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’ ...
Insurance disputes are a timeless topic. However, in difficult economic times, the number of insurance disputes tend to increase. Our Dispute Resolution practice hosted a webinar on 17 September 2024 on the current trends in insurance disputes and shared their views on the challenges different parties may face in such disputes. The webinar also addressed practical strategies for managing disputes effectively. We have summarised the key topics of the webinar in the article below ...
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 8, 2024 By: John L. Hosack and Jason E. Goldstein In a victory for all insureds who have title insurance policies, and possibly a victory for insureds under other real property related insurance policies, the California Court of Appeal in Tait v. Commonwealth Land Title Insurance Company (2024) 103 Cal.App.5th 271, 277 (rev ...
PROOF OF INCAPACITY: ANALYSIS OF CIUSSS DE L?OUEST-DE-L?LE-DE-MONTREAL (ST. MARY?S HOSPITAL CENTER) v. RC 1 Summary The authors comment on this decision rendered on September 20, 2024, in which the Court of Appeal ruled on the capacity to consent to care in the presence of a psychiatric disorder ...
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 ...
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 ...
By: Richard C. Giller, Esq. Late Thursday, September 29, Hurricane Helene made landfall in Florida as a Category 4 storm. Before that, Helene’s winds created a dangerous storm surge that began wreaking havoc all along Florida’s gulf coast, particularly the Big Bend region, which experienced surges up to 15 feet ...
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 ...
Legislative regulation of platform employment and implications for business ****Platform employment**** is a relatively new sphere, which is just beginning to be regulated. In December 2023, Federal Law No. 565-FZ “On the Employment of the Population” was adopted, which for the first time introduced the concepts of ****“platform employment”**** and ****“self-employment”**** into the ****legal field**** ...
In this issue, we present an overview of arbitration as a dispute resolution mechanism. This edition also includes some key takeaways from a recent debate in Stockholm on the relevance of Section 36 of the Contracts Act in commercial disputes. Additionally, we provide an update on the proceedings before the Court of Appeal concerning the temporary injunction granted by the Oslo District Court in the Norwegian climate case ...
Appointment of a liquidator to an insolvent company incorporated in the British Virgin Islands The effect of an insolvent liquidation is to put the affairs of the company in the hands of an independent insolvency practitioner who is required to take possession of, protect and realise the company’s assets for the benefit of the company’s creditors. Liquidation is a final procedure which will ultimately bring the company’s life to an end ...
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] ...
On 4 September 2024, the Cabinet Office published further guidance on the Procurement Act 2023 (the ‘Act’) which is now due to “go live” on 24 February 2025. The new guidance covers contract modifications under the Manage phase of the commercial pathway. Contract modifications may need to be made to reflect commercial reality, as demands and circumstances change throughout the lifetime of the contract ...
