Welcome to the new half-yearly review of Krogerus' highlights! In this newsletter, we will share recent case highlights, firm news and insights. Foreword As 2024 draws to a close, it has been a busy year at Krogerus, despite challenging market conditions and ongoing geopolitical uncertainties. While there is still a degree of darkness and uncertainty in the world, we are seeing positive signs in the transactional market, which often signal the start of economic recovery ...
Implications of the Finance (2025 Budget) (Jersey) Law 202- for property transactions Stamp duty relief for group company transfers Perhaps the most welcome change is the long-overdue introduction of stamp duty relief for group company transfers of immovable property. To date, transactions between companies within the same corporate group have been subject to stamp duty at the full rates, disincentivising corporate property restructures ...
Acquisition by a Company of its own Shares The Companies (Guernsey) Law, 2008 (as amended) (the “Law”) permits a Guernsey Company to acquire its own shares. Listed companies may use this mechanism to return surplus cash to shareholders, to enhance earnings per share or net assets per share, or to adjust gearing ratios. Listed funds may wish to provide greater liquidity in their shares, especially if the market for their shares is relatively narrow ...
Carey Olsen advises MNRPF on £450 million longevity swap transfer The transaction, which will form part of MNPRF's investment portfolio, protects MNRPF against longevity risk and enhances security for MNRPF members. The Carey Olsen Guernsey corporate team advising on the transaction comprised partner Tony Lane and senior associate Arya Hashemi. Linklaters acted as onshore counsel for the trustee and Eversheds Sutherland acted as onshore counsel for MetLife ...
Carey Olsen advises Keyex Limited on successful application for registration as a BVI VASP Keyex provides a platform for cryptocurrency exchange including buying, storing, trading and selling digital assets. Its registration is amongst the first to be approved under the VASP Act, which aims to position the BVI as a leading jurisdiction for digital asset innovation globally ...
Family offices which choose to manage their global investments from Malta have been given a new legal exemption through a recent amendment in the applicable investment services rulebook of the Malta Financial Services Authority (“MFSA”). On the 27th of November 2024, the MFSA issued a circular titled “Establishment of Single Family Offices in Malta” ...
Carey Olsen advises Guernsey 'first of its kind' captive assisted buy-in The transaction involved the issue of a c£500 million BPA contract by M&G's wholly owned subsidiary, The Prudential Assurance Company Limited ("PAC"), to a UK pension trustee. As with a traditional buy-in transaction, under the BPA, PAC insures the trustee's liability to its pension scheme members ...
The presidential and congressional campaigns brought considerable disagreement on a number of platform issues that were constantly in the daily news cycle. Each brings their potential political polarization, yet we heard less about economic development incentives that often bring bipartisan support. Many of these vehicles lead to accomplishing the common goals of stimulating economic development and community revitalization ...
On Oct. 10, Attorney General Merrick Garland announced that TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's investigation into money laundering and Bank Secrecy Act violations. When combined with agreements with the Federal Reserve, the Office of the Comptroller of the Currency and the U.S ...
SyCipLaw Senior Partner and Head of Banking, Finance & Securities Department Philbert E. Varona, Partners Mark Xavier D. Oyales, Ricardo Jesus E. Gutierrez, and Associate Marcella Maria L. Karaan contributed the Philippine chapter of the new Chambers Project Finance 2024 Global Practice Guide ...
SyCipLaw Senior Partner and Head of Banking, Finance and Securities Department Philbert E. Varona, Partners Jan Celine C. Abaño-Ranada, Camille Angela M. Espeleta-Castillo, and Ricardo Jesus E. Gutierrez prepared the Philippine chapter of the latest Chambers Debt Finance 2024 Global Practice Guide (GPG) ...
Introduction Directive No. 19 (the “Directive”), issued by the Central Bank of Malta (the “CBM” or the “Central Bank”) on the 7th July 2021 officially came into effect on 1st January 2022, with amendments issued in September 2024. It applies to all paper-based instruments issued, processed, or encashed within Malta’s jurisdiction, as long as these instruments are denominated in euros ...
Metro Bank PLC was fined £16,675,200 (after a 30% discount) by the Financial Conduct Authority for failings in its transaction monitoring systems and controls. The FCA found that the bank’s failures led to the risk it was inadvertently being used for the purposes of financial crime. Key facts: Metro Bank PLC implemented an Automated Transaction Monitoring System (“ATMS”) to monitor customer transactions ...
Carey Olsen advises on sale of SandpiperCI's food retail business to Morrisons The Carey Olsen Jersey corporate and property teams led this cross-border acquisition, which included a pre-completion group reorganisation and advice on real estate, finance, employment, and pension matters for stores operating across Jersey, Guernsey, and Alderney ...
Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) ...
On 8 November 2024, the Standing Committee of the National People's Congress, after three readings, adopted the amendedAnti-Money Laundering Law(the "Amended AML Law"), which will take effect on 1 January 2025 and replace the originalAnti-Money Laundering Law(the "Original AML Law"), in effect since 2007 ...
1. Introduction We are not only living in a digital age but also in an age where individuals and businesses increasingly depend on banks for their day-to-day activities. The convergence of these two factors is compounded with the increased use of artificial intelligence (AI) both generally and specifically in the banking sector. From a general perspective, AI start-ups in 2013 received USD 2 bn in investments globally which increased twelvefold in 2018 to USD 24 bn [1] ...
As the year winds down, it’s a good time to take stock of your life as both a person and a litigator. Are you going in the direction you want, are you shortchanging one aspect of your life to benefit another? Is it working for you? Guests Anne Marie Seibel and Paula Hinton are experienced and highly successful litigators who explain how they learned to balance family and careers, professional goals, and personal aims ...
Carey Olsen takes lead role in new TISE 'Specialist Companies' equity rulebook Carey Olsen is part of the TISE Rules Committee, which helped finalise the Specialist Companies Equity Rules (as well as all previous Listing Rule updates). The Specialist Companies Equity Rules are intended to attract privately held structures whose securities are not intended to be frequently transferred or traded and which are primarily held by institutional and professional investors ...
****Dear Ladies and Gentlemen!**** Since 2022 restrictions are imposed with respect to transactions with persons from “unfriendly” countries in the Russian Federation. Thus, for a certain number of transactions/operations (i.e. issuance/repayment of loans, execution of financial instruments, distribution of dividends/profits etc ...
The new Network and Information Systems Directive (NIS2) came into effect on 18 October 2024 and with it comes an overhaul of the way in which cybersecurity risk management is regulated in Europe. The major changes brought about by NIS2 include stricter security measures, new incident reporting obligations and will substantially expand enforcement powers for regulators ...
The FCA has published the results of its culture and non financial misconduct survey. Here are some points to note. Key facts: The FCA surveyed regulated wholesale financial services firms asking questions about incidences of non-financial misconduct and the firm’s policies and procedures relating to firms’ culture ...
Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law (the Bankruptcy Law) introduced a new bankruptcy regime in the UAE, but left a number of key issues to be addressed under later implementing regulations. These regulations have now been issued under Cabinet Decision No. 94/2024 On the Implementing Regulation of the Financial Restructuring and Bankruptcy Law (the Implementing Regulations) ...
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 ...
