Managers of Wealth Offshore

CESRA: Economic Substance Reporting Deadline Extension

Failure to comply with the annual reporting requirement exposes an entity to fines and possible striking off.

Fee payment deadline for CIMA registered directors to avoid fines: 15 January

The annual declaration should be filed through the CIMA Director Gateway.

International Data Transfers - Brexit And Schrems II: Impact For Funds

This briefing considers the implications of both for investment funds.

Why Kenya is yet to receive funds stashed in Swiss banks

Many Kenyans found it difficult to understand why Switzerland did not simply return the funds to Kenya without much further ado.

Former Malta regulator CEO asked to refund extra pay

He resigned following reports of an all-expenses-paid trip to Las Vegas

The Carlyle Case – The Final Chapter

The Carlyle case arose from the collapse in March 2008 of a Guernsey fund called Carlyle Capital Corporation Ltd

Medicinal cannabis firm ready to start growing and exporting from the Island 'within weeks'

Chrystal’s statement says that facilities are in place to start growing and exporting medicinal cannabis from the Island within weeks.

Post-Brexit warning for businesses

The UK and Jersey’s rules for doing business with the EU changed with effect from 1 January, and while tariff-free trade in goods was maintained by the trade agreement that was reached, extra bureaucracy and other barriers can be expected.

CIMA revokes licence of CTS Captive Management

Specifically, CTS Captive Management has failed to pay the annual licence fee and penalties for 2019 and 2020

Black Swan given statutory force: BVI legislature confirms jurisdiction to grant freestanding relief in support of foreign proceedings

The speed in which this legislation has been drafted, approved and enacted in response to the Convoy Collateral decision is a testament to its importance.

Banks are back

The market has anticipated this to some extent, with both bank stocks and bonds outperforming the general market over the past couple of months, albeit the sector was one of the laggards throughout 2020.

CIMA revokes licence of CTS Captive Management

CIMA said it has revoked the licence because the company is not complying with the Insurance Act

Trusts, self-dealing and conflicts – Bedell Cristin acts for successful beneficiary

The Royal Court accepted this expert evidence and found it was consistent with the position at Jersey law.

In force: Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, Regulations and Order

The most important change being the introduction of the concept of ‘Significant Persons’ for these entities with certain reportable information being made publicly available for the first time.

The role of an AIF depositary

Its main objective is to enhance investor protection by increasing the depositary missions and responsibilities.

International Data Transfers - Brexit and Schrems II: Impact for Funds

The EU-UK Trade and Cooperation Agreement includes a six month grace period allowing data transfers to the UK to continue without the need to put a GDPR transfer tool in place.

Business ‘exposed island to risk of financial crime’

The GFSC said it considered Safehaven’s services as ‘inherently high risk’.

Disclosure of information relating to Jersey entities

The law also grants new powers to the JFSC to strike off entities for non-compliance and specifies what information will be available to the public.

Amendments to Requirements for Labuan Business Activity Gazetted

Labuan and the minimum number of full time employees in Labuan that have to be fulfilled by a Labuan entity

Push from OECD towards CRS compliance and change in HMRC approach to DAC 6

The focus of the sessions will be on CRS audit readiness and will be an opportunity for service providers to swap notes and gain an insight into how industry is preparing for the likely introduction of CRS audits in both islands.

Regulation, Risk & Compliance