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 ...
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 ...
The UK’s Chancellor, Rachel Reeves, is set to deliver her first Budget on 30 October and it is anticipated to bring significant changes to the tax landscape. With the Government having identified a funding shortfall of £22 billion, it seems almost inevitable that tax rises are on the way, with capital gains tax (CGT) squarely in the Chancellor’s sights. We’ve outlined some potential changes and key considerations that may be relevant before, and after, Budget Day ...
The Food Standards Agency (FSA) is seeking feedback from stakeholders on new best practice guidance for food businesses that provide non-prepacked food. What is non-prepacked food? Non-prepacked food includes all foods that are not prepacked, e.g., loose foods, food packaged at the request of the consumer, food supplied by caterers, meals served in a restaurant, takeaway food, food made to order at cafes, etc ...
Stress and burnout at work is becoming an increasingly spoken about topic, particularly in high pressure roles and sectors such as cyber security professionals within the tech sector. How can employers help to prevent their employees from experiencing it? What is stress and burnout? There is no doubt that employee stress levels have risen as the demands of the workplace have increased ...
The European Commission published its draft regulation, the “NIS2 Implementing Regulation” (“N2IR”), for consultation on 27 June 2024. N2IR builds on the Network and Information Systems Directive 2022/2555 (“NIS2”), which was adopted on 16 January 2023 and will begin to apply from 18 October 2024 and beyond ...
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") ...
Working time’ for National Minimum Wage (NMW) purposes can cause a real headache for employers and the case law in this area continues to develop as (travel) time moves on. The National Minimum Wage Regulations 2015 (SI 2015/621) (NMW Regulations 2015) define various types of ‘work’ which includes ‘time work’ ...
Data subject access requests can be a compliance headache for businesses. The first of our series on DSARs looked at how data protection “by design” can make the job easier. But what about deciding whether or not to resist a DSAR when it actually lands? Dealing with data subject rights requests, or DSARs, is one of the biggest compliance headaches for many businesses ...
Jersey investment funds – autumn 2024 update Jersey Financial Services Commission - Recent changes to the Jersey Private Fund Guide On 2 July 2024, following a collaboration with the Jersey funds industry, the Jersey Financial Services Commission (“JFSC”) published an updated version of the Jersey Private Fund Guide (“JPF Guide”) with the goal of improving the Jersey Private Fund (“JPF”) regime (see here) ...
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) ...
This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Artificial Intelligence (AI) has revolutionized various industries, garnering considerable hype and widespread discussion. As AI technologies continue to evolve, their integration into various industries has profound implications, particularly for the labour market ...
In our eighth article in the series focusing on the risk of discrimination in the workplace, we consider the protected characteristic of disability, the common issues that arise and what employers can do to avoid discrimination claims. What is disability discrimination? Disability discrimination occurs where a job applicant or employee is treated less favourably because of their disability ...
October 7, 2024 By: Alexandra Shulman and Leah Lively AI in hiring: About 80% of U.S. and almost all Fortune 500 companies use AI-powered hiring software. AI may be used to target online advertising for job opportunities and to match candidates to jobs on employment platforms (e.g., LinkedIn, Indeed). AI may also be used to reject or rank applicants using automated resume screening and chatbots based on knockout questions, keyword requirements, or specific qualifications or characteristics ...
In September 2024, the U.S. Department of Labor (the “DOL”) released Compliance Assistance Release No. 2024-01 and its updated cybersecurity guidance for employers that sponsor employee benefit plans governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) ...
Given the increasing use of GenAI to assist businesses with answering legal queries, we wanted to see if ChatGPT can explain the rules around obtaining retrospective consent for electronic direct marketing in the UK. Electronic direct marketing (i.e. email and SMS) to individual consumers is a vital element of many businesses, particularly in the retail sector ...
In a long-awaited decision, the Pennsylvania Supreme Court has held that “direct physical loss” language in commercial property policies is not ambiguous and that COVID-related business-interruption claims do not trigger the insuring clause of these policies. Based on this ruling, business interruption claims filed for losses caused by pandemic-related closures are not covered under standard commercial property policies ...
Administration of Bermuda's Corporate Income Tax Act 2024 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 ...
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 ...
September 30, 2024 By: Akana K. Ma A Changed Regulatory Environment - Companies who think that U.S. export controls and sanctions do not apply to their products and channels of trade should reassess that position. As an example, approximately US$1.1 billion in fines levied during the last 15 months by the U.S ...
