Managers of Wealth Offshore

Funds & Investment Management Update - Ireland and Luxembourg - Q1 2021

On 1 March 2021, the European Banking Authority ("EBA") published its final report with revised guidelines on customer due diligence

BMA Consultation on Changes to the Bermuda Solvency Capital Requirement Model for Insurers

The changes will introduce new asset classes with various sub-classes, such as loans and alternative investments including hedge funds and private equity, with the aim of providing more granular information to further differentiate the risks presented and

Disclosing ultimate beneficial owners

It was further pledged that it would ensure law enforcement agencies have full and effective access to beneficial ownership information for companies and other legal entities registered within Malta.

Cayman Islands Private Funds Act Extension to Filing Deadline for Audited Accounts

The Regulations set out the information a registered private fund must provide to CIMA, including in respect of each of the fund’s related fund entities, alternative investment vehicles and sub funds.

KPMG in the Crown Dependencies appointed strategic development partner to Isle of Man Government

To develop a five to ten year Economic Strategy for the island.

States of Guernsey to review need for new senior appointments

The Committee may agree recommendations, propose a different grade for a post (taking into account the position of relevant committees) or refuse new or replacement appointments.

Tributes to “trailblazer” who paved way for Jersey women in law

The fund manager will takShe was then sworn in as an Advocate of the Royal Court in August 1968. e from almost all investment classes and products to pursue his strategy.

Protection of Depositors (Amendment) Act, 2020

The Fund was established in 1999 to provide a crucial financial safety net of up to $50,000.00 for Bahamian dollar depositors in the event that a licensed bank fails.

Guernsey funds team assists Chrysalis Investments with £300 million share issue

This latest share issuance is the first under this new Placing Programme.

£140000 fine against Standard Chartered Guernsey subsidiary

The Commission considered it reasonable, proportionate and necessary to make these decisions having concluded that the Licensee failed to fulﬁl the minimum criteria for licensing (“MCL”), under Schedule 1 of the Fiduciaries Law, which set out

Revision of the PIF Rules in response to industry consultation

The introduction of the two new routes for registration (neither of which require a Guernsey licensed manager) will be of particular interest to private capital

Malta mired in golden visa scandal

Investigation reveals millionaires were given passports despite not meeting the conditions

ASEAN Blockchain Consortium Formed to Collaborate on Digital Assets and Enterprise Blockchain, Strengthening Cross-Border Relationship

Memorandum of Understanding inked at virtual event organised by Blockchain Association Singapore

Sure and JT reached secret agreement "with the object of preventing competition", says regulator

Mr Beak added that Sure was unhappy with how the investigation had been handled, saying it had been conducted in a "manifestly unfair" way.

Mandatory climate risk assessment and disclosure

Those business with energy or land-intensive operations, or those with investments in these sectors, will find that a climate change risk assessment will show how exposed they are to both the physical and economic risks of climate change.

Commission consults on the proposed re-issue of statutory instruments

It is also proposed that advertising restrictions applied to Personal Fiduciary Licensees will be repealed and such activity brought under the applicable provisions of the Fiduciary Rules.

New PIF rules further enhance Guernsey’s funds offering

A third path will enable a PIF to be created as a bespoke private wealth structure requiring a family relationship between investors.

Malta-based trust company fined

The company also neglected to “implement adequate internal control procedures to protect the scheme members from any financial losses” and “failed to ensure that the individual member accounts are adequately liquid at all times”.

Commission confirms decision to increase Private Investment Fund (PIF) options

All currently registered PIFs continue to be registered under the current “Path 1” regime which remains available to those wishing to raise money from broader categories of investor.

CIMA extends deadline for first filing of audited accounts and associated FAR form by Private Funds to 30 September 2021

The extension relates only to the FAR forms for Private Funds. For the avoidance of doubt, FAR forms relating to open-ended mutual funds registered under the Mutual Funds Act (Revised) must still be filed within six months of the relevant financial year e

Regulation, Risk & Compliance