Managers of Wealth Offshore

The Evolving Role of the Third-Party Fund Administrator in European Asset Management

How the changing investment fund regulatory environment and the related operational complexity have elevated the role of the third-party administrator.

QBE Re subsidiaries get Class 4 licences

As part of our commitment to the Bermudian reinsurance market it is a natural evolution for QBE Re to underwrite directly onto these locally based balance sheets.

Money market report for the week ended December 13, 2024

ECB cuts interest rates again

MPs approve raft of financial legislation

The legislation made provision for “permitted disclosure” of information as well as any limitations on such disclosures by the department.

Segregated Portfolio Companies: Cayman Courts Upholding the Segregated Principle

SPCs were introduced in the Cayman Islands in 1998 for certain insurance businesses and, from 2003, have been capable of being registered without restriction on the business undertaken.

Changes to Bermuda’s group supervision regime

There are seven separate proposals put forward by the BMA for consultation, although they follow the same key theme; the enhancement of the ability of the BMA to have control over the parent of the insurance group.

Investigation: How £3.4bn of debt has changed the face of financial advice

Citywire investigation reveals the most detailed picture yet of the levels of borrowing fuelling consolidators’ adviser acquisitions, uncovering previously unreported debt issued by Guernsey, Jersey and Cayman Islands parent companies.

Ireland to prepare new AML legislation on crypto assets ahead of December EU deadline

Ireland has emerged as an attractive destination for crypto firms setting up their European operations.

Bank declines loan repayment amid ‘concerns over source’

It was the latest in a court battle that started in June, when Butterfield began proceedings to recover the remaining debt.

Latest Guernsey case concerning a 'Suspicious Activity Report' elaborates on the 'proceeds of criminal conduct' requirement

In October 2021, the FIU responded to the SAR and confirmed that CST was not permitted to release the assets held on the trust fund of the Trusts.

Outsourcing in the BVI - when can a licensee outsource and what limits apply?

The guidance notes to the Regulatory Code stipulate that the service provider should normally be required to seek the consent of the licensee before entering into a sub-contract arrangement with respect to any outsourced activity.

Advising on the world’s first regulated DEX and securing a Class M Digital Asset Business License

This is a significant step forward in bringing decentralized finance (DeFi) to the mainstream.

BMA consults on tighter investment and group supervision rules

The Bermuda Monetary Authority has increased its supervisory oversight of Bermuda's commercial insurers

IAIS approves new global standard for capital requirements

The new rules, which apply to the 58 biggest and most systemically important insurers, will provide a common risk-based capital framework

Digital identity services in Bermuda

Under the supervision of an Office for Digital Identities and Attributes, the UK DIATF defines the rules, standards and governance oversight for all DISPs.

Cayman: where entrepreneurs meet regulation

The unique and varied structures deployed by captive insurance companies afford owners advantages that include flexibility and efficiency.

Guernsey funds legal and regulatory update December 2024

The implementation date for the amended Code is 3 February 2025 with a transition period of two years for companies that will cease to be subject to the Code as a result of these changes to allow these companies to put in place alternative arrangements.

Regulation, Risk & Compliance