Managers of Wealth Offshore

Guernsey funds legal and regulatory update

An overview of Guernsey funds legislative and regulatory developments for the period 1 September to 30 November 2022.

Bankman-Fried admits that he prioritised Bahamian withdrawals

“This was us trying to create a regulatory pathway forward for the exchange just to like kind of appease the citizens of the country that we’re currently in.”

Communiqué of 103rd Meeting of the ECCB Monetary Council

While global inflationary pressures are expected to ease by the end of 2022 (the pace of price increases is expected to slow), the overall price level is expected to be substantially higher than it was pre-pandemic.

Parliament approves amendment to VAT Regulations

The Vat Added Tax (VAT) Regulations will allow customs officers to accurately classify and apply duties to items coming into SVG under the 2022 Harmonized Commodity Description and Coding System.

BankClarity Partners with Moneycorp to Deliver Global FX Purchasing Power and STP of Cross Border Payments

Specifically, the agreement will hugely benefit global providers of administration services to international corporations, trusts and funds.

Bahamas attorney general attacks 'gross oversimplification' of FTX blame critics

Any attempt to lay the entirety of this debacle at the feet of The Bahamas because FTX is headquartered here would be a gross oversimplification of reality.

Cayman Islands: Year-End Obligations

Under the ES Act, a late penalty filing fee of US$6,098 can be imposed together with an additional penalty fee of US$610 for each day an ES Return remains outstanding.

Central Bank announces Macroprudential Policy Framework for Irish Property Funds

The Central Bank expects that existing Property Funds will make gradual and orderly progress towards lower leverage levels over the implementation period.

Companies House Reform 2022

This proposes measures to reform Companies House and give the Registrar of Companies additional powers to maintain the accuracy of the UK’s record of companies.

The UN’s collaboration with insurers in this ‘decade of action’

The ESG agenda originated in the investment industry to help investors better understand the elements of sustainability that were not traditionally integrated into financial analysis and decision-making.

Shining a light from Bermuda on climate risk finance

There were some noteworthy announcements coming out of COP27, especially about the importance of biodiversity, which I think were significant for Bermuda, in relation to our coral reefs.

Consultation on ‘six directorship’ exemption for directors

This is proposed as a practical and proportionate solution to deliver on the recommendation.

Fidelis completes ‘ground-breaking transaction’

All capital and risk transfer resources currently available to Fidelis brokers and clients will continue to be available, ensuring a seamless transition from the current to new structure.

EU Court of Justice Blocks Public Access to Beneficial Owner Information: Implications for Bermuda

Bermuda has a comprehensive central register of beneficial ownership information, which is held and maintained by the Bermuda Monetary Authority.

EFCB & FIU law now in force

The EFCB has been operating since June 2021 under administrative provisions, however the new Law provides clarity around its role and functions.

Year-End Deadline for Regulated Entities' Whistleblowing Procedures

Of primary note, the 2022 Act requires that all entities initially in scope must have and maintain internal reporting channels and investigation procedures that comply with its requirements from 1 January 2023.

Legislation to regulate unfair contract terms in the Bailiwick

It remains to be seen whether legislation regulating this area more widely will follow, perhaps modelled on the LCF Law.

Guernsey Policy & Resources Committee consults on ‘six directorship’ exemption for directors of businesses

The Policy & Resources Committee is therefore proposing changes which would see a registration framework extended to directors who come under the ‘six directorship’ exemption.

Beckles: Employment Act often taken for granted

“Before you invest or borrow a single dollar, make sure that you investigate and understand the regulations covering your sector,” said Beckles.

Securities Commission Statement on Transfer Motion In FTX Digital Markets Chapter 15 Proceedings

FDM was incorporated in the Commonwealth of The Bahamas on 22 July 2021; it was duly registered as a digital asset business under The Bahamas’ Digital Assets and Registered Exchanges Act, 2020.

Regulation, Risk & Compliance