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Afridi & Angell | October 2024

Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law (the Bankruptcy Law) introduced a new bankruptcy regime in the UAE, but left a number of key issues to be addressed under later implementing regulations. These regulations have now been issued under Cabinet Decision No. 94/2024 On the Implementing Regulation of the Financial Restructuring and Bankruptcy Law (the Implementing Regulations) ...

Dinsmore & Shohl LLP | October 2024

On October 21, 2024, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the Fiscal Year 2025 Examination Priorities.  In addition to investment advisers, the Division has examination responsibility for broker-dealers, investment companies, self-regulatory organizations, clearing agencies and other market participants such as municipal advisors ...

Simonsen Vogt Wiig AS | October 2024

1. Introduction The Act imposes an obligation on companies and other legal entities to obtain information about the company’s beneficial owners. The purpose of the Act is to improve access to information about ownership and control in Norwegian companies, and to be a tool in the fight against money laundering, terrorist financing and other financial crime. The parties subject to the Act are referred to in the Act as «obliged entities» ...

Mamo TCV Advocates | October 2024

  This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors.  Investment legislation can be split into two broad categories: investment funds and investment services. The former principally relates to UCITS, AIFMD and local laws which regulate asset management and their service providers. The latter relates to regulating financial instruments and the investment markets thereof ...

Shoosmiths LLP | October 2024

If you find yourself at risk of personal liability as a director in respect of a company's affairs then it is vital that you seek urgent legal advice to mitigate your loss. As a general rule, any claims for wrongdoings committed by the company should be brought against the company as it is recognised as a distinct legal entity and is therefore separate from its shareholders and directors. However, this protection is not absolute ...

Shoosmiths LLP | October 2024

On 8 October 2024, the U.K. Investment Association (IA) published its Principles of Remuneration (the Principles) for the 2025 Annual General Meeting (AGM) season, setting out the IA’s expectations on executive remuneration structures. The Principles are predominantly for companies with a main market listing but are also relevant to companies listed on other markets, such as AIM, or private companies (Companies). The Principles build on the remuneration expectations set out in the U.K ...

Carey Olsen | October 2024

Deal round-up: Schemes of Arrangement in Guernsey This surge in takeovers reflects a general market trend for companies listed on the London Stock Exchange (“LSE”) over this same period and it is no surprise that Guernsey companies have been affected, given that Guernsey is the second most common jurisdiction for companies listed on the LSE, second only to the UK itself. The takeovers have been a mixture of public-to-private deals and consolidations by way of a share exchange ...

Buchalter | October 2024

October 21, 2024 By: Kayla Radnia and Jeffrey H. Kapor On September 22, 2024, California Governor Gavin Newsom signed SB 707 into law, known as the Responsible Textile Recovery Act of 2024 (“the Act”) ...

Carey Olsen | October 2024

Carey Olsen announces two senior promotions within BVI litigation practice Catherine advises on shareholder disputes, fraud and asset tracing, and trust litigation and insolvency proceedings. She has conducted litigation before the BVI Commercial Court, ECSC Court of Appeal and the Privy Council. Catherine joined Carey Olsen in 2021, having previously worked for another offshore law firm in the BVI and a leading corporate law firm in Dublin ...

Carey Olsen | October 2024

Carey Olsen Jersey advises RoundShield on its largest fund in history, RS Fund V Carey Olsen worked alongside lead counsel Sidley Austin LLP in advising RoundShield, a London-based private investment firm with deep expertise in asset-backed private credit. In a testament to RoundShield's solid track record and experience, a significant majority (over 80%) of the investors in Fund V are existing clients of RoundShield and its latest fund also attracted ten new investors ...

Carey Olsen | October 2024

A guide to non-charitable Purpose Trusts in Jersey Creation and validity A Purpose Trust is created when assets are vested in the trustees for specific purposes ...

Afridi & Angell | October 2024

The UAE Federal Government has issued Cabinet Decision 98 of 2024 (2024 Cabinet Decision) and has, as a result, substantially revised the application of the UAE economic substance reporting requirements. The present economic substance requirements were first introduced through Cabinet Decision 57 of 2020 (the2020 Cabinet Decision) ...

Shoosmiths LLP | October 2024

From 26 October 2024, employers will be required to take reasonable steps to prevent sexual harassment in the workplace. Employers must ensure they understand the parameters of this new duty and have implemented the measures needed to comply with it. What the Act says The Act requires employers to take reasonable steps to prevent sexual harassment of their workers in the course of their employment ...

Carey Olsen | October 2024

Bermuda Monetary Authority initiates consultation on proposed changes to Bermuda’s digital asset business regime The Bermuda Monetary Authority (the “BMA”) has issued a consultation paper outlining proposed amendments to the Digital Asset Business Act 2018 (the “Act”) and the Digital Asset Business (Prudential Standards) (Annual Return) Rules 2018 (the “Rules”) inviting the digital asset business sector and other stakeholders to share their views on t

Carey Olsen | October 2024

Carey Olsen confirmed as the leading offshore law firm by Chambers UK 52 lawyers from across the firm's Guernsey, Jersey and London offices have also been recognised for their outstanding work. Notably, 10 individuals have seen their rankings improve, including new Band 1 rankings for partners Natasha Kapp (Trusts, Guernsey) and Andreas Kistler (Trusts, Jersey). Five Carey Olsen lawyers have also been newly ranked in this year's guide ...

Mamo TCV Advocates | October 2024

  This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Introduction The first article (see link below) in this EU AI Act series provided, inter alia, a breakdown of the scope, applicability, timeline and risk levels of the AI Act, Regulation (EU) 2024/1689 [1] (hereinafter referred to as the “Act”) ...

Dinsmore & Shohl LLP | October 2024

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. each periodically publish a report that describes their views on the current risk areas threatening the banking industry. The OCC calls its report the “Semiannual Risk Perspective,” while the FDIC’s report is called the “Risk Review.” These reports telegraph the risks regulators will be particularly interested in during the next examination cycle ...

We are pleased to present the very first edition of our Trade and Taxation Newsletter. Each month, we will share important updates, key developments, and practical insights on trade and taxation, all tailored to help you stay ahead in an ever-changing regulatory environment ...

Carey Olsen | October 2024

Carey Olsen advises Gate.io on launch of cryptocurrency venture capital fund The Fund is a venture capital fund which initially closed with investments in the digital assets and web 3.0 space across 28 portfolio companies and projects, encompassing opportunities from seed to pre-IPO rounds. The aim of the Fund is to invest in the equity and tokens of unlisted start-up companies and protocols operating within the digital assets web 3 ...

Shoosmiths LLP | October 2024

Guidance published this month by the UK Government is designed to support firms in the UK financial sector to share customer information more easily in the pursuit of the prevention and detection of economic crime. Key facts: The UK Government has issued guidance for anti-money laundering regulated firms on the voluntary information sharing measures contained in the Economic Crime and Corporate Transparency Act 2023 (the “Act”) ...

Shoosmiths LLP | October 2024

The UK’s Chancellor, Rachel Reeves, is set to deliver her first Budget on 30 October and it is anticipated to bring significant changes to the tax landscape. With the Government having identified a funding shortfall of £22 billion, it seems almost inevitable that tax rises are on the way, with capital gains tax (CGT) squarely in the Chancellor’s sights. We’ve outlined some potential changes and key considerations that may be relevant before, and after, Budget Day ...

Shoosmiths LLP | October 2024

The Food Standards Agency (FSA) is seeking feedback from stakeholders on new best practice guidance for food businesses that provide non-prepacked food. What is non-prepacked food? Non-prepacked food includes all foods that are not prepacked, e.g., loose foods, food packaged at the request of the consumer, food supplied by caterers, meals served in a restaurant, takeaway food, food made to order at cafes, etc ...

Carey Olsen | October 2024

Carey Olsen and IQ-EQ support Deep Blue on the launch of Jersey's first stablecoin DBUSD is a U.S. dollar denominated stablecoin, collateralised by low-risk assets and supported by an extensive ecosystem of key partners across tokeniser, blockchain foundations, distribution channels, oracle and technology providers, including Archax, the UK Financial Conduct Authority’s regulated digital assets firm. DBUSD's use cases include cross-border payments, remittances, trading and collateral ...

Shoosmiths LLP | October 2024

The European Commission published its draft regulation, the “NIS2 Implementing Regulation” (“N2IR”), for consultation on 27 June 2024. N2IR builds on the Network and Information Systems Directive 2022/2555 (“NIS2”), which was adopted on 16 January 2023 and will begin to apply from 18 October 2024 and beyond ...

Shoosmiths LLP | October 2024

Law firm Shoosmiths has advised Toyota Motor Manufacturing UK (TMUK) on two major agreements relating to the construction of a state-of-the-art anaerobic digester (AD) plant at the TMUK engine manufacturing facility in Deeside, North Wales (UK). The new waste to energy plant will be situated next to the Toyota Engine Plant and construction at the £282m privately funded venture will start next month ...

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