Managers of Wealth Offshore

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.

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.

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.

New captive registered on Bermuda

A restricted SPI may conduct special purpose business with specific cedants approved by the Authority.

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.

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.

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

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.

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

Jersey Government receives third serious data protection reprimand – but no fine

This right is commonly known as a ‘subject access request’ or DSAR.

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

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.

Cayman Islands: recovery of foreign attorneys' fees for successful litigants

The Cayman Islands does permit foreign attorneys to be admitted on a temporary basis

“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.

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.

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.

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.

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.

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.

Bank fraud dips

... But tries jump by two-thirds to 25,000

Regulation, Risk & Compliance