Nothing lasts forever... or does it? New perpetuities legislation introduced in the Cayman Islands The "old" rule The rule against perpetuities currently applicable in the Cayman Islands is derived from English law and is aimed at preventing individuals from 'tying up' their assets in trust indefinitely. Broadly speaking, the rule prescribes a set period – the perpetuity period – within which time the interest of each beneficiary must vest (i.e ...
Carey Olsen advises Tapir Holdings Ltd. on acquisition of shares in Rendeavour Holding Limited and subsequent listing on Bermuda Stock Exchange As part of the generation of funding and the consideration for the Acquisition, Tapir issued a total of 202,662,602 new ordinary shares, which were admitted for listing on the Mezzanine Market of the Bermuda Stock Exchange by way of subsequent listing (the "Listing") ...
By: Stephen Best, Clayton Barnett, and Brian Adkins August 27, 2024 Introduction As many sports lawyers are aware, there have already been several examples of name, image, and likeliness (“NIL”) litigation throughout the country. In fact, we previously reviewed several groundbreaking cases which stood to fundamentally alter the landscape of college athletics ...
The need to find mitigation mechanisms against climate change increases as time passes ...
The European Union's NIS2 Directive is a significant update to the original NIS Directive which was implemented in 2018 and which the NIS2 Directive is set to repeal this autumn. The original NIS Directive was the first EU-wide legislation focusing on network and information system security. The deadline for member states to transpose NIS2 Directive into national law is just around the corner (17 October 2024), and the implementing provisions will be applicable from 18 October 2024 onwards ...
The High Court has ruled on water neutrality – an issue impacting the determination of planning applications across West Sussex and beyond - for the first time ...
On July 22, 2024, the European Commission approved revised Interpretative Guidelines (the “Guidelines”) on Regulation (EC) No 261/2004 (“Regulation 261/2004”), which address air passenger rights concerning compensation and assistance for denied boarding, cancellations, and delays and on Regulation (EC) No 2027/97 on air carrier liability in case of accidents ...
Carey Olsen advises Paratus Energy Services on the issuance of a US$500 million senior secured bond This transaction marks one of the largest bond issuances in the Nordic bond market in recent years and was significantly oversubscribed, reflecting robust investor confidence and strong market demand ...
Carey Olsen assists DeFinity Markets in securing JFSC approval for digital assets settlement platform The Jersey subsidiary of the London-based DeFinity Markets group has been operational in the spot foreign exchange market since 2014 and is connected to some of the world’s most prominent banks. The challenger-model will see investment-grade buy and sell-side clients transact with each other using bank-intermediated credit via the prime brokerage desk ...
On 16 August 2024, the National Financial Regulatory Administration (NFRA) issued a consultation draft of theMeasures for Compliance Management of Financial Institutions(金融机构合规管理办法) (Draft Measures). The public comment period is open until 17 September 2024. Developing unified compliance management measures for relevant financial institutions can be traced back to the 2022 legislative agenda put forth by the China Banking and Insurance Regulatory Commission (CBIRC) ...
The decision of the Supreme Court in R (Finch) -v- Surrey County Council and others [2024] UKSC 20 (Finch) has set a clear benchmark for the scope of Environmental Impact Assessment (EIA) undertaken in connection with carbon intensive developments in the UK. However, the Finch case is not just relevant to projects concerning fossil fuel extraction ...
On July 26, 2024, the Ministry of Natural Resources ("MNR") promulgated the Notice of the Ministry of Natural Resources on Strengthening the Administration of Surveying, Mapping and Geoinformation Security of Intelligent Connected Vehicles ("Notice 139"), reiterating the importance of the security of surveying, mapping and geoinformation ...
On 26 July, the UK Financial Conduct Authority (FCA) published two consultation papers, CP24/12 and CP 24/13 (together, the CPs), relating to the new regime for public offers and admissions to trading to replace the existing UK Prospectus Regulation. These proposals are part of a package of measures designed to strengthen the UK’s capital markets; promoting more efficient and effective capital raising for issuers and increasing investor opportunities ...
August 14, 2024 By: Wendy Lee A little more than a year ago, on July 23, 2023, the Washington My Health My Data Act (WMHMDA) was passed into law. The law originally went into effect on March 31, 2024, however the compliance deadline for small businesses was June 30, 2024. This law was passed as a reaction to the Dobbs v. Jackson Supreme Court ruling and was designed to protect consumer health data ...
Carey Olsen advises on groundbreaking private catastrophe bond The bond was issued from the Randolph Re cell of Aon's White Rock Insurance Company PCC Limited – the first time a catastrophe bond has been issued out of a Guernsey vehicle. Previous Randolph Re catastrophe bonds were all issued out of Aon's Bermuda cell company, White Rock Insurance (SAC) Ltd. structure, making this a first for Guernsey and one of only a few cat bonds issued in this jurisdiction ...
On July 30, 2024, the Chilean Commission for the Financial Market ("CFM") published the Official Letter No. 2,354 (the "Official Letter") amending Official Letter No. 1,835 of April 24, 2007, which provides instructions regarding the form and content of information on investments made by insurance and reinsurance companies ...
Introduction On July 11, 2024, the Court of Appeal1 rendered a decision that, for the first time, addresses the question of whether the elected domicile appearing in the Québec Enterprise Register (the ?REQ?), established under the Act respecting the legal publicity of enterprises,2 can provide a basis for the Superior Court?s territorial jurisdiction within the meaning of article 41(3) of the Code of Civil Procedure ...
Carey Olsen advises Admiral Acquisition on US$1.85 billion acquisition of ASP Acuren Holdings Carey Olsen partner Andrew Boyce, senior associate James Cooke and associate Claire Cooke advised on the British Virgin Islands aspects of the transaction. Acuren provides technology-driven solutions to protect assets in the energy, industrial, and utility industries ...
Carey Olsen advises on the FSN Capital Confluence €588 million continuation fund FSN Capital Confluence acquired Nordlo, a leading Nordic managed IT service provider, and Saferoad, a European leader in road safety and infrastructure solutions, both previously part of the FSN Capital V portfolio. The acquisitions aim to accelerate organic growth and pursue strategic M&A opportunities ...
On August 1, 2024, the Department of Justice (“DOJ”) rolled out its Corporate Whistleblower Awards Pilot Program after announcing the initiative in March. Described as “[s]upercharging DOJ’s corporate investigations and prosecutions,”[1] the Pilot Program dramatically expands the pool of would-be whistleblowers and underscores the importance of robust compliance and reporting programs ...
The Supreme Court's recent decision in Loper Bright Enterprises v. Raimondo, abolishing the Chevron doctrine, provides the False Act Claims defense bar with a potent new weapon. Two critical elements of any FCA claim are the falsity of the claim and scienter, which requires proof that the defendant acted knowingly. The government and relators' counsel often rely heavily on regulatory guidance issued by administrative agencies to establish these elements of their FCA claim ...
The National Cybersecurity Coordination, a unit of the Undersecretary of the Interior responsible for coordinating the actions of public agencies in cybersecurity and recommending to the President of the Republic policies, laws, regulations, protocols and standards in this area, recently put two of a series of regulations required by Law No. 21,663 Framework on Cybersecurity up for public consultation ...
Subsequent to the amendments to the Mining Code and other mining legislation that were introduced by Laws No. 21,420, of February 2022, and No. 21,649, of December 2023, on August 2nd there were published in the Official Gazette the Decrees No. 9 and 10 of the Ministry of Mining, which approved the Regulations on the obligation to submit geological information, and amended the Mining Code Regulations, respectively. Decree No ...
As promised by the new government, the consultation on the revised National Planning Policy Framework (NPPF) has landed and now runs to 24 September. The Labour administration has clearly been busy in the lead up to the election, as the work that has gone into this is not the endeavour of less than a month in power. There’s a significant amount to analyse ...
The much-anticipated revised National Planning Policy Framework (NPPF) was published for consultation on 30 July, with the consultation running until 24 September. The consultation document extends more widely than changes to the NPPF itself, centred around the three pillars of stability, investment and reform. This article looks at the proposed reform. It should be said at the outset that much in the NPPF remains as before and the reforms might be regarded as tweaks ...
