Our readers may recall our column in this magazine last Fall involving a SALT malpractice suit filed against a North Carolina CPA firm by its former client, Vista Horticulture, Inc. d/b/a Eden Brothers. If you or your spouse are gardeners, you may know the company as an online seller of flower bulbs and seeds, etc. to customers all over the country ...
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 ...
Abstract “[I]t is better that ten guilty persons escape than that one innocent suffer.” 4 William Blackstone, Commentaries *358. “[I]t is better that ten innocent men suffer than that one guilty man escape.” Otto von Bismarck, Germany’s first chancellor, quoted in John W. Wade, Uniform Comparative Fault Act, 14 Forum 379, 385 (1979). Punishing the innocent is considered an “error” that the legal system must minimize ...
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 ...
By: Melissa Groisman, Esq. As of October 1, 2024, Florida has implemented stricter flood disclosure requirements for residential real estate transactions. This means that sellers are now required to disclose a property’s flood risk to potential buyers prior to executing a purchase and sale agreement. What Does This Mean for Sellers and Buyers? Sellers: To comply with the new law, sellers must disclose any previous flood damage claims and federal assistance received due to flooding ...
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 ...
On October 21, 2024, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the Fiscal Year 2025 Examination Priorities. In addition to investment advisers, the Division has examination responsibility for broker-dealers, investment companies, self-regulatory organizations, clearing agencies and other market participants such as municipal advisors ...
Hark! A recent Alabama Supreme Court indemnity decision, Mobile Infirmary Association v. Quest Diagnostics Clinical Laboratories, may require you to retrieve your drafting pen. Although not a case involving a construction dispute, Mobile Infirmary does address a key component of risk shifting in construction contracts — the indemnity clause ...
British Virgin Islands comparison of open-ended funds In short, open-ended funds give investors the right to redeem their fund interests on demand, subject to the terms of the fund documents and certain lock-up periods. These funds need to be regulated in the BVI by the BVI Financial Services Commission (the “FSC”) ...
Deal round-up: Schemes of Arrangement in Guernsey This surge in takeovers reflects a general market trend for companies listed on the London Stock Exchange (“LSE”) over this same period and it is no surprise that Guernsey companies have been affected, given that Guernsey is the second most common jurisdiction for companies listed on the LSE, second only to the UK itself. The takeovers have been a mixture of public-to-private deals and consolidations by way of a share exchange ...
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 ...
A guide to non-charitable Purpose Trusts in Jersey Creation and validity A Purpose Trust is created when assets are vested in the trustees for specific purposes ...
By: Matthew Ginder, Esq. As the general election approaches in November, Florida voters will have the opportunity to decide on the state’s adult-use marijuana initiative identified on the ballot as Amendment 3. In the most expensive state marijuana legalization effort to date, there have been various narratives about Amendment 3. This blog is intended to clarify important aspects of Amendment 3 ...
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 ...
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 ...
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 ...
Carey Olsen and IQ-EQ support Deep Blue on the launch of Jersey's first stablecoin DBUSD is a U.S. dollar denominated stablecoin, collateralised by low-risk assets and supported by an extensive ecosystem of key partners across tokeniser, blockchain foundations, distribution channels, oracle and technology providers, including Archax, the UK Financial Conduct Authority’s regulated digital assets firm. DBUSD's use cases include cross-border payments, remittances, trading and collateral ...
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") ...
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) ...
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
