12/14/2021
Cayman Islands company restructuring officer regime
The introduction of a CRO is a welcome step to further enhance the Cayman Islands as an international restructuring jurisdiction.
Regulation, Risk & Compliance
12/14/2021
Jersey Funds Law Series - Data Protection (Jersey) Law 2018
In some cases data subjects will need to be notified.
12/13/2021
Lawmakers reform Cayman’s restructuring regime
By separating the restructuring regime from the winding up procedures, the “optical deficiency” that potentially deters business from coming to Cayman is removed.
12/13/2021
Harneys closes two Hong Kong pharmaceutical IPOs
It was one of the top ten private traditional Chinese medicine healthcare service providers in China in 2020.
12/13/2021
Ogier's real estate team act for lender in financing of Jersey's IFC6
Finance firm Aztec has confirmed it will lease 75% of the 68,000sq-ft office building, the construction of which is due to start immediately and with proposed completion targeted by November 2023.
12/12/2021
Massive money-laundering probe heartens anti-corruption activists but fails to lift Pandora Papers’ pall over Seychelles
The African tax haven, recently removed from the EU’s blacklist despite uproar, is prosecuting its first major money laundering case against an influential couple who feature among the wealthy elites in the Pandora Papers.
12/12/2021
Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)
Few jurisdictions in the United States require legal entities to disclose information about their beneficial owners—that is, the people who actually own or control a company—or the persons forming them.
12/10/2021
Luxembourg Business Register - new requirements for private individuals
A specific procedure allowing the sole registration or creation of a Luxembourg national number for a natural person registered with the RCSL will also be available on the RCSL portal.
12/10/2021
Professional Indemnity Insurance Requirements Consultation
Following a process of data collection, engagement with industry participants and policy review
12/10/2021
2020 MAP statistics released on OECD “Tax Certainty Day”
Members of the BEPS inclusive framework commit to implementing the action 14 minimum standard, which requires participation in a peer review process and reporting of MAP statistics based on an agreed reporting framework.
12/09/2021
Mauritius Commercial Bank Upgrades Its Dubai Presence
The Mauritius Commercial Bank had previously established a Representative Office in the DIFC in July 2019.
12/09/2021
Hackers steal $150M from crypto exchange BitMart
Company vows to compensate affected users
12/09/2021
The investment manager regimes in the Cayman Islands and BVI
There are no specific qualifications or other requirements on such overseas managers imposed by BVI or the Cayman Islands.
12/09/2021
Arbitration: BVI considers issues of enforcement upon a state
In May 2021, following a four day return date hearing, the BVI Commercial Division of the Eastern Caribbean Supreme Court set aside the Registration Order.
12/09/2021
Europol: Over ten percent of global GDP is held in offshore accounts
This money represents over 10 percent of global GDP.
12/08/2021
Tax Justice Network proposal to FATF’s consultation on beneficial ownership for legal persons
While a multi-pronged approach using many sources of information is welcome, a central beneficial ownership register should become mandatory for all countries, without allowing for “alternative mechanisms”.
12/08/2021
Malta regulator issues stark warnings over two financial services companies
Bristol Trading Limited is not authorised to provide any Virtual Financial Asset or other Services under Maltese law.
12/08/2021
CIMA cancels director licence of fund manager who admitted fraud
The liquidator confirmed in New Zealand court hearings last month that the fund had incurred significant investment losses.
12/08/2021
CIMA cancels director licence of fund manager who admitted fraud
The liquidator confirmed in New Zealand court hearings last month that the fund had incurred significant investment losses.
12/08/2021
Ireland Update – Central Bank’s property fund proposals
The current proposal is to introduce a 50% limit on the ratio of a Property Fund’s total loans to its total assets and that this limit would apply on an ongoing basis. .