04/13/2023
BVI update to the Economic Substance rules
The ITA issued such rules (the “ES Rules”) on 9 October 2019, and these wereupdated on 10 February 2020.
Regulation, Risk & Compliance
04/13/2023
Transfer by way of continuation out of the Cayman Islands
The migration procedures and documentation are similar to that of the continuation of an Exempted Company.
04/12/2023
No reason “data protection legislation” should stop livestreaming scrutiny
A Scrutiny hearing last week was cancelled after concerns were raised by officers at the States of Guernsey about internal data protection.
04/12/2023
ODPA reports nearly 10 million people affected by personal data breaches in first quarter
The Office of the Data Protection Authority has changed the frequency it publishes breach statistics from bi-monthly to quarterly.
04/11/2023
Bank fraud dips
... But tries jump by two-thirds to 25,000
04/06/2023
Continuing Requirements of Limited Liability Companies in the Cayman Islands
Before proceeding with the registration of an LLC in the Cayman Islands, persons are advised to consult their tax, legal and other professional advisers in their respective jurisdictions.
04/06/2023
BVI Voluntary Liquidations: What You Need to Know in 2023
Other new criteria for BVI voluntary liquidators include having at least two years' experience of handling liquidations; holding appropriate professional qualifications and/or a BVI Financial Services Commission-issued insolvency practitioner's
04/06/2023
Jersey limited partnerships
The partnership agreement, which must be in writing
04/05/2023
Central Bank Updates its Q&A on Digital Assets for QIAIFs
The revised Q&A does not change the Central Bank’s position in relation to retail investor alternative investment funds
04/04/2023
Jersey fund structures
A JLP/SLP/ILP consists of one or more general partners who are jointly and severally liable for all the debts of the partnership and one or more limited partners
04/04/2023
Guide on conducting an out-of-court workout in Asia
One way of dealing with insolvency is a private agreement between creditors — often just banks and bondholders — and the debtor to effect a restructuring.
04/03/2023
CP153: CBI Consults on Individual Accountability Framework as Act Becomes Law
The main requirements of the IAF Act will not come into force until after this consultation process has concluded.
03/31/2023
Central Bank of Ireland Findings Following EU Review of Costs and Fees in UCITS
The Central Bank expects the letter will be reviewed by the boards of UCITS management companies (and AIFMs) and appropriate action taken without delay.
03/31/2023
2023 Q4 update - Cayman Islands
The Cayman Islands have issued a regulatory update for October 2022.
03/31/2023
Isle Of Man FSA Introduces A New Predominantly Industry - Funded fee model
The move to a PIFM will represent a substantial change to the FSA’s fee structure, where the FSA is currently funded by approximately 56% fee revenue and 44% Treasury contribution.
03/31/2023
A round-up of the recent updates affecting investment funds in Guernsey
The UK Government created the TRS in 2017 to ensure that the UK complies with its international obligations to counter money-laundering and terrorist financing.
03/30/2023
Management Equity Incentive Plans - Key Considerations
Equity plans can assist in attracting, motivating and retaining staff which are some of the critical challenges many businesses face.
03/30/2023
ELTIF 2.0 – Enhancements and New Opportunities
The original regulation on European Long-Term Investment Funds2 ("ELTIFs") was introduced in April 2015.
03/30/2023
Consultation on Amendments to Schedule 3 to the Law regarding Independent Audit, Business Risk Assessments and VASPs
The consultation paper and associated draft legislation and Handbook changes can be found on the Commission’s Consultation Hub.
03/29/2023
Climate change: Paris Agreement extended to Isle of Man
The move means the Isle of Man’s climate action will contribute to the UK’s commitment to reduce its emissions by at least 68% on 1990 levels, by 2030.