Guernsey corporate and finance update Q2 2024 NAV Facilities for Guernsey Funds: What’s the noise about? As late as 2022, the net asset value (“NAV”) credit facility was seen as a relatively underutilised sector of the fund financing product offering. However, the interest and demand for NAV facilities has sharply increased with sponsor borrowers wishing to take advantage of the benefits that NAV facilities can offer in the current fund raising and M&A environment ...
Jersey corporate and finance update Q2 2024 Contents Jersey implementation of Pillar Two Response to consultation on sustainable finance Proposed amendments to the Trusts (Jersey) Law 1984 Amendments to the Jersey Private Funds regime Information from the Jersey Registry Jersey implementation of Pillar Two As part of its commitment to adhering to international standards, Jersey has updated its position on the implementation of Pillar Two ...
British Virgin Islands corporate and finance update Q2 2024 Mutual evaluation report In February 2024, the Financial Action Task Force published its mutual evaluation report on the BVI, its compliance with the FATF Recommendations and the effectiveness of anti-money laundering/counter-terrorist financing controls and systems ...
Cayman Islands corporate and finance update Q2 2024 Contents Amendments to the Cayman Islands beneficial ownership regime Winding up a Cayman segregated portfolio company for the insolvency of a SP Proposed amendments to the Virtual Asset (Service Providers) Act 2024 Revision Aircraft repossession - using a Cayman Islands trust to hold the aircraft Amendments to the Cayman Islands beneficial ownership regime Following the Beneficial Ownership Transparency Bill, 2023 published
Bermuda corporate and finance update Q2 2024 Contents Introduction to Bermuda’s Corporate Income Tax Act 2023 Cyber risk management The Bermuda Monetary Authority enhances its Insurance Regulatory Regime Introduction to Bermuda’s Corporate Income Tax Act 2023 On 27 December 2023, the Corporate Income Tax Act 2023 (“CITA”) received governor’s assent in Bermuda ...
Carey Olsen named best offshore law firm at the China Business Law Awards 2024 The China Business Law Awards receive thousands of nominations from Chinese and international legal professionals and other leading industry decision-makers. In determining the winners, China Business Law Journal's editorial team carefully consider each firm's notable deals, cases and other achievements over the past year ...
On May 11, 2023, the Fighting Against Forced Labour and Child Labour in Supply Chains Act, S.C. 2023, c. 9 (the ?Act?) was passed. The purpose of this Act is to implement Canada?s international commitment to contribute to the fight against forced labour and child labour, and to require certain entities to report on the measures they have taken to reduce the use of forced labour and child labour ...
Quebec is currently facing a major shortage of physicians. To remedy the situation, several ministers in the CAQ government announced in early 2024 that significant changes would be implemented to reduce physicians? administrative burden. And so, on May 31, 2024, Minister of Labour Jean Boulet introduced Bill 68, An Act mainly to reduce the administrative burden of physicians ...
Effective July 29, 2024, the Federal Trade Commission (“FTC”) has issued a final rule that expands the scope of its existing Health Breach Notification Rule (“HBNR”) to include health and wellness applications (“apps”) typically associated with wearable technologies such as smart watches ...
In a judgment decided on the 26th of June 2024 in the names Marcus Scicluna Marshall et vs Michael Borg Cardona, the Court of Appeal in its Inferior Jurisdiction confirmed that no appeal can be filed from the rate established by the Rent Regulation Board to increase the rent for leases predating the year 1995 ...
Texas recently enacted a new Workplace Violence Prevention law to protect healthcare employees from violence in Texas healthcare facilities. Texas also implemented a complementary notice requirement applicable to all Texas employers to encourage reporting incidents of workplace violence. Texas implements statutory protec- tions to prevent workplace violence against healthcare workers ...
Nearly two years following passage of the Inflation Reduction Act of 2022 (IRA), Treasury and the IRS released the unpublished version of the final rule (Final Rule) for compliance with the IRA’s prevailing wage and apprenticeship requirements (PWA requirements). Taxpayers seeking to claim the highest available investment and/or production tax credits for renewable energy projects must comply with the PWA requirements ...
Introduction In 2020, faced with statistics showing that nearly one in two women and three in ten men believed they had suffered sexual harassment or assault in the workplace,1 the Minister of Labour expressed its intention to help prevent and address this issue. The government began by setting up a committee to examine cases of sexual harassment and assault (the ?Committee?). Its mandate was to analyze how such cases are handled in workplaces across the province ...
The ?Doing Business in Quebec? guide is a comprehensive, practical resource for any company hoping to thrive in Quebec?s competitive and regulated business landscape ...
Inflation Reduction Act The most significant developments in the area of alternative energy continue to be related to the Inflation Reduction Act of 2022 (IRA), which offers approximately USD270 billion in tax incentives to help combat climate change ...
Registering a British Lasting Power of Attorney (LPA) in Jersey It is not currently possible for a non-Jersey resident to put a local, Jersey lasting power of attorney in place to cover their Jersey based assets. Instead, the Jersey Court will recognise a power of attorney (or equivalent document such as a guardianship or deputy order) issued by another jurisdiction provided that power of attorney is properly registered with the Royal Court of Jersey ...
The EU’s much-anticipated AI Act has finally reached the statute book, with the legislation due to formally enter into force in early August. The arrival of the legislation represents a genuinely momentous shift in the focus of regulation of AI and its associated technologies, stepping away from the line of thinking that AI is just another category of software which should be subject to the same laws, standards and regulation as other, similar technologies ...
On 2 July 2024, the Cabinet Office published additional guidance on the Procurement Act 2023, this time in relation to the Procure phase. The guidance documents cover: modifying a competitive procurement; minimum time limits, which a contracting authority must comply with during a competitive tendering procedure; and assessing competitive tenders. Read the full set of guidance documents here ...
In this episode of the Journey Through a Contract series join Julia Ishak as she provides an overview of the Incoterms® Rules, explores what the Incoterms® Rules do and don’t deal with, explains how to incorporate the Incoterms® Rules into a contract and discusses 12 top tips when using the Incoterms® Rules. The Incoterms® Rules are protected by copyright owned by ICC. Further information on the Incoterms® Rules may be obtained from the ICC website ...
Guernsey poised to benefit from new LSE rules to boost growth and innovation The UK’s Financial Conduct Authority (“FCA”) has announced new rules for listings on the London Stock Exchange (“LSE”), which come into effect from 29 July 2024. The new rules are the biggest change to the listing regime in over 30 years and aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors ...
Carey Olsen associate Yan-Xia Rogers called to the Bermuda Bar Five lawyers spoke in support of Yan-Xia's application to be admitted to the Bermuda Bar, including Carey Olsen partner Kyle Masters who moved the application. Yan-Xia was joined by family, friends and colleagues in a courtroom in the Dame Lois Browne Evans Buildings for the proceedings, to whom she attributes her success and believes were her "pillars of strength" during challenging times ...
On July 3, 2024, Law No. 21.680, which creates a Consolidated Debt Registry (hereinafter referred to as the "Law"), was published in the Official Gazette. This Law aims to centralize information on financial debts, thus improving the credit evaluation of individuals and providing more data to the Financial Market Commission (CMF) for its regulatory functions ...
July 15, 2024 By: Roger L. Scott In September of 2023, Governor Gavin Newsom signed into law Senate Bill 553, which amended Labor Code section 6401.7 and created new section 6401.9 to require employers (with few exceptions) to develop and implement a detailed workplace violence prevention plan and to train their employees in addressing workplace violence. Employers were required to comply by July 1, 2024 ...
On July 1, 2024, the U.S. Department of Health and Human Services (HHS) released a final rule[1] outlining financial penalties, referred to as “disincentives” throughout the rule, for healthcare providers that engage in conduct that is considered “information blocking.” The 21st Century Cures Act defines information blocking as a “practice that interferes with, prevents, or materially discourages access, exchange, or use of electronic health information ...
Carey Olsen named Offshore Law Firm of the Year at Chambers High Net Worth Awards 2024 The prestigious annual awards recognise national and international law firms which have demonstrated outstanding legal work and expertise, excellent client service and impressive strategic growth and innovation within the trusts and private wealth sector over the past year ...
