Welcome to the new half-yearly review of Krogerus' highlights! In this newsletter, we will share recent case highlights, firm news and insights. Foreword As 2024 draws to a close, it has been a busy year at Krogerus, despite challenging market conditions and ongoing geopolitical uncertainties. While there is still a degree of darkness and uncertainty in the world, we are seeing positive signs in the transactional market, which often signal the start of economic recovery ...
The story of the Captain Tom Foundation reinforces the basic point that a charity should not be established for the purpose of making money for private gain, even if that would not be the only reason for setting one up. For those of us who have been sitting in a tin can far above the world, by way of a brief recap in April 2020 Captain Tom inspired the nation, completing the challenge of walking 100 laps of his garden whilst recovering from illness and in tribute to the NHS ...
In this edition, we offer a diverse range of content: First, we present an update on an upcoming case before the Supreme Court concerning section 36 of the Contracts Act. We will also provide some insights from a recent Supreme Court ruling on the insurance condition regarding sudden and unforeseen physical damage. Additionally, we discuss significant takeaways from the appeals judgment in the Dutch Shell case ...
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (“CTA”).[1] The CTA, and its Reporting Rule, were set to require approximately 32.6 million existing reporting companies to file beneficial ownership information (“BOI”) reports with FinCEN by January 1, 2025 ...
In an era of increasing data breaches and cyberattacks, businesses face mounting risks that can lead to financial, reputational, and operational damage. The cost of a data breach reached an average of $4.88 million in 2024, a 10 percent increase from the previous year ...
Bermuda Insurance Litigation Guide 2025 (Chambers) Contents Rules governing insurer disputes Jurisdiction and choice of law Arbitration and insurance disputes Coverage disputes Claims against insureds Insurers’ recovery rights Impact of macroeconomic factors Emerging risks Significant legislative and regulatory developments 1 Rules governing insurer disputes 1 ...
Carey Olsen's FinTech practice ranked Band 1 in Chambers 2025 guide The firm's Bermuda and Jersey FinTech practices have retained their Band 1 position, as have partners Steven Rees Davies (Bermuda), Chris Duncan (Cayman Islands) and Christopher Griffin (Jersey). Steven Rees Davies is praised in the guide as being "able to understand FinTech regulatory detail beyond the words that are written and from the client's perspective" ...
Implications of the Finance (2025 Budget) (Jersey) Law 202- for property transactions Stamp duty relief for group company transfers Perhaps the most welcome change is the long-overdue introduction of stamp duty relief for group company transfers of immovable property. To date, transactions between companies within the same corporate group have been subject to stamp duty at the full rates, disincentivising corporate property restructures ...
The Office of the Small Business Commissioner has announced the New Fair Payment Code. This is now open for businesses to apply to the new Code and it replaces the Prompt Payment Code which was introduced in 2015. Following on from our article on Payment Terms in Supply Chains (Payment Terms – what are the current rules and those coming down the track), we now have clarity on what is included in the new Fair Payment Code ...
Acquisition by a Company of its own Shares The Companies (Guernsey) Law, 2008 (as amended) (the “Law”) permits a Guernsey Company to acquire its own shares. Listed companies may use this mechanism to return surplus cash to shareholders, to enhance earnings per share or net assets per share, or to adjust gearing ratios. Listed funds may wish to provide greater liquidity in their shares, especially if the market for their shares is relatively narrow ...
The United States Patent and Trademark Office (USPTO) has released its long-anticipated final rule on patent fee adjustments (“Final Rule”). Set to take effect January 19, 2025, these changes represent the most significant fee restructuring since 2020. The changes aim to generate sufficient revenue to recover the USPTO's operational costs, while promoting efficient patent prosecution practices. Here's what patent applicants and owners need to understand about the upcoming changes ...
Carey Olsen advises MNRPF on £450 million longevity swap transfer The transaction, which will form part of MNPRF's investment portfolio, protects MNRPF against longevity risk and enhances security for MNRPF members. The Carey Olsen Guernsey corporate team advising on the transaction comprised partner Tony Lane and senior associate Arya Hashemi. Linklaters acted as onshore counsel for the trustee and Eversheds Sutherland acted as onshore counsel for MetLife ...
Carey Olsen advises Keyex Limited on successful application for registration as a BVI VASP Keyex provides a platform for cryptocurrency exchange including buying, storing, trading and selling digital assets. Its registration is amongst the first to be approved under the VASP Act, which aims to position the BVI as a leading jurisdiction for digital asset innovation globally ...
The European Blockchain Sandbox (the ‘Sandbox’) is a pan-European dialogue between innovators who come up with particularly interesting, original and useful applications for blockchain technology, and the relevant regulatory authorities that would be involved in such a project. The Sandbox is running from 2023 to 2026 and each year is supporting 20 use cases on the European Blockchain Services Infrastructure (EBSI) ...
Stay up-to-date with the ****latest developments in labour law related to employee remuneration****. These updates are essential for ensuring accurate payroll calculations, particularly in cases of employment termination, and for aligning local regulations with current legal requirements. New Minimum Wage Effective January 1, 2025, a revised minimum wage for a standard monthly work schedule will come into force ...
Siri comes to us from her role as a private practice lawyer at Legal in Stavanger. With more than two decades of experience as a corporate lawyer, she has worked with major international entities in the oil and gas sector, including Aker Solutions, Subsea 7, Aibel, and Archer. Additionally, Siri led the contracts and legal department for Acergy’s Asia and Middle East region in Singapore for a period ...
Family offices which choose to manage their global investments from Malta have been given a new legal exemption through a recent amendment in the applicable investment services rulebook of the Malta Financial Services Authority (“MFSA”). On the 27th of November 2024, the MFSA issued a circular titled “Establishment of Single Family Offices in Malta” ...
Carey Olsen advises Guernsey 'first of its kind' captive assisted buy-in The transaction involved the issue of a c£500 million BPA contract by M&G's wholly owned subsidiary, The Prudential Assurance Company Limited ("PAC"), to a UK pension trustee. As with a traditional buy-in transaction, under the BPA, PAC insures the trustee's liability to its pension scheme members ...
Artificial intelligence (‘AI’) is revolutionising various industries and in today’s consumer-driven world, ensuring the safety of products is of paramount importance, more so when considering the innovative products being placed on the market. At the core of the AI Act [1] are requirements that providers, manufacturers, importers, and distributors of AI systems must meet before making an AI system available for use or distribution on the Union market ...
Crypto currencies (also known as crypto assets) have seen rapid development since Bitcoin's emergence during the financial crisis in 2008. Due to their anonymity and privacy, crypto currencies are widely used for illegal and criminal activities and serve as a tool to evade judicial accountability. In response to the increasingly frequent criminal cases involving crypto currency, Chinese governments grapple with the complexities of judicial disposal at both policy and practice levels ...
The presidential and congressional campaigns brought considerable disagreement on a number of platform issues that were constantly in the daily news cycle. Each brings their potential political polarization, yet we heard less about economic development incentives that often bring bipartisan support. Many of these vehicles lead to accomplishing the common goals of stimulating economic development and community revitalization ...
Enforcement priorities frequently change with administrations, but the recent presidential election may produce a sea change for corporations. Over the last four years, the Department of Justice (DOJ) has focused on corporate financial misconduct and created incentive programs to encourage whistleblowing. This strategy builds on the civil False Claims Act (FCA), which includes a qui tam provision allowing private citizens to sue on behalf of the government and share in any recovery ...
On November 7, 2024, Bill C-244, An Act to amend the Copyright Act (diagnosis, maintenance and repair)1 received royal assent, adding a new exception to the provisions governing technological protection measures (TPM) in the Copyright Act (CA). This legislative amendment adds section 41.121 to the CA, making it legal to circumvent TPMs for product maintenance, repair and diagnosis. What it means The new section 41.121 is expected to have a limited impact on the Canadian repair market ...
Carey Olsen lawyers recognised in IFLR1000 2024 Caribbean rankings Among those featured, Carey Olsen has seven individuals considered to be 'Highly Regarded', one 'Rising Star Partner', three 'Notable Practitioners' and three 'Rising Stars' ...
