On the 12th July 2024, the Malta Financial Services Authority (“MFSA”) published a Circular introducing new passporting forms for (re)insurance undertakings as part of the MFSA’s efforts to address new requirements emanating from the Cross Border Notification Platform launched in February 2023 ...
On the 29thJuly, the Malta Business Registry (MBR) issued a notice advising that any memoranda and articles of association being filed with the Registrar of Companies, whether in the course of an incorporation of a new company or as an amendment to memoranda and articles of association of companies already registered, need to be amended in order to refer to certain notification obligations which Maltese companies may be subject to ...
Citizens' Advice Guernsey to hold black-tie gala, sponsored by Carey Olsen Friends of Citizens' Advice – an extension of Citizens' Advice Guernsey established to raise funds for the charity – will host the black-tie event, which will include a three-course meal and live music, followed by a raffle and an auction ...
On 26 July 2024, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) released the revisedProvisions on the Administration of Funds of Foreign Institutional Investors for Domestic Securities and Futures Investment(《境外机构投资者境内证券期货投资资金管理规定》, the "Revised Provisions"), which will come into effect on 26 August 2024 and supersede the current version issued on 7 May 2020 (the "Current Provisions") ...
Shipping and Bermuda’s Corporate Income Tax Act The initial taxing determination You have determined that you have a shipping entity within a “Bermuda Constituent Entity Group”, which itself is within an “In Scope MNE Group” for the purposes of the Tax Act. Furthermore, you have already made various adjustments to the taxable income in accordance with Part 6 of the Tax Act ...
In another update to the Federal Trade Commission’s (the “FTC”) Non-Compete Ban (the “Rule”), a federal judge in Pennsylvania ruled against ATS Tree Services, LLC v. Federal Trade Commission, et al.[1] denying ATS’ motion for a preliminary injunction ...
Cyber reporting requirements for Bermuda insurers, insurance managers and insurance intermediaries following the CrowdStrike faulty software update Key reporting obligations Prompt notification Bermuda insurers, insurance managers and insurance intermediaries (including brokers, agents and insurance marketplace providers) (each, a "Registered Person") must forthwith notify the BMA upon coming to the knowledge, or having a reason to believe, that a cyber reporting event has occurred ...
Carey Olsen advises Mercer Park Opportunities Corp. on its US$200 million IPO Mercer Park Opportunities granted the underwriter, Canaccord Genuity Corp., a non-transferable over-allotment option to purchase up to an additional 3,000,000 Class A Restricted Voting Units at the same price per unit, exercisable within 30 days following the offering's closing ...
Bermuda corporate and finance update Q2 2024 Contents Introduction to Bermuda’s Corporate Income Tax Act 2023 Cyber risk management The Bermuda Monetary Authority enhances its Insurance Regulatory Regime Introduction to Bermuda’s Corporate Income Tax Act 2023 On 27 December 2023, the Corporate Income Tax Act 2023 (“CITA”) received governor’s assent in Bermuda ...
July 23, 2024 By: Emily Chaidez What happens when a policyholder seeks to bring an action against its insurer for violation of California’s Unfair Competition Law (Bus. & Prof. Code, § 17200 et seq ...
On 1 July 2024, the Act of 15 May 2024 on measures to address over-indebtedness and protect companies in difficulty (the“Act”) was published in the Belgian Official State Gazette. The main amendments of the Act, as well as its entry into force, are briefly discussed below ...
On 11 July 2024, the UK Financial Conduct Authority (FCA) issued the final version of its long-awaited new Listing Rules (UKLRs) in the UK Listing Rules Instrument 2024 (FCA 2024/23) (UKLR Instrument) ...
Jersey Wills for non-Jersey domiciled clients Our service We provide a comprehensive Will drafting service for clients who are domiciled outside Jersey but who have movable assets situate in the Island. Jersey movable assets can include bank accounts in the Island, stocks and shares in companies incorporated in, or with their Registrars based here in the Islands and other tangible assets ...
Guernsey poised to benefit from new LSE rules to boost growth and innovation The UK’s Financial Conduct Authority (“FCA”) has announced new rules for listings on the London Stock Exchange (“LSE”), which come into effect from 29 July 2024. The new rules are the biggest change to the listing regime in over 30 years and aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors ...
On July 3, 2024, Law No. 21.680, which creates a Consolidated Debt Registry (hereinafter referred to as the "Law"), was published in the Official Gazette. This Law aims to centralize information on financial debts, thus improving the credit evaluation of individuals and providing more data to the Financial Market Commission (CMF) for its regulatory functions ...
Carey Olsen advises Rosebank Industries on application to trade on London Stock Exchange The Rosebank co-founders are previous leading members of the senior management team of Melrose Industries plc ("Melrose") and intend to recreate the same successful ‘Buy, Improve, Sell’ business model which they pursued at Melrose ...
Transfer Pricing rules are fundamentally based on the Arm’s Length Principle, articulated in art. 9 of the OECD Model Tax Convention. This principle is pivotal for bilateral and multilateral tax treaties to avoid double taxation, reiterated in point 1.6 of the OECD’s “Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations ...
On July 5, 2024, the Financial Market Commission (“CMF”) updated its "Frequently Asked Questions" document related to General Rule No. 502 (“NCG 502”). The NCG 502 regulates the registration, authorization, and obligations of financial service providers under Law No. 21.521, known as the "Fintech Law ...
On July 3, 2024, the Financial Market Commission ("FMC"), and after a public consultation process, the FMC published its General Rule No. 514 (the “NCG 514”) that regulates the Open Finance System established by Law No. 21,521 ("Fintech Law") ...
Introduction On July 2, 2024, the Superior Court rendered a decision in Lallier c. Société d?assurance Beneva inc.,1 ruling on an insured?s claim against his insurer for an insurance benefit further to a loss, as the insurer had denied coverage, alleging the insured?s intentional fault. Despite the absence of hard evidence of the insured?s intentional fault, the Court ruled in favour of the insurer based on evidence established by presumption ...
The methods employed by criminals to transfer and conceal proceeds of crime on a global scale are becoming increasingly sophisticated, making effective mutual legal assistance in criminal matters crucial for cross-border asset recovery ...
Recently, the Ohio General Assembly passed a bill, Substitute S.B. 40, which will enter Ohio as a party to the new Dentist and Dental Hygienist Compact, and ultimately allow dentists and hygienists practicing in other compact states to practice in Ohio. This summer, the compact will form its commission, and will continue to work on operationalizing into 2025 before officially opening privilege applications ...
In this article we look at some of the key factors that influenced deal term trends through analysing the many transactions Shoosmiths advised on over the last year. For the third successive year Shoosmiths remained the UK’s most active law firm advising on mergers and acquisitions (according to Experian MarketIQ), acting on over 400 deals worth over £7bn in 2023 ...
The Supreme Court has overturned the Chevron Doctrine–a four decade-old ruling that enabled Federal agencies, including the Internal Revenue Service (“IRS”), to interpret ambiguous laws passed by Congress, and to have such interpretations enjoy a significant degree of deference ...
June 24, 2024 By: Michael C. Flynn A new Colorado law required all banks and credit unions chartered in any state to charge only Colorado’s maximum interest rate, not the interest rates allowed by the lender’s state ...
