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New exemptions align Jersey’s prospectus rules with familiar UK/EU exemptions
Carey Olsen, October 2021

The current prospectus rules The current Jersey definition of “prospectus” has often meant that a securities offer by a Jersey company is a prospectus for Jersey law purposes, even where an exemption from the obligation to produce an approved prospectus is available in other jurisdictions in which the offer will be circulated...

Jersey: A clear route to market
Carey Olsen, October 2021

There has been an increase in market capitalisation of Jersey listed companies on global exchanges from £269 billion in 2014 to £278.9 billion in 2021. Furthermore, The International Stock Exchange (TISE) has seen the number of listings increase from 2,272 in 2016 to 3,431 securities on its official list at end of June 2021. These are just some examples which explain why Jersey is now regarded as a premier international finance centre...

Important Bermuda judgment on the role of protectors in offshore trusts
Carey Olsen, October 2021

In the Matter of the X Trusts [2021] SC (Bda) 72 Civ (7 September 2021) Assistant Justice Dr Ian R.C. Kawaley of the Supreme Court of Bermuda has handed down significant guidance to assist in the understanding of this important relationship in offshore trusts...

Panel Speaker at the Legal in Action on Facebook Live organized by ?????? Thai Business and TLCA
Kudun and Partners, October 2021

Kongkoch Yongsavasdikul, partner and co-head of Startup Practice was invited to speak on the legal landscape of Startups in Thailand in the session “FinTech, AI & Fundraising – In Action: Series A & Beyond” by Legal in Action, hosted by Khun Peangpanor Boonklum with other speakers; Dr. Sutapa Amornvivat, PhD and Dr. Nattavut Kulnides. Thanks to Legal in Action and host Khun Peangpanor for inviting our partner as a speaker...

New Guidance for Adverts Promoting In-Game Purchases Released by CAP and BCAP
Shepherd and Wedderburn LLP, October 2021

This month the Committee of Advertising Practice (CAP) and the Broadcast Committee of Advertising Practice (BCAP) released new guidance for advertisements used to promote in-game purchases. This guidance applies to providers of online gaming services that offer users the opportunity to purchase virtual items in real-time, such as virtual currencies or extra lives...

Can You Inherit Digital Assets?
Shepherd and Wedderburn LLP, October 2021

  Every day, our digital footprint gets larger as we continue to rely more heavily on technology in our day-to-day lives. From an inheritance and succession point of view, this poses an important question: What happens to our digital assets when we die? Often when writing a will, people will consider any physical property they own as well as any investments and sums held in bank accounts...

The Pension Schemes Act 2021: what’s in force and what you need to know about it
Shoosmiths LLP, October 2021

The Pension Schemes Act 2021 (the 'Act') amends the Pensions Act 2004 (the '2004 Act') in order to provide the Pensions Regulator ('TPR') with a wealth of new powers. Now that the day we have all been waiting for, 1 October 2021 (when the majority of the Act’s provisions were due to come into force) has come and gone, we’re taking a look the material provisions which came into force on that date - and what those changes mean...

Enhanced secured creditors in France after cornerstone reform of security Law and collective proceedings of September 15, 2021.
Jeantet, October 2021

October 2021 Ordinances n°2021-1192 and 2021-1193 of September 15, 2021, respectively reforming security law and amending Book VI of the French Commercial Code, implement mandates of the PACTE Law of May 22, 2019[1] to: modernize security law[2], improve the articulation of security law with collective proceedings law[3] and transpose the (EU) Directive 2019/1023 of June 20, 2019[4], known as the "Restructuring and Insolvency Directive"[5]...

El Salvador ´s Crypto Ecosystem and next steps to implement
Consortium Legal - El Salvador, October 2021

“The journey of a thousand miles begins with one step.” Lao Tzu.   On Wednesday, June 9, El Salvador published in its Official Gazette a historic event worldwide, the first law in the world that provided a digital asset, specifically the bitcoin with unrestricted and unlimited clearance power in any transactions that natural persons, public or private legal entities carry out in any capacity, therefore, bitcoin became a legal tender in El Salvador...

El Salvador: Bitcoin Law
Consortium Legal - El Salvador, October 2021

Preliminary concepts:   Prior to conducting an analysis of the Bitcoin Law (hereinafter “BTC Law”), it is important to clarify two fundamental concepts regarding this type of digital assets:   – What is bitcoin?   A bitcoin is a decentralized digital asset created in 2009 by one or more people under the pseudonym of Satoshi Nakamoto, with the mission of being a virtual currency or an instrument of electronic exchange to acquire products and services

El Salvador: Advance payment of the Income Tax
Consortium Legal - El Salvador, October 2021

Advance payment can be understood as: “… the payment made before the occurrence of the generating event that constitutes the future and uncertain event on which the legal force of the obligation depends” (Giulani Fonrouge and Susana Navarrine in “Procedimiento Tributario”, Editorial de Palma, page 159)...

A “sea change” in attitudes towards third party litigation funding in Jersey
Carey Olsen, October 2021

What is litigation funding and why is it attractive? Also known as legal finance or litigation finance, third party funding – historically – was considered an improper or corrupting influence on litigation. These old offences of champerty and maintenance were first decriminalised in England in 1967...

Trusts, turmoil, and the tropics – a Cayman Islands perspective
Carey Olsen, October 2021

In fact, the impact of the pandemic on private clients has been the opposite: many have experienced increases in their personal wealth that have been nothing short of startling. According to the Global Wealth Report published by Credit Suisse in June 2021, more than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic...

Adoption of Bill 64: what do public bodies need to know?
Lavery Lawyers, October 2021

Bill 64, also known as the Act to modernize legislative provisions as regards the protection of personal information , was adopted on September 21, 2021, by the National Assembly of Quebec...

AML/CFT Act statutory review – Ministry of Justice calls for submissions
MinterEllisonRuddWatts, October 2021

Today, the Ministry of Justice (Ministry) released the consultation document for its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The Ministry has asked for submissions, or feedback through an online questionnaire, by 5pm on 3 December 2021. This consultation is a keystone component of that statutory review, which commenced on 1 July this year as required under s 156A(1) of the AML/CFT Act...

Latest Federal Court Cases, 10/5/21
Schwabe, Williamson & Wyatt, October 2021

In re: Vivint, Inc., Appeal No. 2020-1992 (Fed. Cir. Sept. 29, 2021) In an appeal from the United States Patent Trial and Appeal Board, the Federal Circuit addressed whether a party may challenge the validity of an issued patent by ex parte reexamination when the challenger has repeatedly tried to use inter partes review (“IPR”) to forward the same argument. The Federal Circuit held that, when applying 35 U.S.C...

Enactment of SB 164 and Changes to Oregon's Corporate Activity Tax
Schwabe, Williamson & Wyatt, October 2021

Although Oregon’s 2021 legislative session turned out to be relatively quiet from a tax perspective, we did experience some changes to Oregon’s Corporate Activity Tax (“CAT”). Those changes were primarily in the form of SB 164. The enactment of SB 164 ushers in the following CAT changes. Fiscal Year Filings...

Amendments to Privacy Laws: What Businesses Need to Know
Lavery Lawyers, October 2021

Bill 64, also known as the Act to modernize legislative provisions respecting the protection of personal information , was adopted on September 21, 2021, by the National Assembly of Quebec...

CJEU confirms software constitutes goods
Shoosmiths LLP, October 2021

Is the sale or purchase of software by an agent on behalf of its principal a sale or purchase of ‘goods’ for the purposes of the Commercial Agents (Council Directive) Regulations 1993 (the “Regulations”) within the technology sector? Following the Court of Justice of the European Union (the “CJEU”) preliminary ruling in The Software Incubator Ltd v. Computer Associates UK Ltd case, we move a step closer to a much-needed consistent answer...

How to Transfer Personal Information out of China under the Personal Information Protection Law
Deacons, October 2021

The Personal Information Protection Law (the “PIPL”) will take effect on 1 November 2021. It follows the fundamental rules on protecting personal information under the Cybersecurity Law and Civil Code of the People’s Republic of China (PRC). We highlight below the key points in the PIPL on processing personal information within China, and outbound transfer of personal information, which may impact businesses whether they are operating in or outside the PRC. 1...

International data transfers – where are we now?
Shepherd and Wedderburn LLP, October 2021

  Executive Summary For organisations transferring personal data from the EEA, the new form of model clauses must now be used for any new transfers agreed as of 27 September 2021. Existing arrangements using the “old” European model clauses have until December 2022 to be replaced with one of the new versions...

Bitter pill for the ICO to swallow as fine on pharmacy reduced
Shepherd and Wedderburn LLP, October 2021

  In a recent appeal by a pharmacy, Doorstep Dispensaree Limited (“Doorstep”), against a Monetary Penalty Notice and an Enforcement Notice issued against it by the Information Commissioner’s Office (the “ICO”), Doorstep was partially successful, specifically against the level of fine imposed by the ICO under the Monetary Penalty Notice...

Tirohanga: Financial Services Quarterly Outlook – October 2021
MinterEllisonRuddWatts, October 2021

Welcome to our first issue of Tirohanga: Financial Services Quarterly Outlook.In this quarterly publication, we highlight what’s coming up in the financial services sector over the next quarter, recap some recent events and those to look out for, take a look at some of the interesting things we’ve been working on over the past three months, and take a look at what some of our alumni have been up to...

Reserve Bank consults on the future of money
MinterEllisonRuddWatts, September 2021

Today, the Reserve Bank of New Zealand (RBNZ) has published a consultation on the ‘Future of Money’. The consultation is aimed at gaining the public’s input on how: the RBNZ performs its role as steward of money and cash; and how it should assess whether to offer central bank money in a digital form alongside cash...

FMA announces escalation in AML/CFT enforcement approach
MinterEllisonRuddWatts, September 2021

The Financial Markets Authority (FMA) today announced an escalation in its approach to enforcement for noncompliance with the New Zealand anti-money laundering and countering financing of terrorism (AML/CFT) regime. In doing so, the FMA referred to its latest AML/CFT monitoring insights report, for the period of July 2018 to June 2021 (Monitoring Report). The FMA’smedia releaseand theMonitoring Reportcan be found on the FMA’s website...



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