based instruments issued, processed, or encashed within Malta’s jurisdiction, as long as these instruments are denominated in euros ...
Carey Olsen advises on sale of SandpiperCI's food retail business to Morrisons The Carey Olsen Jersey corporate and property teams led this cross-border acquisition, which included a pre-completion group reorganisation and advice on real estate, finance, employment, and pension matters for stores operating across Jersey, Guernsey, and Alderney ...
Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) ...
On 8 November 2024, the Standing Committee of the National People's Congress, after three readings, adopted the amendedAnti-Money Laundering Law(the "Amended AML Law"), which will take effect on 1 January 2025 and replace the originalAnti-Money Laundering Law(the "Original AML Law"), in effect since 2007 ...
Corporate Power Purchase Agreements, or CPPAs, are long-term electricity supply agreements between two parties and are a valuable catalyst for the green energy transition. Currently, only around a very small proportion of UK businesses have the financial capacity and energy demand to use larger scale CPPAs, but as a firm we are working with clients to find innovative ways to democratise the procurement of renewable energy ...
1. Introduction We are not only living in a digital age but also in an age where individuals and businesses increasingly depend on banks for their day-to-day activities. The convergence of these two factors is compounded with the increased use of artificial intelligence (AI) both generally and specifically in the banking sector. From a general perspective, AI start-ups in 2013 received USD 2 bn in investments globally which increased twelvefold in 2018 to USD 24 bn [1] ...
Carey Olsen takes lead role in new TISE 'Specialist Companies' equity rulebook Carey Olsen is part of the TISE Rules Committee, which helped finalise the Specialist Companies Equity Rules (as well as all previous Listing Rule updates). The Specialist Companies Equity Rules are intended to attract privately held structures whose securities are not intended to be frequently transferred or traded and which are primarily held by institutional and professional investors ...
As the year winds down, it’s a good time to take stock of your life as both a person and a litigator. Are you going in the direction you want, are you shortchanging one aspect of your life to benefit another? Is it working for you? Guests Anne Marie Seibel and Paula Hinton are experienced and highly successful litigators who explain how they learned to balance family and careers, professional goals, and personal aims ...
****Dear Ladies and Gentlemen!**** Since 2022 restrictions are imposed with respect to transactions with persons from “unfriendly” countries in the Russian Federation. Thus, for a certain number of transactions/operations (i.e. issuance/repayment of loans, execution of financial instruments, distribution of dividends/profits etc ...
On November 1, 2024, the Ministry of Commerce of the PRC ("MOFCOM") and five other administrative authorities issued revisions to theMeasures for the Administration of Strategic Investment in Listed Companies by Foreign Investors(the "Measures"), which make significant changes to the original version promulgated in 2005 ...
The latest report from techUK, which Shoosmiths has sponsored, shows the economic impact, as well as the potential to boost the positive impact, of data centres on the UK economy. The main economic value of data centres is their role in enabling digital transformation across all sectors of the economy, allowing businesses to benefit from digital products and services that allow them to operate and be more efficient and productive ...
The FCA has published the results of its culture and non financial misconduct survey. Here are some points to note. Key facts: The FCA surveyed regulated wholesale financial services firms asking questions about incidences of non-financial misconduct and the firm’s policies and procedures relating to firms’ culture ...
Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law (the Bankruptcy Law) introduced a new bankruptcy regime in the UAE, but left a number of key issues to be addressed under later implementing regulations. These regulations have now been issued under Cabinet Decision No. 94/2024 On the Implementing Regulation of the Financial Restructuring and Bankruptcy Law (the Implementing Regulations) ...
The International Entrepreneur Rule (“IER”) is a mechanism enacted by the U.S. Department of Homeland Security (“DHS”) in 2017 to help encourage noncitizen investors and entrepreneurs to continue their business ventures in the United States. Under the IER, Entrepreneurial Parole is available for up to three persons who have a substantial ownership interest (at least 10%) in a startup entity created in the U.S. in the past five years ...
By: Melissa Groisman, Esq. As of October 1, 2024, Florida has implemented stricter flood disclosure requirements for residential real estate transactions. This means that sellers are now required to disclose a property’s flood risk to potential buyers prior to executing a purchase and sale agreement. What Does This Mean for Sellers and Buyers? Sellers: To comply with the new law, sellers must disclose any previous flood damage claims and federal assistance received due to flooding ...
On October 21, 2024, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the Fiscal Year 2025 Examination Priorities. In addition to investment advisers, the Division has examination responsibility for broker-dealers, investment companies, self-regulatory organizations, clearing agencies and other market participants such as municipal advisors ...
This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Investment legislation can be split into two broad categories: investment funds and investment services. The former principally relates to UCITS, AIFMD and local laws which regulate asset management and their service providers. The latter relates to regulating financial instruments and the investment markets thereof ...
British Virgin Islands comparison of open-ended funds In short, open-ended funds give investors the right to redeem their fund interests on demand, subject to the terms of the fund documents and certain lock-up periods. These funds need to be regulated in the BVI by the BVI Financial Services Commission (the “FSC”) ...
If you find yourself at risk of personal liability as a director in respect of a company's affairs then it is vital that you seek urgent legal advice to mitigate your loss. As a general rule, any claims for wrongdoings committed by the company should be brought against the company as it is recognised as a distinct legal entity and is therefore separate from its shareholders and directors. However, this protection is not absolute ...
On 8 October 2024, the U.K. Investment Association (IA) published its Principles of Remuneration (the Principles) for the 2025 Annual General Meeting (AGM) season, setting out the IA’s expectations on executive remuneration structures. The Principles are predominantly for companies with a main market listing but are also relevant to companies listed on other markets, such as AIM, or private companies (Companies). The Principles build on the remuneration expectations set out in the U.K ...
Deal round-up: Schemes of Arrangement in Guernsey This surge in takeovers reflects a general market trend for companies listed on the London Stock Exchange (“LSE”) over this same period and it is no surprise that Guernsey companies have been affected, given that Guernsey is the second most common jurisdiction for companies listed on the LSE, second only to the UK itself. The takeovers have been a mixture of public-to-private deals and consolidations by way of a share exchange ...
Carey Olsen Jersey advises RoundShield on its largest fund in history, RS Fund V Carey Olsen worked alongside lead counsel Sidley Austin LLP in advising RoundShield, a London-based private investment firm with deep expertise in asset-backed private credit. In a testament to RoundShield's solid track record and experience, a significant majority (over 80%) of the investors in Fund V are existing clients of RoundShield and its latest fund also attracted ten new investors ...
