Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ...
Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. Equity investments The charts show various instances of equity investments being made. The LCF Law does not apply to equity investments ...
Overview A "financial firm business" will need: a licence to do so (a "Part III FFB Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission") ...
Overview Persons carrying on "platform and intermediation business" will need: a licence (a "Part IV Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission"). Licensees under any of Guernsey's regulatory laws who carry on activities regulated under Part IV of the LCF Law must also hold a Part IV Licence ...
Overview A VASP will need: a licence (a "Part III VASP Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission"). A Part III VASP Licence is required unless an exemption is available under the LCF Law or the "Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022" (the "LCF Notice") ...
The Commission published the Lending, Credit and Finance Rules and Guidance, 2023 (the "LCF Rules") on 19 January 2023. Part 6 (Consumer Protection and Unfair Agreement Terms) of the LCF Rules applies to: all regulated agreements1 between customers and credit providers; and all agreements to provide ancillary services in connection with regulated agreements. Any clauses of such agreements which contain "unfair" terms are unenforceable ...
The board of directors Composition and conduct The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”) Where the entity is a licensee under the POI Law (“a POI Licensee”), the POI Law requires each director, controller, partner or manager of the POI Licensee to be a “fit and proper person” to hold that position. Factors such as his/her probity, competence, experience and judgment will go to making this determination ...
Nowadays, most funds formed in Guernsey tend to be for the institutional or high net worth individual markets, with hedge funds, funds of hedge funds, private equity and property funds being especially popular. Guernsey is particularly keen to attract high quality hedge fund business. Since 2003, the GFSC has provided guidance setting out a more relaxed framework for the operation of hedge funds, which included waivers of the various fund rules in four key areas ...
When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...
February 8, 2023 By: Michael Flynn On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for credit card late fees to $8. The current safe harbor limits are $30 for a first missed payment and $41 dollars for each additional missed payment, indexed to inflation. The $8 limit would not be indexed to inflation ...
However, Fintech is actually just a new term for an old concept that dates back to ancient times. A case in point is the invention of paper in China in the 7th century, a major technological development that paved the way for paper currency, and eventually fiat currency. The development of the payment card systems in the 1950s (e.g ...
The Ministry of Immigration and Population of the Republic of the Union of Myanmar has issued a notice that updates the application process to extend eBusiness Visas for foreigners working for companies or engaging in business in Myanmar. All such applications must be submitted in the name of a company that is duly incorporated and registered at the Directorate of Investment and Company Administration (“DICA”) and must have the signature of the director of the registered company ...
The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR ...
The Financial Market Commission ("CMF"), as part of the implementation process of Law No. 21,521 ("Fintech Law"), on February 3, 2023 published General Rule No. 493 ("NCG 493"), which establishes the procedure and requirements to apply for registration in the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros, the "Registry"), created by the Fintech Law ...
The Union Budget for 2023-24 was presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman on February 1, 2023. The policy initiatives outlined in the budget proposals are intended to ensure macroeconomic stability of Indian economy in the face of global recession, while giving momentum to economic growth. The budget seeks to build on the foundation laid over last two years after the Covid pandemic ...
The impact that Artificial Intelligence (“AI”) is making on investment services has been the subject of a recent publication, dated 1st February 2023, which was issued by the European Securities and Markets Authority (“ESMA”) ...
SEC Commissioner Hester Peirce (“Peirce”) recently delivered an address on digital assets regulation at the Digital Assets at Duke Conference. The two-day meeting brought together regulators, academics, experts, policymakers, and other key stakeholders in the industry to discuss and debate the future of digital assets and distributed ledger technology (“DLT”) ...
HSR Notice Thresholds Have Increased. On January 26, 2023, the Federal Trade Commission (FTC) announced its revised annual threshold that determines whether companies may be required to notify federal antitrust authorities about a proposed merger or acquisition due to the size and value of the transaction. The Hart-Scott-Rodino (HSR) Antitrust Improvements Act (Section 7A of the Clayton Act) requires parties to certain mergers and acquisitions to notify the FTC and U.S ...
Contents Introduction Background to the appeals Summary of the Privy Council's decision Point 1: A trustee's right of indemnity confers a proprietary interest Point 2: The proprietary interest survives the transfer to a new trustee Point 3: There is no priority as between the competing proprietary interests of successive trustees, which rank pari passu Point 4: A trustee's indemnity extends to proving its claim Jersey law Comment Introduction On 13 October 2022, the sev
Following the successful uptake of a similar initiative in 2022, the European Commission has re-launched its fund to support small and medium enterprises (“SMEs”) in safeguarding their intellectual property assets ...
1. Background and Rationale The Thai financial market has been revolutionized by rapid changes in technology, particularly, with the advent of distributed ledger technology (“DLT”) and digital assets in recent years. This has led to a surge of interest from traditional investors and corporate entities, both small and large, eager to participate in this dynamic market. These technologies have been driving financial innovation and progress ...
Your biometric data tells the tale of who you are in intricate detail. Often, your biometric data is used to verify your identity at work or school. Currently, Illinois has the most comprehensive biometric privacy law in the country with the Illinois Biometric Information Privacy Act. Maryland and Mississippi look to join Illinois in protecting their citizens’ biometric data ...
With cybersecurity risks increasing and evolving moving into 2023, the federal government is taking steps to help secure our cyber infrastructure. The recent passing of the 2023 omnibus spending agreement included additional funds for a variety of federal agencies in order to strengthen our cybersecurity apparatus. The Cybersecurity and Infrastructure Agency (“CISA”) received $1.3 billion for its cybersecurity programs. This is a $230 million increase over last year ...
