Guernsey insurance mergers and acquisitions (M&A) Our specialist insurance mergers and acquisitions (M&A) team have advised on a number of other high-profile insurance industry transactions, including: the sale of Humboldt Re by the Credit Suisse Pension Fund; the acquisition of Kelvin Re by Humboldt Re, and the subsequent merger to create Marco Re; the acquisition of Old Mutual Guernsey by Northstar Bermuda; the acquisition by Islands Insurance Group of Hepburns Insurance, incl
On December 22, 2023, Agder Court of Appeal issued a ruling in a case between an excavator seller and a leasing customer who had leased an excavator through a leasing company. According to the agreement between the parties, the leasing company was the formal owner of the excavator. The role as owner was however limited to financing ...
The Sexism in the City inquiry was set up to establish what progress has been made in tackling sexism in the financial services sector. We discuss the findings and offer advice for those in the sector trying to navigate the current regulatory landscape. The financial services industry is crucial to the UK economy. It employs more than 2 ...
On March 27, 2024 the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 203A-2(e) under the Investment Advisers Act of 1940 (the “Advisers Act”). Rule 203A-2(e) provides an exemption from the prohibition on registration with the SEC that may otherwise affect certain internet based advisers seeking to register with the SEC. Rule 203A-2(e) is referred to as the Internet Adviser Exemption ...
The EU published a report on 18 April 2024, ‘Much More than a Market’.1 The reasons behind the call for the report are the EU’s concerns that just over 30 years after its creation there are important aspects of the Single Market that are not complete, and that the world is very different to what it was 30 years ago ...
Carey Olsen advises Transocean on US$1.8 billion senior notes offering and cash tender offers The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of the Company’s subsidiaries. The 2029 Notes will bear interest at the rate of 8.25% per annum and will be callable after 15 May 2026. The 2031 Notes will bear interest at the rate of 8.50% per annum and will be callable after 15 May 2027 ...
Carey Olsen advises Hipgnosis Songs Fund on proposed US$1.4 billion takeover The Boards of Hipgnosis and Concord Chorus Limited ("Concord") announced on 18 April 2024 that they had agreed the terms of Concord's recommended cash offer of $1.16 per share, which remains subject to shareholder approval, regulatory approval and the sanction of the Royal Court of Guernsey ...
From 2 May 2024 Companies House is set to receive new powers to impose financial penalties for non-compliance with company legislation. Currently, the Registrar of Companies operates a civil penalty regime only for late filing of accounts. Under the new regulations (The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024) the Registrar will be able to impose direct financial penalties for a wider range of offences under the Companies Act 2006 (CA 2006) ...
Carey Olsen advises Cuscaden Peak Investments on S$1.7 billion sale of student housing The acquisition brings Mapletree's housing portfolio to 33,000 beds across 47 cities in the UK, the US, Germany and Canada, and makes the Singapore-based real estate investor one of the largest owners of student housing in the UK ...
On April 17, 2024 the Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) issued a Risk Alert regarding investment advisers’ compliance with amended Investment Advisers Act Rule 206(4)-1 (the “Marketing Rule”) ...
Mealey’s: What is your professional background and how did you both become involved in international arbitration? Miller: I’ve been practicing law with Bradley in its construction group for a little over 10 years. We rep- resent a lot of large contractors and owners of large projects, primarily energy-focused, and those projects are often large, complex, involve international parties and are happening all over the world ...
Two Montréal landmarks have proudly hosted some of the city?s most memorable sporting events. The Olympic Stadium and the IGA Stadium (Figures 1 and 2), which have been and remain quintessential in our sporting history, are in need of renovations so that sports fans can continue to ?raise the roof? for years to come. Figure 1: The Olympic Stadium: A prominent feature of the Montréal skyline. Figure 2: The National Bank Open at the IGA stadium ...
On the 29th of April 2024, the European Banking Authority (the ‘EBA’) published an opinion (the ‘Opinion’) in which it assesses payment fraud data and identifies new types and patterns of payment fraud while developing proposals to mitigate them. In this second Payments Insight we highlight some of the most important key considerations emerging from the EBA’s Opinion ...
Bank Accounts were reinstated after Bank failed to give justified reasons for termination under AML/CFT obligations. 1. Facts of the Case APS Bank p.l.c ...
Law No. 21.398 "Pro-Consumer", which was published on December 24th, 2021, incorporated the current Article 17 N of the Consumer Protection Act. This article establishes that, before entering a credit transaction, suppliers must analyze the economic solvency of the consumer in order to comply with the obligations arising therefrom ...
Shoosmiths’ energy & infrastructure partner Chris Pritchett hosted a panel discussion at the Solar and Storage Live London last week, focussing on the often-overlooked elements of the low carbon transport transition, namely accessibility, regional parity, and the regulatory and industry code barriers to rolling out some of the solutions that this transition so desperately needs ...
Five years ago, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) made several significant changes to certain distributions required pursuant to Internal Revenue Code (“Code”) Section 401(a)(9) (“Required Minimum Distributions” or “RMDs”). The changes related to the RMD ‘10-Year Rule’ (summarized in greater detail below) have proven to be particularly difficult to interpret ...
Carey Olsen advises Shanta Gold on £156.1 million takeover by Saturn Resources Limited The transaction saw Saturn Resources increase its offer from 13.5 pence per share to 14.85 pence per share in order to secure the required support of Shanta shareholders, resulting in the acquisition being approved by more than 80% of the Shanta shareholders who voted at the shareholder meeting to approve the scheme ...
Carey Olsen advises on launch of FSN Capital's Innovative Compass Fund This Compass Fund utilises the same core processes as FSN flagship mid-cap funds, with the latest being the €1.8 billion FSN Capital VI launched in 2021. However, Compass tailors its investment approach and value creation model specifically for smaller companies ...
A guide to structured finance and securitisation in Jersey Carey Olsen is a market leader in structured finance and securitisation in Jersey. Clients of the structured finance and securitisation team include issuers, trustees, companies and global investment banks who we advise on the full range of structured finance and securitisation transactions ...
Did the United States Supreme Court upend specific jurisdiction in Ford Motor Co. v. Montana Eighth Judicial District Court, 141 S. Ct. 1017 (2021)? Not quite. But the Court did rule for the first time that due process does not require a causal link between the defendant’s activities in the forum and the alleged injury to the plaintiff. This case calls into question decades of precedent in the U.S. Court of Appeals for the First Circuit suggesting otherwise ...
On April 12, 2024, the China Securities Regulatory Committee ("CSRC") released a public consultation draft of theProvisions on Program Trading Management in Securities Markets (for Trial Implementation)(《证券市场程序化交易管理规定(试行)(征求意见稿)》, the "Draft Provisions") ...
With its January opinion in Raymond James & Associates Inc. v. Jalbert, the U.S. Court of Appeals for the Fifth Circuit held that the bankruptcy debtor's indemnification obligations were discharged by the confirmed plan because the indemnified party failed to speak up ...