With the introduction of foundations as an alternative type of structure to companies, the trustee can be formed as a private trust foundations (“PTF”) instead of a PTC, offering increased choice to the client. To help guide this choice, this briefing note considers key issues relating to the establishment and use of a PTC or a PTF in the context of private wealth management. References to “PTVs” are to both PTCs and PTFs ...
In summary, in most jurisdictions, trust assets will be more vulnerable to attack from a settlor’s creditors in the following scenarios: A settlor’s retention of dispositive powers (particularly positive powers e.g. powers to direct the trustee in contrast to a power to veto a trustee’s proposal) generally renders a trust more vulnerable to attack by creditors. Retaining powers to revoke the trust and/or a general power of appointment (i.e ...
This trend is worth monitoring, and undoubtedly reflective of generational change as those who set up companies or transferred interests into these jurisdictions decades ago pass on and leave their families fighting for control of the assets they have left behind. A helpful new judgement from the Easter Caribbean Court of Appeal (the Appeal Court) handed down on 23 March 2022, provides helpful further insight into family disputes over wills ...
By Weiss Hamid On April 1, 2022, Japan is set to begin enforcement on the amendment to its Act on the Protection of Personal Information (“APPI”). The APPI was originally adopted in 2003 – making it one of the first data protection regulations ...
On April 29, 2022, the National Information Security Standardization Technical Committee issued for public comments a draft of the Technical Specifications for the Certification of Personal Information Cross-border Processing (the “Draft Specifications”) ...
Article by Pisut Ratwong, Founder of Pisut and Partners, and Anne Coulon, Regional Legal Adviser of DFDL An injunction is a Court order that enjoins a party either to perform a specific act, or to refrain from doing the same. ‘Interlocutory’, ‘Temporary’ or ‘Interim’ injunctions are used interchangeably. An injunction can serve as a guarantee that a debtor will return money or any liabilities to the applicant ...
The year 2021 was marked by several changes in Myanmar. The change in government, along with the COVID-19 crisis, led to significant legislative developments that may have not yet been tracked by legal experts and industry players ...
May 17, 2022 By: Arielle Seidman and Anthony Martin The Colorado Privacy Act (CPA) is set to take effect on July 1, 2023. The law, which applies to, among others, many businesses or non-profits that process data of no fewer than 100,000 persons over the course of a year, allows the attorney general to “promulgate rules for the purpose of carrying out” the CPA ...
A trust is created when the legal ownership of property is transferred to or vested in a trustee who thereafter is required by law to manage and administer the property for the benefit of beneficiaries, or for the furtherance of certain purposes. The beneficiaries of the trust collectively hold beneficial title to the trust property. This permits the beneficiaries to enforce trust obligations through the courts if necessary ...
Atlanta Gas Light Company v. Bennett Regulator Guards Inc., Appeal Nos. 2021-1759 (Fed. Cir. May 13, 2022) In this week’s Case of the Week, the Federal Circuit Court addressed the third appeal from an underlying inter partes review proceeding in the wake of a recent Supreme Court decision holding time-bar determinations as unreviewable. The Court dismissed for lack of jurisdiction ...
The Oregon Legislature adopted a bill in 2021 to ensure planned communities eliminate discriminatory language from their governing documents by the end of this year. House Bill 2534, which amends Oregon Revised Statutes (ORS) chapters 94 and 100, imposes a responsibility on homeowners associations and condominium associations to review their governing documents and remove certain discriminatory language ...
The Oregon Legislature adopted a bill in 2021 to ensure planned communities eliminate discriminatory language from their governing documents by the end of this year. House Bill 2534, which amends Oregon Revised Statutes (ORS) chapters 94 and 100, imposes a responsibility on homeowners associations and condominium associations to review their governing documents and remove certain discriminatory language ...
The Committee of Advertising Practice (CAP) has issued guidance on ads for cryptoassets following an increase in the number of Advertising Standards Authority (ASA) complaints about crypto ads. What are cryptoassets? Cryptoassets are defined by the Financial Conduct Authority (FCA) as: “cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically ...
Dan Stowers, Partner and Lauren Bowkett, Principal Associate in the Regulation, Business Crime and Compliance Division explore the powers enacted under the new Economic Crime Act 2022 and what this means for those involved ...
The amendments are expected to come into force in the third quarter of 2022 after the Limited Partnerships (Amendment No.2) (Jersey) Law 202- (the “Amendment Law”) has received Privy Council approval ...
Whilst recognised dates of celebration are an important way to encourage discussion and awareness, everybody should feel free to be their authentic selves at all times. Events such as International Women’s Day, LGBT History Month and Black History Month are all important dates to observe and, as you will see from our timeline of dates below, recent months have provided lots of reason to celebrate ...
