Managers of Wealth Offshore

GFSC – firms cautiously managing sanctions risks

LOCAL financial services firms are ‘cautiously and conservatively’ managing sanctions risks following the Russian invasion of Ukraine.

Guernsey competition law freeze plea in telecoms takeover bid

The company said the merger would result in up to £48m being invested in a new, innovative mobile network, which would include 5G services.

Bermuda permanent residency requirements may be changed

The Bermuda Immigration and Protection Act will have to be amended to alter PRC eligibility.

Corporate Governance Update – Cayman Islands Regulated Entities

The Rule and Guidance will bring about several changes to the previous corporate governance requirements for regulated entities and extend them to private funds, which were not previously covered.

Cayman Islands funds - governance update

The aim of the new rules and guidance is to provide a consistent and enforceable governance regime for all regulated Cayman Islands entities, while eliminating some of the gaps in the current regime.

Jamaicans can get new banknotes in hand as of Thursday

In a release Tuesday, the central bank said the new series of Jamaica polymer banknotes would be available over the counter at BOJ as of Thursday.

Obligations and Filing Deadlines for Registered Cayman Islands Investment Funds

The FAR form is published on the Authority's website and a mutual fund's or private fund's local auditor must submit the required return through the Authority's REEFS web portal.

New Conversion and Division Options for EU Limited Companies

The Mobility Regulations update the current cross-border merger regime

MiCA: A new dawn for crypto-asset regulation

Cyprus is an example of an EU Member State that opted for much greater regulatory oversight than the minimum set out in the 5AMLD

Malta Financial Services Authority (“MFSA”) publishes draft legislative changes to new proposed regime

The MFSA invites stakeholders to provide their feedback on the proposed legislative changes by 22 June 2023.

What are the implications of local and international developments on Family Businesses in the Middle East?

Families are conducting assessments of their current situation regarding local and international assets, investments, and businesses.

Channel Islands strengthen business and cultural links with France

The two islands have also renewed their partnership with the departmental council of Ille et Vilaine for another three years.

Moody’s gives Cayman Islands positive marks for fiscal management

This was one of the highlighted notes by Moody’s Investors Service in affirming the Cayman Government’s Aa3 issuer ratings.

Guernsey and Gibraltar data protection regulators pledge closer co-operation

It serves to cement an already strong relationship with The Gibraltar Regulatory Authority.

Shareholders letter says BF&M warned against sale

The letter reads: “As we noted in our press release earlier today [Tuesday], BF&M is disappointed by the announcement from Camellia that it will sell its 36.9 per cent ownership interest in the company to Argus, a direct competitor.

Property tax cap up 25% to hit $150,000

The $30,000 increase, which will take effect from July 1, 2023, comes swiftly behind the prior year's $60,000 jump or doubling from $60,000 to $120,000.

Impact Jersey launched to provide tech funding

Through a coordinated series of grant programmes, Impact Jersey will award up to £20m to address the island’s challenges through the use and adoption of technology.

Investec makes three-year time commitment to La Société

All three gave an in-house presentation to all staff who then voted for their favourite.

SEC files 13 charges against Binance and Changpeng Zhao

Binance was to create 40 Bermuda jobs, at least 30 of them Bermudian and spend up to $10 million on training for Bermudians in blockchain technology development.

BMA’s net income falls by nearly $8 million

The BMA’s total revenue increased by 8.98 per cent to $79.65 million, up from $73.09 million.

Regulation, Risk & Compliance