But what are the reasons for this? And what are the advantages of establishing a fund in Guernsey when compared to other jurisdictions? As the leading legal adviser to Guernsey’s investment funds sector by both number of funds advised and by assets, we believe that the following reasons help to explain Guernsey’s success and provide strong arguments for choosing Guernsey ...
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”) ...
March 28, 2023 By: Nicolette A. Cohen[1] On September 29, 2022, the California Court of Appeal First Appellate District, in Honchariw v. FJM Private Mortgage Fund, LLC, held a private lender’s imposition of late charges and default interest constituted an unlawful penalty in contravention of the public policy set forth in California Civil Code Section 1671, reversing the trial court’s finding ...
European Securities and Markets Authority (ESMA) published its final report on “guidelines of MiFID II product governance requirements” yesterday ...
By: Jeffrey M. Dennis Data privacy, sometime referred to as the protection of personal information, has developed into one of the most significant challenges facing the franchise industry. As the number of franchises in the United States continues to increase, franchisees and franchisors are becoming more reliant on customer information to grow and maintain their loyal customer bases ...
Whistleblowing or simply put, the act of drawing attention to or complaining about perceived wrongdoing, misconduct, unethical activity within one’s organisation has been a topic of great relevance in the last few years. While there is no federal law relating to whistleblowing in the UAE, there have been significant legal developments in this area. The Dubai Law No ...
March 31, 2023 By: Michael Flynn and Brett Voets On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act.[1] The new rule imposes significant burdens and risks on lenders, and will likely result in significant amounts of loan-related data being made public, as discussed below ...
The Cambodia Competition Commission (“CCC”) has issued Decision on Pre-Notification Thresholds for Business Combinations dated 14 March 2023, which sets out the thresholds for Pre-Notification under the Law on Competition. The CCC has the power to amend the thresholds by written decision ...
Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...
Contents The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Updates to Natural Capital Fund framework HMRC guidance on the registration of GPUTs Changes to Guernsey’s insolvency regime Consultation on “six directorship” exemption for directors The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) came into partial force on 1 January 2023 and will c
On March 10, 2023, Silicon Valley Bank and Signature Bank were closed by their respective jurisdictions’ financial service agencies due to a high influx of depositors making massive withdrawals in the week prior. The Federal Deposit Insurance Corporation (the "FDIC") – an independent federal agency created by Congress to support the broader banking industry – was formally appointed by state government agencies as a receiver for both banks ...
SyCipLaw has released the latest update of its market entry guide, SyCipLaw's Doing Business in the Philippines: A General Guide. The guide covers the setting up of a corporation or a branch office in the Philippines, post-SEC registration permits, how Philippine entities are taxed, tax incentives available, and merger notification rules ...
The Federal Deposit Insurance Corporation (“FDIC”) guarantees bank deposits of up to $250,000. Following the failure of two banks in recent weeks, regulators created some confusion among the industry and the public when they guaranteed customer deposits above this limit claiming that doing so was necessary to stem serious systemic risk to the financial system ...
An old adage is that history will repeat itself. In other words, all of this has happened before, and it will all happen again. Another banking crisis is upon us following the familiar cycle of financial deregulation. The failures of Silvergate, Silicon Valley, and Signature Banks provide an opportunity to learn and to act. From the early 1980s through the 1990s, Presidents and Congress worked together on “financial services modernization ...
Krogerus Disputes Day was organised on 21 March in Little Finlandia for the first time. The conference engaged our guests and speakers in a lively discussion about overarching sustainability and ESG requirements and, on the other hand, the occurrence and prevention of corporate crimes ...
Project owners whose activities are subject to environmental permitting requirements often carry a heavy financial burden in securing and maintaining these permits. For those who also find themselves having to defend a permit appeal in Pennsylvania, this burden may be a little heavier as a result of a recent decision from the Commonwealth’s highest court ...
The Directorate of Investments and Company Administration (“DICA“) announced on 1st April 2023 (“Announcement“) regarding the additional requirements when the annual return (“AR“) is submitted by the companies to DICA within two months after registering their company under the Myanmar Companies Law (“MCL“) ...
Limited partnerships Limited partnerships (“LPs”) are now the favoured vehicles for closed-ended private equity funds and can be established in three ways: “Traditional” Jersey LPs (“JLPs”), which are similar to English LPs, are established under the Limited Partnerships (Jersey) Law 1994 ...
Approval process The Jersey Financial Services Commission (“JFSC”) does not need to review the fund structure, documentation or the promoter. Instead the fund administrator certifies to the JFSC that the fund complies with the EF Guide and once the certification and the fund’s offer document are filed the JFSC aims for a 3 day turnaround on the application for approval ...
Approval process Listed Funds are established on certification by the fund administrator that the fund complies with the criteria set out in the LF Guide. The Jersey Financial Services Commission (“JFSC”) issues the relevant certificate on receipt of the certification and the fund’s offer document. As a result, a Listed Fund can be established in Jersey within 3 days ...
April 5, 2023 By: Nora Sheriff and Samir Hafez In their Wildfire Mitigation Plans (WMPs), Pacific Gas & Electric Company (PG&E) and Southern California Edison (SCE) indicate plans to spend roughly $18 billion and $5.8 billion respectively over the 2023-2025 WMP cycle. These total figures represent an approximately 26% increase over the utilities’ 2020-2022 WMP expenditures ...
The Competition and Markets Authority (CMA), the UK body responsible for consumer protection, has increased its focus on tackling misleading online sales practices ahead of the introduction of new legislation, expected later this year. The CMA has launched a new campaign to help consumers identify and report misleading online sales practices, including pressure selling, hidden charges, subscription traps and fake or misleading reviews ...
