The Limited Partnerships (Jersey) Law 1994 (the “Law”) governs Jersey limited partnerships. A limited partnership seeks to combine the flexibility and “tax transparency” offered by a partnership structure with the benefits, for limited partners, of limited liability offered by a company ...
The SEC Division of Examinations (the “Division”) issued a Risk Alert on March 27, 2023 detailing observations from examinations of newly-registered investment advisers. The Risk Alert provides information about the typical focus areas reviewed during examinations of newly-registered investment advisers. It also provides observations regarding compliance policies and procedures, disclosures and marketing practices ...
On 30 March 2023, the State Administration Council enacted the 2023 Union Tax Law (“2023 UTL”), which clarifies the tax rates and related procedures concerning income tax, commercial tax, and specific goods tax. This new law is effective on 1 April 2023 or the start of the new financial year 2023-2024 in Myanmar ...
On 1 April 2023, the Intellectual Property Rights Agency (“Agency”) issued the Notification (“Notification”) that sets out service fees for mark registration applications via Notification No. 1/2023 as per the Section 106 (d) of the Trademark Law with the approval from the Ministry of Commerce to implement the Trademark Law of 2019 (“Law”) and the Mark Registration Rules of 2023 ...
Consider this scenario: you worked hard for many years and spent thousands of dollars building your brand. You even took the proper precautions and registered your trademark with the U.S. Trademark Office. Thanks to all that effort, when consumers see or hear your brand’s name, they instantly think of your goods and services. Now, imagine someone starts selling a digital representation of a comparable product using a similar “artistic” name in the metaverse ...
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 1 September 2023, the legal framework for seed farming in Russia will take effect. At present, lawmakers are preparing highly controversial regulations, which essentially aim to limit foreign investments in the Russian seed farming sector. The central idea is to implement a set of rules that require Russian companies involved in the production of agricultural plant seed varieties and hybrids to localize their activities (“Localization Rules”) ...
European Securities and Markets Authority (ESMA) published its final report on “guidelines of MiFID II product governance requirements” yesterday ...
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”) ...
In the process of overseas offering and listing of domestic enterprises so far, it is necessary for the listing intermediaries (the "Intermediaries") to conduct due diligence on all aspects of the issuer. In particular, PRC lawyers are required to issue the PRC legal opinions on the history, corporate governance, business operation, major assets, tax, employment, and other aspects of the domestic enterprises ...
On March 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published its consultation conclusions ("Consultation Conclusions") regarding the proposed new listing regime for specialist technology companies ...
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”) ...
Following our previous Advisory on Indonesia’s long-awaited Law No. 27 of 2022 on Personal Data Protection (the “PDP Law”) (view the Advisory here), this Advisory focuses on the transfer of personal data from Indonesia to other countries (cross-border transfers). The PDP Law is binding on all parties that process or control personal data in or outside Indonesia with a legal impact in Indonesia or on Indonesian data subjects ...
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 ...
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 ...
Beneficiaries of UK, USA or other non-EU state subsidies will have to notify the European Commission under a new regime when engaged in certain mergers & acquisition (M&A) transactions or tendering for certain EU public contracts.This notification obligation commences on 12 October 2023. The transaction cannot be completed or the procurement contract entered into, until consent has been received from the European Commission following notification ...
As businesses continue to operate in an increasingly globalised economy, the transfer of personal data across international borders has become a critical aspect of many operations. However, with the latest legislative changes from the EU, it has become more challenging to transfer data lawfully to third countries. By now, you may have had requests to amend your contracts with international counterparts ...
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 ...
On 17 January 2023, Getty Images brought copyright infringement claims in both the US district (Delaware) court and in the UK High Court against Stability AI, the company behind ‘Stable Diffusion’ which is one of the artificial intelligence-powered image generators which have emerged over recent months. AI generators are able to develop images in response to keywords or instructions entered by a user ...
With the rise of DALL-E 2, Midjourney and others, AI powered tools are becoming more capable and impressive. Brands have started to use these tools for marketing campaigns such as BMW’s advertising campaign for the 8 Series Gran Coupé, where the car became a canvas for an AI-powered robot artist ...
Amongst the pensions, childcare and other headline financial announcements in this week's Spring Budget, Jeremy Hunt signalled the Government's continued focus on Artificial intelligence (AI) as a targeted growth sector for the UK economy. The Chancellor pledged a £900m investment to support the development of supercomputing capabilities that can underpin the growth of the AI sector in the UK ...
With the full implementation of the New Filing Rules, in addition to the requirements for domestic enterprises to file with the CSRC within three (3) business days after the submission of overseas listing application documents, the New Filing Rules also clarify the requirements for the reporting or filing procedures for domestic enterprises after overseas offerings and listings, including the filing requirements for follow-on securities offerings or the development in multiple capital markets of
