In February 2012, the FATF published the revised FATF Recommendations (also known as the Standards). The Standards continue to develop to detect and prevent new money laundering and terrorist-financing techniques impacting the international financial system, such as misuse of virtual assets and COVID-19 related threats ...
In February 2012, the FATF published the revised FATF Recommendations (also known as the Standards). The Standards continue to develop to detect and prevent new money laundering and terrorist-financing techniques impacting the international financial system, such as misuse of virtual assets and COVID-19 related threats ...
18 Carey Olsen lawyers recognised in Chambers Global 2024 Guide The firm's Bermuda team has been ranked Band 1 for Dispute Resolution and Band 2 for Corporate and Finance and Insurance respectively, with one client stating that the team has "highly reliable partners with extensive knowledge" who provide "exceptional service and top-level responsiveness". In the BVI, Carey Olsen has also maintained its strong rankings in Corporate and Finance and Dispute Resolution ...
1. How do you foresee the evolving regulatory landscape in offshore jurisdictions impacting Asia-based clients in 2024, and what strategies is your firm considering to navigate these changes effectively? Anthony McKenzie (AM): Asia is the world's largest and most populated continent, comprised of many different economies, cultures and laws. The use of Cayman, BVI and Bermuda structures has a long track record throughout Asia and it is this familiarity which has contributed to their popularity ...
What is litigation funding and why is it attractive? Also known as legal finance or litigation finance, third party funding – historically – was considered an improper or corrupting influence on litigation. These old offences of champerty and maintenance were first decriminalised in England in 1967 ...
There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent British Virgin Islands (BVI) company, and in practice, as primarily a holding company jurisdiction pre-packs are not in high demand in the BVI ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Jersey does not have a formal administration regime and neither the Companies (Jersey) Law 1991 nor any other legislation provides for a specific rescue remedy equivalent or similar to administration. The one Jersey statutory route closest to administration is the remsie de biens ...
However, Guernsey is also home to a number of insurers and reinsurers underwriting third party risks including life insurance/assurance as well as more exotic risks such as kidnap and ransom and “after the event” insurance ...
The Carey Olsen chapters provide analysis and commentary on blockchain and cryptocurrency regulation in Bermuda, the Cayman Islands and Jersey ...
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Please click on the links below to jump to the relevant section: Government attitude and definition Cryptocurrency regulation Digital Asset Business Act Scope of the DABA Licensing requirement Application process Criteria to be met by licensees Continuing obligations of licence holders BMA’s supervision and enforcement powers Digital Asset Issuance Act Scope of DAIA Authorisation requirements Authorisation criteria Ongoing obligations BMA’s supervis
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The BVI has established itself as a leading offshore finance centre that is resilient, agile and innovative in the
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Trusts are used as a structuring mechanism in a range of legal contexts including wealth and succession planning, pensions, philanthropy, investment funds and various other commercial settings ...
Jersey offers a range of fund types and structures to suit the needs of sophisticated sponsors and investors including Jersey Private Funds, Notification Only Funds (also known as Eligible Investor Funds) and Collective Investment Funds (CIFs), such as Jersey Expert Funds and Jersey Listed Funds ...
A Guide to Guernsey's population management regime following the new Employment Permit Policy Up until April 2023, two separate policies with different criteria governed immigration Work Permits and Population Management Employment Permits. However, to streamline the process and to enable businesses to look further afield to fill job roles, a new Employment Permit Policy (the New Policy) has been introduced ...
What is a JPUT? A Jersey Property Unit Trust (JPUT) is a legal structure whereby legal ownership of assets (primarily non-Jersey real estate) is vested in one or more trustees who hold the assets on trust for the benefit of unitholders upon the terms of a written trust instrument. What are the benefits of a JPUT? JPUTs have many plus points: Familiarity: JPUTs are generally recognised and accepted by investors, lenders, advisers, regulators and tax authorities in the UK and elsewhere ...
Contents Please click on the links below to jump to the relevant section: Overview Guarantees Collateral Security Financial assistance Syndicated Lending/Agency/Trustee/Transfers Withholding, stamp and other taxes; notarial and other costs Judicial enforcement Bankruptcy proceedings Jurisdiction and waiver of Immunity Licensing LIBOR replacement Other matters Overview What are the main trends/significant developments in the lending markets in your jurisdiction? As in o
Summary Main dispute resolution methods Court litigation Limitation periods Court structure Rights of audience Rights of audience/requirements Foreign lawyers Fees and funding Funding Insurance Court proceedings Confidentiality Pre-action conduct Main stages Starting proceedings Notice to the defendant and defence Subsequent stages Interim remedies Strike out Summary judgment Other circumstances Availability and grounds Prior not
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 ...
Forms of security Immovable property Movable property Creditor and contributory ranking Order of priority Secured creditors Foreign security Unpaid debts and recovery Compromise agreements Basic debt recovery Set-off obligations Foreign element State support Rescue and insolvency procedures Desastre Creditors' winding-up Just and equitable winding-up Degrevement/realisation Debt remission order Stakeholders' roles
