We are pleased to issue the tenth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services, CSPs, fintech, insurance undertakings and insurance intermediaries ...
How far can employers search for personal data to answer an access request? Can they check personal mobiles or laptops - or personal emails on a work device? Here we look at invading staff privacy to respect someone else's data protection rights. In this series we have already looked at taking control of data subject access requests (DSARs) through data protection by design, and understanding when you can refuse to comply with a DSAR ...
Five Carey Olsen partners named leading Cayman lawyers by Lawdragon Lawyers featured in the 2025 guide are regarded as specialists in their field, have typically practised for 10 years or more and have significant on-the-ground experience in the Cayman Islands. Lawdragon's selection process incorporates nominations and extensive independent journalistic research, drawing on their more than 35 years' experience of legal research and reporting in the United States ...
Guernsey Incorporated Cell Companies Key features The Companies (Guernsey) Law, 2008 (the “Law”) provides for the creation of the incorporated cell company. An ICC is a company which has the power to establish incorporated cells as part of its corporate structure. Like a protected cell company (“PCC”), an ICC may comprise any number of incorporated cells (“Cells”) ...
Carey Olsen named among Singapore's Best Law Firms by The Straits Times The list recognises the 100 most highly regarded law firms as recommended by almost 6,000 legal professionals across 18 different fields of law. The firm has previously been recognised by the Singaporean newspaper as 'Singapore's Best Law Firm' for 2022 and 2023 ...
United States Citizenship and Immigration Services (“USCIS”) has approved a new credentialing organization for certain healthcare workers for immigration purposes. USCIS approved the application from International Education Evaluations, LLC (IEE), which went into effect October 25, 2024 ...
The International Entrepreneur Rule (“IER”) is a mechanism enacted by the U.S. Department of Homeland Security (“DHS”) in 2017 to help encourage noncitizen investors and entrepreneurs to continue their business ventures in the United States. Under the IER, Entrepreneurial Parole is available for up to three persons who have a substantial ownership interest (at least 10%) in a startup entity created in the U.S. in the past five years ...
As part of our ongoing commitment to Corporate Social Responsibility, the team at Mamo TCV is proud to support the Action for Breast Cancer Foundation. Through a collective effort, our staff members raised proceeds which were donated to fund Cold Caps for patients undergoing chemotherapy. Cold Caps play a crucial role in helping individuals retain their hair during treatment, contributing to a sense of dignity and well-being throughout their journey ...
Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law (the Bankruptcy Law) introduced a new bankruptcy regime in the UAE, but left a number of key issues to be addressed under later implementing regulations. These regulations have now been issued under Cabinet Decision No. 94/2024 On the Implementing Regulation of the Financial Restructuring and Bankruptcy Law (the Implementing Regulations) ...
The FCA has published the results of its culture and non financial misconduct survey. Here are some points to note. Key facts: The FCA surveyed regulated wholesale financial services firms asking questions about incidences of non-financial misconduct and the firm’s policies and procedures relating to firms’ culture ...
The EU Data Act will apply from 12 September 2025. Thus far, much of the attention has focused on the IoT side of the regulation, specifically on data holder obligations and data sharing. Discussion around Chapter VI of the Act concerning switching between data processing services (such as IaaS, PaaS, and SaaS) and its implications for such services has been relatively sparse ...
By the end of this year, the Home Office is transitioning to an entirely digital UK immigration system. This means that all physical immigration status documents will be replaced with digital immigration status, referred to as eVisas, and this includes any BRP’s, BRC’s or passport vignettes. The eVisa will be the only way to prove your immigration status once this transition is complete. The Home Office aim to complete the transition by 31 December 2024 ...
Here's a refresher: Discriminating against a subclass of a sex — e.g., older women or black women — may still be discrimination. In a Sept. 19 opinion in McCreight v. AuburnBank, the U.S. Court of Appeals for the Eleventh Circuit clarified a few things for the summary judgment standard and provided a good refresher on "sex-plus" discrimination, or discrimination based on a subclass of sex ...
1. Introduction The Act imposes an obligation on companies and other legal entities to obtain information about the company’s beneficial owners. The purpose of the Act is to improve access to information about ownership and control in Norwegian companies, and to be a tool in the fight against money laundering, terrorist financing and other financial crime. The parties subject to the Act are referred to in the Act as «obliged entities» ...
If you find yourself at risk of personal liability as a director in respect of a company's affairs then it is vital that you seek urgent legal advice to mitigate your loss. As a general rule, any claims for wrongdoings committed by the company should be brought against the company as it is recognised as a distinct legal entity and is therefore separate from its shareholders and directors. However, this protection is not absolute ...
On 8 October 2024, the U.K. Investment Association (IA) published its Principles of Remuneration (the Principles) for the 2025 Annual General Meeting (AGM) season, setting out the IA’s expectations on executive remuneration structures. The Principles are predominantly for companies with a main market listing but are also relevant to companies listed on other markets, such as AIM, or private companies (Companies). The Principles build on the remuneration expectations set out in the U.K ...
Carey Olsen announces two senior promotions within BVI litigation practice Catherine advises on shareholder disputes, fraud and asset tracing, and trust litigation and insolvency proceedings. She has conducted litigation before the BVI Commercial Court, ECSC Court of Appeal and the Privy Council. Catherine joined Carey Olsen in 2021, having previously worked for another offshore law firm in the BVI and a leading corporate law firm in Dublin ...
Carey Olsen Jersey advises RoundShield on its largest fund in history, RS Fund V Carey Olsen worked alongside lead counsel Sidley Austin LLP in advising RoundShield, a London-based private investment firm with deep expertise in asset-backed private credit. In a testament to RoundShield's solid track record and experience, a significant majority (over 80%) of the investors in Fund V are existing clients of RoundShield and its latest fund also attracted ten new investors ...
The UAE Federal Government has issued Cabinet Decision 98 of 2024 (2024 Cabinet Decision) and has, as a result, substantially revised the application of the UAE economic substance reporting requirements. The present economic substance requirements were first introduced through Cabinet Decision 57 of 2020 (the2020 Cabinet Decision) ...
From 26 October 2024, employers will be required to take reasonable steps to prevent sexual harassment in the workplace. Employers must ensure they understand the parameters of this new duty and have implemented the measures needed to comply with it. What the Act says The Act requires employers to take reasonable steps to prevent sexual harassment of their workers in the course of their employment ...
This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Introduction The first article (see link below) in this EU AI Act series provided, inter alia, a breakdown of the scope, applicability, timeline and risk levels of the AI Act, Regulation (EU) 2024/1689 [1] (hereinafter referred to as the “Act”) ...
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 ...
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
Carey Olsen confirmed as the leading offshore law firm by Chambers UK 52 lawyers from across the firm's Guernsey, Jersey and London offices have also been recognised for their outstanding work. Notably, 10 individuals have seen their rankings improve, including new Band 1 rankings for partners Natasha Kapp (Trusts, Guernsey) and Andreas Kistler (Trusts, Jersey). Five Carey Olsen lawyers have also been newly ranked in this year's guide ...
