Guernsey is a Crown Dependency. The Bailiwick of Guernsey (Guernsey, together with Herm, Sark, Alderney and the surrounding islets) is part of the British Isles but independent of the UK. It is neither a member nor an associate member of the European Union (the “EU”) and as such is classified das a third- country. Guernsey is therefore not required to comply with EU directives such as the Alternative Investment Fund Managers Directive (the “AIFMD”) ...
Contents Legal framework Security Restructuring Insolvency Cross-border/Groups Liability risk The COVID-19 pandemic Other Trends and predictions Tips and traps Legal Framework What domestic legislation governs restructuring and insolvency matters in your jurisdiction? Parts XXI to XXIV of the Companies (Guernsey) Law 2008, as amended, contain the main statutory provisions relating to corporate insolvencies and reorganisations of Guernsey companies ...
[!<CDATA[ The unprecedented speed of the collapse of the former Afghan central government is a humanitarian tragedy. The magnitude of which is rightfully distracting from the immediate near-term and long-term legal issues that those who supported the coalition efforts in Afghanistan are compelled to address as the immediate human concerns fade from the spotlight. In particular, U.S ...
The U.S. Department of Homeland Security (DHS) published a final rule on January 11, 2019, introducing electronic registration requirement for employers seeking to file H-1B cap-subject petitions. The final rule went into effect on April 1, 2019, though the electronic registration requirement was suspended Fiscal Year 2020 (October 1, 2019 – September 30, 2020) to allow USCIS to complete user testing and ensure the system and process are fully functional ...
It makes for great entertainment if a competition comes down to the last few minutes. So a dramatic final race in Abu Dhabi should have been the finishing flourish for a Formula One season that has been one of the closest in years, with Sir Lewis Hamilton and Max Verstappen fighting it out for the championship. Instead, the last lap generated huge controversy after a decision by the Race Director to allow some cars to unlap themselves, and order the safety car in immediately ...
Introduction The ‘golden thread’ of modified universalism in cross border insolvency has long been an aspiration, rather than a rule. [1] The common law concepts of recognition and assistance play a key role in achieving that aspiration. In recent years these concepts have been affirmed but scaled back, by decisions such as that in Singularis Holdings Limited v PricewaterhouseCoopers ...
In a recent Malaya High Court decision, the owner of the vessel My Ferry 2 made a claimed based on a maritime lien pursuant to Section 21(3) of the UK Supreme Court Act 1981, which applies in Malaysia pursuant to Section 24(b) of the Courts of Judicature Act 1964.(1) The plaintiff alleged that the first defendant (tug KKD000132-T which had towed the second defendant's dumb barge Wantas 17) had collided into the plaintiff's vessel, the My Ferry 2 ...
The High Court handed down the approved judgment on Monday 6 November 2023 in the case between Siemens Mobility Limited (“Siemens”) and High Speed Two (HS2) Limited (“HS2”) ...
Facts The recent high court decision in Straits Bunkering Pte Ltd v Ketua Pengarah Kementerian Perdagangan Dalam Negeri dan Hal Ehwal Pengguna Johor concerned an application with regard to the vessel MT Abbas, which had been arrested by the Southern Region Marine Department pursuant to Sections 491B(1)(k) and 491C of the Merchant Shipping Ordinance 1952 (MSO 1952).(1) Sections 491B(1)(k) and 491C of the MSO 1952 provide as follows: 491B ...
The refinancing policies for listed companies on the Shanghai and Shenzhen Stock Exchanges will be revised as a part of the full implementation of the registration-based stock issuance system reform, in addition to the reform of the IPO-related rules ...
The National Pension Commission (PENCOM) recently introduced a new category of fund which complies with sharia principles of investment. The Non-Interest Fund (Fund VI) permits pension contributors and retirees to choose the preferred investment portfolio they would want their pension contributions remitted to ...
On February 1, 2023, the China Securities Regulatory Commission ("CSRC"), the Shanghai Stock Exchange ("SSE"), the Shenzhen Stock Exchange ("SZSE"), and the Beijing Stock Exchange ("BSE") issued for public comments draft rules and regulations (the "Draft Rules") related to the registration-based stock issuance system. The Draft Rules mark the official launch of the full implementation of stock issuance reforms in China ...
On February 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published a consultation paper (the "Consultation Paper"), which detailed the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") following new filing rules for the overseas listing of domestic enterprises announced by the China Securities Regulatory Commission ("CSRC") on February 17, 2023 (the "New Filing Rules") ...
The Romanian Government has approved the necessary legislative amendments to create a holding regime in Romania, the ordinance being published in the Official Gazette on Friday, November 15, effective as of January 1st, 2014. The ordinance includes profits tax exemptions for Romanian holding companies as regards revenues from dividends received, revenues from the sale of shares and revenues from the liquidation process ...
On 5 December 2014, the Hong Kong Government formally released its draft legislation to waive stamp duty for the transfer of shares or units of all exchange traded funds (“ETFs”). The Stamp Duty (Amendment) Bill 2014 will be introduced into the Legislative Council on 17 December 2014 (“the Bill”). It is expected to have wide support ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
The Securities and Futures Commission (SFC) issued a circular on 21 December 2004 to deemed licensed corporations. Deemed licensed corporations which do not intend to migrate to the new regime under the SFO are expected to wind down their businesses and make arrangements for the return and transfer of client assets before their licences expire on 31 March 2005. The circular also sets out guidance on the treatment of unclaimed client assets ...
The second consultation on exemption of offshore funds from profits tax ended on 31 January 2005. Section 20A of the Inland Revenue Ordinance (IRO) provides that where a person is a non-resident and carries on business through an agent in Hong Kong, that non-resident can be charged to tax in the name of the agent and that tax can be recovered from the agent. However, section 20AA provides for an exemption whereby qualifying agents (i.e ...
Disclosure of Interests Recently, the SFC has successfully prosecuted a number of breaches of the duty to disclose securities interests, among which the most widely reported in the news was that of the prosecution of Mr. William Mong Man-wai. Mr. Mong was charged with failure to declare his interest in nearly 3 million shares of Bank of East Asia in contravention of section 28(1)(b) of the Securities (Disclosure of Interests) Ordinance. Mr ...
Based on the statistics prepared by the Securities and Futures Commission (SFC), as of early November 2004, there are approximately 280 SFC authorised guaranteed funds. This number has continued to grow throughout 2004. Background The early guaranteed funds introduced to the Hong Kong market in late 1999 offered simple investment strategies securing a capital guarantee with a potential up-side linked to the performance of underlying assets ...
In November 2004, the Securites and Futures Commission (SFC) published its Consultation Conclusions and Guidelines on Good Disclosure of Securities Services and Related Fees and Charges (Guidelines). The Guidelines, which came into effect on 1 January 2005, supplement the existing Code of Conduct ...
The Securities and Futures Commission (SFC) proposes to amend Chapter 8.7 of the Code of Unit Trusts and Mutual Funds (Code). To date, a total of 13 hedge funds have been authorised by the SFC pursuant to the existing hedge fund guidelines. The SFC has indicated that some applications for authorisation have failed because of the failure of the applicant hedge fund manager to comply with the experience requirements. The revised Chapter 8 ...
Proposed guidelines have been formulated to prevent analysts’ trading activities or financial interests from prejudicing their investment research and recommendations. The guidelines are scheduled to come into effect on 1 April 2005 and are to form part of the Code of Conduct for Persons Licensed by or Registered with the SFC. The guidelines cover only shares, stock warrants or stock options listed in Hong Kong or investment research that has an influence on such securities ...
