Managers of Wealth Offshore

'Pioneering' Manx ruling settles the law on 'mistake'

’HMRC provided submissions in the proceedings but again, declined to participate.’

Cyprus: Corporate Measures undertaken by the government in response to COVID-19

The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC

The future of Ireland’s funds industry post COVID-19

Opportunities lie in four key areas: funds industry service provision, technology, portfolio and risk management, and fund governance.

GFSC issues public statement and imposes civil penalty for failure to fulfil the minimum criteria for licensing

Update prepared by Helen Wyatt (Partner, Guernsey) and Annaliese McGeoch (Associate, Guernsey)

Compre to establish presence in Bermuda

Compre will finalise details with the BMA in the coming weeks.

Treasury Minister announces timetable for two tax changes

In addition, plans to charge interest on new tax debts will now be deferred until 1 January 2022 at the earliest.

Bahamas ‘Obvious Target’ For Hackers

Everyone is going to get attacked, and especially ourselves and the likes of Cayman and Bermuda, because we have all these companies domiciled here.

Companies Urged To Focus On It System Weaknesses

The way the Internet is set up now we all can find access to resources that store information.

Cayman Islands introduces regulatory regime for virtual asset service providers

The framework makes Cayman an attractive destination for VASPs

Mourant defends claim against the GFSC

Former company director Alan Chick claimed that the GFSC breached his human rights during an investigation it carried out into his conduct when working in financial services.

'Financial grooming' on the rise

The regulator said this was just one example of the type of financial grooming they are increasingly seeing.

Solvency II solutions when choosing reinsurance from Guernsey

Jason Noronha, Head of Actuarial and Analytics at Aon, who heads the firm’s non-life insurance actuarial consulting team, clarifies Solvency II regulations as they relate to reinsurance from Guernsey.

States specify businesses worst-hit by pandemic

The expectation is that businesses in sectors that are more reliant on tourist trade will be hardest hit and far more likely to require support over this extended period.

JFSC ‘Turn Up The Heat On Non Compliance

While the JFSC has had the power to impose civil financial penalties for breach of these obligations since March 2015

UK denies the BVI’s recent request grants

Speaking in the House of Assembly recently, the Premier said this is not the first time the UK has refused to give the BVI grants during a time of crisis.

Insolvency Rules Committee launched

The changes proposed to Guernsey's insolvency law are substantive and will see the jurisdiction align with the UK and other offshore centres.

Insurers show resilience in BMA-PRA stress tests

Each scenario envisaged an asset shock in which the risk free interest rate fell by 100 bps, with a widening of corporate bond spreads according to credit rating of 150bps for AAA rated assets down to 400bps for BB rated and lower or unrated paper.

The Mauritius Financial Service Commission Issue Communique On Its License Filing And Reporting Obligations

The FSC has thus confirmed that it will continue to maintain a flexible approach

New Guernsey Fast-Track Licensing Process for Managers of Overseas Collective Investment Schemes

The introduction of this fast-track application process will make Guernsey an even more attractive prospect for managers in the future.

Guidance Notes Issued in Mauritius for Security Toekn Offerings and Security Token Trading Systems

The Financial Services Commission, Mauritius continues to remain highly supportive of Fintech-related initiatives in Mauritius.

Regulation, Risk & Compliance