Pension funds: hedging longevity risk Bulk Annuities Market Recent hikes in interest rates have led to huge increases in the funding levels of many UK defined benefit pension schemes (DB Schemes). Now they are in surplus, many DB Schemes are considering a bulk annuity transaction or "buy-in". As a result, the bulk annuity market is booming ...
Pleading failures and allegations of breach of good faith treated with the Utmost seriousness Background IHSL was Utmost's agent and sole distributor of insurance policies in the Cayman Islands, with the terms of the relationship governed by an agency agreement executed in 2016 (the "Agency Agreement") ...
On 25 April 2023, Guernsey introduced the Preferred Debts (Insurance Policyholders) (Bailiwick of Guernsey) Amendment Ordinance, 2023. That Ordinance effects changes to the Preferred Debts Law, 1983, which accords priority to certain preferred creditors in the event of insolvency. Full details of Guernsey's insolvency regime can be found here ...
1. Which factors bring an individual within the scope of tax on income and capital gains? Bermuda does not impose income or capital gains taxes. 2 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? There are currently no forms of income or capital gains tax in the British Virgin Islands (BVI). Residence and domicile is not relevant to an individual's tax status in the BVI. However an individual is taxable in the BVI if they are gainfully employed (§2) or transfer ownership of BVI property (§8) ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The Cayman Islands has no income or capital gains tax. 2. What are the taxes and rates of tax to which an individual is subject in respect of income and capital gains and, in relation to those taxes, when does the tax year start and end, and when must tax returns be submitted and tax paid? As above, the Cayman Islands has no income or capital gains tax. 3 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? Liability to Guernsey income tax is generally dependent on residential status. However, certain other types of income arising, or from a source, in Guernsey can give rise to a liability to Guernsey income tax irrespective of the residence status of the recipient ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The charge to income tax in Jersey is assessed by reference to a person's residence status: A person who is resident and ordinarily resident in Jersey is charged to income tax on all of his/her Jersey and worldwide source income, whether remitted to Jersey or not ...
[[{"type":"media","view_mode":"media_large","fid":"13510","attributes":{"alt":"","class":"media-image","height":"411","typeof":"foaf:Image","width":"480"}}]] Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ...
Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. Equity investments The charts show various instances of equity investments being made. The LCF Law does not apply to equity investments ...
The key issue before the formal body of advisers to the UK sovereign was whether the trustee of a settlement “exercised for a proper purpose” an express power contained in the trust deed to add and exclude discretionary objects, having added a purpose trust as an object and removed all family members comprising the entire class of objects. The Background The trust settlors were two brothers who founded Formosa Plastics Group, one of the largest business conglomerates in Taiwan ...
Contents Introduction Background to the appeals Summary of the Privy Council's decision Point 1: A trustee's right of indemnity confers a proprietary interest Point 2: The proprietary interest survives the transfer to a new trustee Point 3: There is no priority as between the competing proprietary interests of successive trustees, which rank pari passu Point 4: A trustee's indemnity extends to proving its claim Jersey law Comment Introduction On 13 October 2022, the sev
Probate and estate administration for non-Jersey domiciliaries Why do I need a Jersey grant of representation? Jersey is an independent legal jurisdiction for estate administration purposes ...
Probate and estate planning administration for Guernsey domiciliaries Why do I need a Guernsey grant of probate or administration? Guernsey is an independent legal jurisdiction for estate administration purposes. When a person dies leaving assets in Guernsey it is likely their personal representative will be required to obtain a Guernsey Grant of Probate or Administration in order to receive the Guernsey assets ...
Probate and estate planning administration for non-Guernsey domiciliaries Why do I need a Guernsey Grant of Probate or administration? Guernsey is an independent legal jurisdiction for estate administration purposes. When a person dies leaving assets in Guernsey, it is likely their personal representative will be required to obtain a Guernsey Grant of Probate or administration in order to receive the Guernsey assets ...
On 30 August 2023, the Beneficial Ownership Transparency Bill, 2023 (the Bill) was published, proposing several important changes to the beneficial ownership regime in the Cayman Islands. The Bill is intended to enhance the jurisdiction’s current beneficial ownership regime to ensure compliance with the recommendations of the Financial Action Task Force ...
Contents Please click on the links below to jump to the relevant section: What are the key features of a PCC? Who can be a PCC? Incorporation of a PCC Separation of assets Attributing liability and recourse against assets Information obligation Transferring cellular assets to third parties Arrangements between cells affecting cellular assets Conversions Liquidation of a PCC Administration of a PCC Receivership of cells in a PCC Tax Foreign recognition Essentially, a PCC consi
Re Piedmont Trust and the Riviera Trust [2021] JRC 248 (Royal Court of Jersey, Commissioner Birt, Jurats Ramsden and Olsen, 5 October 2021) The Court held that the protector will usually be entitled and required to form his or her own judgment on a trustee’s decision and whether to consent to it or veto it, rather than simply review whether the trustee’s decision has been reached properly ...
Contents Changes to the requirements for individuals acting as a director 2022 Annual Report - Guernsey Financial Services Commission (the “Commission”) Updates to the AML/CFT Handbook Update on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Financial Crime Return Rules Changes to the requirements for individuals acting as a director Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick o
Contents Changes to the Money Laundering (Jersey) Order 2008 Changes to the Proceeds of Crime (Jersey) Law 1999 - Schedule 2 Businesses Limited Partnerships (Continuance) (Jersey) Regulations 2023 Forthcoming changes to the JFSC's Outsourcing Policy Changes to the Money Laundering Order The Government of Jersey is set to make a number of amendments to the Money Laundering (Jersey) Order 2008 ("MLO") following the conclusion of its recent consultation ...
Re Coinomi - Reconsidering the remedies for unfair prejudice Whereas the position at first instance (Re Coinomi [2022] EWHC 3178 (Ch)) had determined that a shareholder could not claim damages in favour of the company when invoking the statutory unfair prejudice jurisdiction, the appeal (reported as Ntzegkoutanis v ...
Contents Please click on the links below to jump to the relevant section: Overview FAQ 1: Are SPV trustees in scope? FAQ 2: What about SPVs that aren’t trustees? Do you need to have a “customer” or “third party” to be in scope? FAQ 3: I do have “customers” or “third parties” ...
Contents Introduction Bermuda British Virgin Islands Cayman Islands Guernsey Jersey Conclusion Introduction Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners), continues to be a leader in the Fintech and digital/virtual asset sector, advising clients on the most novel and innovative crypto and blockchain projects ...
NotPetya Cyber-attack In June 2017, data-destroying malware called NotPetya, which has since been attributed to Russia’s military intelligence agency, infected hundreds of organizations in dozens of countries causing an estimated $10 billion in losses ...
The Cayman Islands Court of Appeal ("CICA") has delivered a valuable judgment on the application of section 238 of the Companies Act (as revised) in Re Trina Solar Limited.[1] This case update can be read in conjunction with our previous briefing setting out certain practical points to note in 'fair value' appraisal proceedings ...
