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 ...
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
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 ...
Time is running out for developers that have not yet signed the Developer Remediation Contract. The Secretary of State for Levelling Up, Housing and Communities, Michael Gove, delivered a clear message last week: “The Responsible Actors Scheme is coming. Only developers who behave responsibly will be trusted to build the homes of the future. Any eligible developers who fail to do the right thing will need to find a new line of work” ...
Biometric identifiers are unique to every individual. They include your fingerprints, facial structure, and even how you walk. There is the Illinois Biometric Information Protection Act (“BIPA”), and biometric protection bills are currently working their ways through the legislatures in Maryland and Mississippi ...
European Securities and Markets Authority (ESMA) published its final report on “guidelines of MiFID II product governance requirements” yesterday ...
March 28, 2023 By: Meghna Parikh The Department of Justice (DOJ) Civil Cyber-Fraud Initiative continues to raise the stakes for government contractors. This initiative uses the False Claims Act (“FCA”) to hold government contractors accountable for knowingly (1) failing to monitor and report cyber data breaches, (2) implementing inadequate cybersecurity measures or (3) misrepresenting their cybersecurity practices ...
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 ...
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”) ...
Contents Introduction Bermuda British Virgin Islands Cayman Islands Guernsey Jersey Conclusion Introduction Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners), continues to be a leader in the Fintech and digital/virtual asset sector, advising clients on the most novel and innovative crypto and blockchain projects ...
We previously provided an update regarding the enactment of a capital gains tax (the “Tax”) in the State of Washington (read about it here). In that article, we noted the Tax was subject to at least one lawsuit in Washington. That lawsuit resulted in the trial court striking down the Tax, which caused an appeal to the Washington State Supreme Court (the “Court”) ...
On March 17, 2023, the General Services Administration (GSA) announced it will be holding a Tribal Consultation on April 3, 2023, in Las Vegas, Nevada, from 1:00 p.m. to 2:50 p.m., Pacific Time. The Tribal Consultation will be held at the Reservation Economic Summit 2023 (RES 2023), in Caesars Palace ...
Law and regulation in this area are developing at pace and it’s no longer just those businesses looking for ESG linked products which need to be analysing their Environmental, Social & Governance (‘ESG’) behaviours. This article considers what businesses may wish to be doing voluntarily, either as good practice or in preparation for a financing, in terms of developing their ESG practices ...
Paul Carney and Craig Thomas explore the impact of the Chancellor's 2023 Spring Budget on the taxation of pensions in the UK. The Chancellor’s budget statement on 15 March caused many to be surprised and some to be perplexed ...
This article looks at what ESG means, what we really mean when we talk about ‘ESG lending’, and the types of ESG lending available. When people talk about ‘ESG Lending’ they’re often talking about sustainable lending - encompassing social loans, green loans and sustainability linked loans. Potentially available to all businesses, now is a great time to get familiar with these types of products, as well as the corresponding jargon ...
The Indonesian government recently introduced a new omnibus law to regulate the financial sector. Law No. 4 of 2023 on Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan – “P2SK Law”) was enacted on 12 January 2023 ...
The Government of Indonesia moves forward the development of Indonesia’s new capital city, namely Ibu Kota Nusantara (“IKN”) by issuing several underlying regulations to date in effort to encourage the participation of private sector in accelerating the infrastructure development of the IKN. One of them being the groundworks to implement the public-private partnerships in such development ...
Ensuring the safety and security of funds is a top priority for financial institutions worldwide. To this end, the South African Government has put in place various regulations to guide the operations of financial institutions. We have written several articles on the recent changes to the Financial Intelligence Centre Act, 2001 (“FICA”) and the regulations promulgated under FICA ...
The Regulation’s overall goal is to encourage Member States to carry out Strategic Mineral Projects involving minerals such as e.g. Copper, Titanium, Nickel – battery grade, Lithium – battery grade, and Rare Earth Elements for magnets. The aim for the EU’s extraction capacity is set to be at least 10 % of the Union’s consumption of strategic raw materials ...
