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”) ...
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 ...
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 ...
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’) ...
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) ...
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 ...
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 ...
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
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 ...
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 ...
The UK Government has now enacted secondary legislation to reflect the new “go live” date of the Procurement Act 2023 (the “Act”) on 24 February 2025. On 16 September 2024, the Procurement Act 2023 (Commencement No 3 and Transitional and Saving Provisions) (Amendment) Regulations 2024 (SI 2024/959) (“Amendment Regulations”) were made ...
Carey Olsen in Guernsey advises Phoenix Equity Partners on securing £600 million in new funds Phoenix's latest Flagship Fund will enable the firm to continue investing in high-growth, lower mid-market businesses across select sectors, while the launch of its Growth Partnership Fund will allow the firm to continue and extend its partnership with high-performing portfolio companies Nineteen Group ("Nineteen") and Envisage Dental ("Envisage") ...
Directors' duties on the insolvency of a BVI company At all times, directors of a company incorporated in the British Virgin Islands (the “BVI”) need to be aware of their role and responsibilities as director, in particular where the company is insolvent or of doubtful solvency ...
Case 1: the Lila Lisbon[i] — an appeal on an LMAA arbitration award, at the High Court, London, dealing with whether a Buyer under a NSF 2012 can claim loss of bargain (market price vs purchase price) following Seller’s failure to deliver within Cancelling Date [held: no] ...
ALRUD has received information from various sources indicating that this increase is under consideration. Reports suggest that the exit tax could rise to as much as ****40% of the valuation**** of the relevant asset. Despite conflicting information circulating in public sources, our contacts within the authorities have stated that ****no official decisions have been made**** regarding this matter ...
On 6 September 2024, the China Securities Regulatory Commission (CSRC) publicly released feedback regarding an application submitted by Mizuho Securities Co., Ltd. (Mizuho Group) for the establishment of Mizuho Securities (China) Co., Ltd. (“瑞穗证券（中国）有限公司”). If approved, Mizuho Group will become the fifth foreign financial group to establish a wholly foreign-owned (WFOE) securities company in China, joining the ranks of J.P ...
