04/21/2023
Cayman Islands: CIMA’s money laundering rules overruled by court
The decision comes against the backdrop of Cayman’s fight to be removed from the FATF’s grey list, and government officials have stated that an appeal is being explored.
Regulation, Risk & Compliance
04/20/2023
Coinbase gets Bermuda license, plans to launch offshore exchange in coming weeks
By launching an offshore exchange in Bermuda, San Francisco-based Coinbase would be better poised to challenge Binance, which dominates the global crypto trade, and to diversify its revenue base.
04/20/2023
The Guernsey Regulators FAQS on Part II Licenses Under the LCF Law
Even where a book of loans is in run off, the provider will not automatically be entitled to an exemption from the requirement for a licence.
04/18/2023
The MFSA’s Supervisory Priorities 2023
Consumer Protection and Education - follow ups on supervisory inspections undertaken during 2022 on license holders to ensure all MiFID II requirements are satisfied.
04/18/2023
New BVI Requirement to produce an Annual Financial Return each year
The Annual Financial Return will not be filed with the Regulator and details will not be publicly available.
04/18/2023
Six reasons why companies incorporate in Jersey
Clients are looking to balance economic benefits with certainty and security, and many are turning to Jersey to provide exactly that.
04/18/2023
New captive registered on Bermuda
A restricted SPI may conduct special purpose business with specific cedants approved by the Authority.
04/18/2023
Checking the Lifeboat - Cayman Islands Consensual Restructuring Strategies
The cash flow solvency test involves having some regard to debts which fall due for payment in the reasonably near future as well as debts which have already fallen due.
04/17/2023
How to apply for a British Virgin Islands virtual asset service provider licence
The Act contains a prohibition that no person should carry on, in or from within the British Virgin Islands, the business of providing a virtual asset service without being registered by the regulator in that regard.
04/17/2023
The New Commercial Planning and Environmental division of Ireland's High Court that becomes effective from today
This new list will hopefully alleviate delays and will enable more efficient management by the Courts of the broad range of planning and environmental cases
04/17/2023
Recent changes to Jersey's AML/CFT regime – a user-friendly summary and FAQs
Existing entities which were previously out of scope have until 30 June 2023 to comply with the new regime.
04/17/2023
Online tool to determine if the recent changes to Jersey's AML/CFT regime applies to an entity
This tool has been developed in connection with the Proceeds of Crime (Jersey) Law 1999
04/17/2023
Jersey Government receives third serious data protection reprimand – but no fine
This right is commonly known as a ‘subject access request’ or DSAR.
04/14/2023
New order to cut red tape for Jersey businesses
This order will help provide clarity for arrangements between businesses operating at different levels of the production or distribution chain that may otherwise have needed the JCRA’s prior approval
04/14/2023
Seven new insurers register in Bermuda in March
The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.
04/14/2023
Cayman Islands: recovery of foreign attorneys' fees for successful litigants
The Cayman Islands does permit foreign attorneys to be admitted on a temporary basis
04/14/2023
“No quick fix or simple solution” on housing
During debate, Deputy Carl Meerveld argued the current government is constrained in enacting change to speed up the delivery of house building and proposed radical measures to expedite action.
04/13/2023
Collas Crill Advises Onward Opportunities Limited on Landmark IPO
OOL, managed by Dowgate Wealth Limited, will invest in smaller UK companies to support their growth and looks to be a driving force of enterprise in the UK.
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.
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.