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Practice Industry: Financial Services, Government & Public Sector
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Shoosmiths LLP | March 2024

The conference, hosted by the International Bar Association, which took place in Barcelona earlier this month, looked at insights into the most important issues and developments in tech Mergers and Acquisitions (M&A) and technology law. Corporate partners Aleks Bosch and Steve Barnett attended the conference, which is one of the largest and most prestigious networking events for international lawyers, attracting over 400 delegates ...

Carey Olsen | March 2024

British Virgin Islands Economic Substance - frequently asked questions Who has to comply with the Substance Legislation? All companies and limited partnerships that are registered or incorporated in the British Virgin Islands (“Entities”) must comply with the Substance Legislation. The Substance Legislation does not apply to trusts or general partnerships ...

Carey Olsen | March 2024

Jersey investment funds update Q1 2024 Jersey Financial Services Commission updates and news Supervisory Risk Data Collection The Jersey Financial Services Commission ("JFSC") launched its annual Supervisory Risk Data Collection ("SRDC") exercise on 5 February, the results of which are used by the JFSC to inform its approach for risk-based supervision and its financial crime examination process and, in aggregated form, to refresh its risk model and national risk assessments ...

Carey Olsen | March 2024

Bermuda investment funds update Q1 2024 Bermuda Monetary Authority Investment Fund Statistics (Q3 2023) Recent amendments to the funds regime highlight Bermuda’s commitment to a comprehensive and innovative approach to the underlying legislative framework applicable to funds and Bermuda’s status as a premier international financial centre ...

Carey Olsen | March 2024

Cayman Islands investment funds update Q1 2024 Removal from Financial Action Task Force Grey List and EU's High-Risk Third Countries List The Financial Action Task Force ("FATF") leads global action to tackle money laundering, terrorist and proliferation financing, setting international standards to ensure national authorities can effectively clamp down on illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes ...

Carey Olsen | March 2024

British Virgin Islands investment funds update Q1 2024 BVI Financial Services Commission statistics – Q3 2023 The BVI Financial Services Commission ("FSC") has published its Statistical Bulletin for the third quarter of 2023. The FSC’s Statistical Bulletin is one mechanism by which the FSC communicates the progress made within several different sectors of the Financial Services industry, including Investment Business ...

Shoosmiths LLP | March 2024

As has been widely reported, Companies House has recently suffered a disruptive attack by an individual who made over 800 incorrect filings stating that charges created by around 190 different companies had been discharged. These filings were made without the knowledge of the companies concerned or the lenders who held the charges ...

Carey Olsen | March 2024

Heather Venture Holdings Ltd and Tapir Holdings Ltd list on Bermuda Stock Exchange The Companies are entities incorporated in the British Virgin Islands and have received the BSX's approval for the listing of 44,502,264 ordinary shares respectively ("Listing Shares"). The Listings have been made as part of a wider transaction, which involved the declaration of a dividend in specie by Impellam Group plc, with such dividend in specie being the Listing Shares ...

Shoosmiths LLP | March 2024

Those who have been following it will know that the Bank of England / Prudential Regulation Authority’s consultation on proposed new rules for Critical Third Party suppliers (CTPs) closed on 15th March ...

Han Kun Law Offices | March 2024

On 14 March 2024, the National Development and Reform Commission("NDRC") of the People's Republic of China ("PRC") issued theCircular on Supporting Quality Enterprises to Borrow Medium-and Long-term Foreign Debts to Promote Quality Development of the Real Economy (Draft for Comments)(the "Draft Circular")(《国家发展改革委关于支持优质企业借用中长期外债 促进实体经济高质量发展的通知(征求意见稿)》) to solicit public opinion from 14 March 2024 to 13 April 2024 ...

ALRUD Law Firm | March 2024

We would like to inform you about important potential changes regarding the state accreditation rules for IT companies1 and the current moratorium on inspections of IT companies2. 1 ...

Dinsmore & Shohl LLP | March 2024

In recent months, a number of agencies, including the Federal Bureau of Investigation (“FBI”), have been working diligently to identify businesses and individuals who committed alleged fraud through the Paycheck Protection Program (“PPP”). The PPP was a key component of the CARES Act, which approved $2.2 trillion in economic relief in response to the COVID-19 pandemic. The PPP aimed to help businesses navigate the pandemic by providing financial assistance to employers ...

Shoosmiths LLP | March 2024

MEPs in Strasbourg have overwhelmingly (523 - 46) now approved the EU’s AI Act. It heralds the long-awaited arrival of what is the first globally significant attempt at a standalone regulatory framework for artificial intelligence systems ...

ENSafrica | March 2024

Maximising benefits: The importance of efficiently leveraging W&I Insurance to structure M&A deals Warranty and Indemnity (“W&I”) insurance is a risk management tool that transfers the liability of the seller to the insurer. W&I insurance typically covers the breach of warranties and indemnities provided by a seller/warrantor and the occurrence of events that were unknown or undisclosed to a buyer ...

Carey Olsen | March 2024

Carey Olsen and Oakbridge advise Sullivan Street Partners on Wave Group investment Carey Olsen provided regulatory, structuring and legal advice in establishing Sullivan Street's investment vehicle, Wave Jersey LP, with Oakbridge facilitating the set up and ongoing fund administration services.  The Carey Olsen team advising Sullivan Street Partners comprised corporate partner Chris Griffin and associate Marco Carossa ...

Carey Olsen | March 2024

Muted voices: can beneficiaries of a STAR trust be empowered to play "devil's advocate" In In the Matter of the G Trust[1] the Grand Court of the Cayman Islands was asked by the trustee of a Cayman STAR trust to give directions in relation to the question of who should participate, and in what capacity, in an application for rectification of a deed supplemental to the trust (the "rectification application") ...

Carey Olsen | March 2024

Flexibility in Bermuda trusts afforded by Section 47 What is Section 47 Section 47 of Bermuda’s Trustee Act 1975 provides trustees of Bermuda trusts with a very useful and flexible tool for varying trusts in the absence of the necessary power either in the trust instrument or otherwise under the relevant legislation. Trusts not governed by Bermuda law can be migrated to Bermuda to take advantage of section 47 and, in such cases, it may be desirable to appoint new trustees in Bermuda ...

Shoosmiths LLP | March 2024

The government’s push to drive down net migration figures has been well documented. 2024 will see a raft of changes aimed at reducing this figure from the 745,000 that was recorded for 2022. Whilst there is no doubt that the changes will result in reduced migration, it will also make things more difficult for sectors that rely on the sponsorship system to fill vacancies in areas where there are skills shortages in the resident labour market ...

Dinsmore & Shohl LLP | March 2024

This article serves as an overview of our nation’s veteran population in order to better serve them. To accomplish this, it is important to understand who is considered a veteran and the composition of our veteran population and their needs. Under Title 38 of the Code of Federal Regulations, a veteran is defined as “a person who served in the active military, naval, air, or space service, and who was discharged or released therefrom under conditions other than dishonorable ...

Dinsmore & Shohl LLP | March 2024

Expanding its ability to detect and pursue security incidents, the Federal Trade Commission (FTC) finalized an amendment to the Safeguards Rule[1] on October 27, 2023 requiring non-banking financial institutions to report certain data breaches. By extending this data privacy protection to customers of all financial institutions, this amendment demands fintech firms across the country revisit their cybersecurity and incident-response policies. I ...

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