A guide to non-charitable Purpose Trusts in Jersey Creation and validity A Purpose Trust is created when assets are vested in the trustees for specific purposes ...
The new Network and Information Systems Directive (NIS2) came into effect on 18 October 2024 and with it comes an overhaul of the way in which cybersecurity risk management is regulated in Europe ...
Bermuda Monetary Authority initiates consultation on proposed changes to Bermuda’s digital asset business regime The Bermuda Monetary Authority (the “BMA”) has issued a consultation paper outlining proposed amendments to the Digital Asset Business Act 2018 (the “Act”) and the Digital Asset Business (Prudential Standards) (Annual Return) Rules 2018 (the “Rules”) inviting the digital asset business sector and other stakeholders to share their views on t
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. each periodically publish a report that describes their views on the current risk areas threatening the banking industry. The OCC calls its report the “Semiannual Risk Perspective,” while the FDIC’s report is called the “Risk Review.” These reports telegraph the risks regulators will be particularly interested in during the next examination cycle ...
The National Financial Regulatory Administration ("NFRA") issued theAdministrative Measures for Syndicated Loan Business("Administrative Measures") on 12 October 2024, which will take effect from 1 November 2024 and shall amend and replace theGuidelines on Syndicated Loan Businessissued by the China Banking Regulatory Commission on 1 August 2011 (the “Business Guidelines”). NFRA released a draft of the Administrative Measures for public consultation on 22 March 2024 ...
Carey Olsen advises Gate.io on launch of cryptocurrency venture capital fund The Fund is a venture capital fund which initially closed with investments in the digital assets and web 3.0 space across 28 portfolio companies and projects, encompassing opportunities from seed to pre-IPO rounds. The aim of the Fund is to invest in the equity and tokens of unlisted start-up companies and protocols operating within the digital assets web 3 ...
Guidance published this month by the UK Government is designed to support firms in the UK financial sector to share customer information more easily in the pursuit of the prevention and detection of economic crime. Key facts: The UK Government has issued guidance for anti-money laundering regulated firms on the voluntary information sharing measures contained in the Economic Crime and Corporate Transparency Act 2023 (the “Act”) ...
We are pleased to present the very first edition of our Trade and Taxation Newsletter. Each month, we will share important updates, key developments, and practical insights on trade and taxation, all tailored to help you stay ahead in an ever-changing regulatory environment ...
Carey Olsen and IQ-EQ support Deep Blue on the launch of Jersey's first stablecoin DBUSD is a U.S. dollar denominated stablecoin, collateralised by low-risk assets and supported by an extensive ecosystem of key partners across tokeniser, blockchain foundations, distribution channels, oracle and technology providers, including Archax, the UK Financial Conduct Authority’s regulated digital assets firm. DBUSD's use cases include cross-border payments, remittances, trading and collateral ...
Jersey private trust companies This briefing note considers key issues relating to the establishment and use of a Jersey PTC in the context of private wealth management. References to “PTCs” are to companies which operate as corporate trustees, although it is also possible for a foundation to act as a private trust foundation (a "PTF") ...
Law firm Shoosmiths has advised Toyota Motor Manufacturing UK (TMUK) on two major agreements relating to the construction of a state-of-the-art anaerobic digester (AD) plant at the TMUK engine manufacturing facility in Deeside, North Wales (UK). The new waste to energy plant will be situated next to the Toyota Engine Plant and construction at the £282m privately funded venture will start next month ...
On 30 September 2024, China's State Council announced the finalizedRegulation for theAdministration of Network Data Security(《网络数据安全管理条例》, "Network Data Regulation"), which will take effect on 1 January 2025. This regulation provides a framework for personal information (PI) protection, cross-border data transfers, network data security management and the responsibilities of internet platform providers ...
Bermuda investment funds – autumn 2024 update Bermuda Monetary Authority Investment Fund statistics (Q2 2024) Bermuda continues to consolidate its status as a leading international financial centre with growth in the investment funds sector during Q2 2024. The Bermuda Monetary Authority (the “BMA”) has published its Q2 2024 Investment Fund Statistics (see here), which indicate an increase in both the total number of funds and the net asset value (NAV) of those funds ...
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’) ...
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 ...
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
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 ...
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 ...
September 30, 2024 By: Akana K. Ma A Changed Regulatory Environment - Companies who think that U.S. export controls and sanctions do not apply to their products and channels of trade should reassess that position. As an example, approximately US$1.1 billion in fines levied during the last 15 months by the U.S ...
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 ...
