Managers of Wealth Offshore

Cayman Islands Update: Economic Substance and CBCR - January 2021

The DITC announced further Economic Substance updates including reporting deadline extensions.

Fitness and Probity - Central Bank of Ireland Expectations Not Being Met

The Central Bank will continue to engage with firms to assess the robustness of their application of the F&P Regime and will initiate necessary supervisory responses to any weaknesses identified."

Dealing with Requests for Flexible Working under Jersey and Guernsey Law

Both Guernsey and Jersey have been fortunate in that employees have been able to return to workplaces that are relatively Covid-19 secure since lockdown measures were eased

BVI Approved Managers: Upcoming Deadline

The Investment Business (Approved Managers) Regulations, 2012 provides a regulatory 'light' regime for qualifying managers in the BVI.

Gibraltar extends regulatory guidelines for digital asset exchanges

The Market Integrity working group have combined to ensure that the added regulation meets the global market standards for exchanges and other marketplace platforms, while also considering recently defined standards set by the EU and other international b

BAHAMAS: Ministry's 400 Questions Over Substance Reporting

The penalties for non-compliance are quite high given the seriousness of the legislation

Commencement of the Virtual Assets Service Providers (VASP) Regime

Entities which are engaged in or wishing to engage in virtual asset services and are currently holding a license granted by CIMA under another regulatory authority must notify CIMA under the VASP Law.

Litigation funding in the Cayman Islands – The new Private Funding of Legal Services Act

Prior to the new Act coming into force, both contingent fee agreements between attorneys and litigants and funding agreements between third party funders and litigants require the approval of the court

COBOs to be reissued following new Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020

Information reported on beneficial ownership will not be made publically available without further changes to the law.

€272.5m GDPR fines imposed by European regulators

The figure is taken from the law firm’s latest annual General Data Protection Regulation fines and data breach report of the 27 European Union Member States plus the UK, Norway, Iceland and Liechtenstein.

Walkers Receives Highest Ranking in Regulatory and Compliance

Walkers' Global Regulatory & Risk Advisory group is led by Cayman Islands partner Lucy Frew and is the largest dedicated offshore practice of its kind, with 20 dedicated regulatory lawyers across the globe.

2021: What lies ahead in the world of data protection?

The best advice in this regard is to adopt a transparent and consistent approach, yet also being prudent and careful in light of issues that can arise with over-disclosure.

Liquidity Boosted by Loyalty: Creative Collateral

Revenue from the sale of miles has remained stable even at times when demand for flights has dipped.

Mandatory Disclosure Rules update in the Crown Dependencies

Following the UK repeal of DAC6.

The Right to Work Remotely and the Right to Disconnect in Ireland - Is the Home Office here to stay?

The Strategy envisages enhanced tax incentives for home workers and investment in remote working hubs as well as an acceleration of the national broadband strategy.

CIMA warns unregistered directors

CIMA said it would consider the lack of communication when assessing whether a director is fit and proper to act in connection with a regulated fund or other licensees, as well as in future applications.

2020 – a year of challenge and increased sophistication for captives

The level of interest in Guernsey throughout 2020 has been massive.

BMA registers 67 insurance entities in 2020

The Bermuda Monetary Authority registered ten new re/insurance entities in December, taking the total number of registrations for 2020 to 67.

BAHAMAS: Governor In Bank Fee 'Transparency' Pledge

The Bahamas has to achieve more significant development of non-bank channels to direct capital to the private sector, exploiting channels that the securities industry might promote.

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Regulation, Risk & Compliance