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Mamo TCV Advocates | April 2023

 The European Parliament gave its final approval to the Markets in Crypto-Assets Regulation (‘MiCA’) on 20 April 2023. The regulation forms part of the EU’s broader digital financial package whose aim is to encourage the use of fintech while ensuring consumer protection and financial stability across the EU. MiCA is the first harmonised EU framework for regulating crypto-assets and is applicable across Member States without national transposition ...

“Electrification” has become a ubiquitous term these days, although depending on who you ask, it might have different meanings. However defined, a critical component of electrification as a policy choice to reduce reliance on fossil fuels is the need to fully evaluate both its practicality and the transparency of its cost impacts, particularly as that relates to lower income and middle class families, as well as small business ...

DFDL | April 2023

The Central Bank of Myanmar (“CBM”) published Directive No. 8/2023 on 24 March 2023 regarding further extension of the amended formula for calculating the liquidity ratio of banks in Myanmar (“Directive”). To look at this historically, the CBM had published several directives between 2020 and 2021 regarding calculation of liquidity ratio and aspects related thereto. We have briefly summarized them as under: In this Directive, CBM notes that pursuant to Directive No ...

Shoosmiths LLP | April 2023

This article looks at some of the trends we have seen in the use of interest rate benchmarks in the mid-market since the cessation of LIBOR, with a focus on sterling loans in the UK mid-market. We said a final goodbye to sterling LIBOR over a year ago, and in that time our team has acted on over £2bn worth of facilities. As we look back on the last 12 months’ worth of transactions, some trends are emerging ...

Shoosmiths LLP | April 2023

Not long ago, the idea of having a national transport strategy about data would have seemed outlandish. From around five years ago, we’ve had predictions of a lifestyle revolution based on the value of data. Now, that revolution has gone mainstream, and with it, the world of planes, trains and automobiles ...

Shoosmiths LLP | April 2023

As of 17 April 2023 new creditors winding up petitions can be presented in accordance with the Insolvency (Amendment) Rules (NI) 2023. This means that the restrictions faced by creditors in filing winding up petitions will be lifted, and ultimately more companies will be open to pursual. The introduction of the Insolvency (Amendment) Rules (NI) 2023 on 13th March 2023 was awaited by practitioners, businesses and creditors ...

Shoosmiths LLP | April 2023

Shoosmiths’ Public Inquiries team is delighted to present a series of podcasts in respect of reflections and experiences of the COVID-19 pandemic. Hosted by Hayley Saunders and Alex Friston, we are delighted to be joined by a variety of speakers, each bringing something different to the table in relation to impacts, views and then thoughts towards the Public Inquiry, which is set to commence its first public hearings on 13 June ...

Dinsmore & Shohl LLP | April 2023

Borrowers who go through the process of obtaining an FHA-insured multifamily loan generally come to the same conclusion: the juice is worth the squeeze.  At the end of the day, they get to enjoy a unique blend of benefits (35 or 40-year mortgage term, below market interest rate, etc.) that simply can’t be replicated with a conventional loan.   One FHA benefit that’s been getting a lot of attention lately is loan assumption ...

Mamo TCV Advocates | April 2023

 We are pleased to issue our fourth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management, Company Service Providers, Insurance Undertakings, and Insurance Intermediaries ...

Carey Olsen | April 2023

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” ...

Shoosmiths LLP | April 2023

Back in March 2022, a furore erupted over the mass redundancies by P&O Ferries of its workers and their replacement with an international crew on much lower wages. Amidst all the calls for changes to prevent ‘fire and rehire’ tactics, the only relevant change to employment legislation to have made it onto the statute book so far is The Seafarers' Wages Act 2023 (SWA 2023), which came into force on 23 March 2023 ...

Buchalter | April 2023

April 5, 2023 By: Julian Gurule Turmoil in the tech ecosystem and escalating sentiment that a recession in the U.S. might occur in the near-term, indicate that startups, their lenders, and investors may soon confront extreme financial challenges – and will force all stakeholders in a troubled venture to consider strategic options ...

Carey Olsen | April 2023

Approval process  The Jersey Financial Services Commission (“JFSC”) does not need to review the fund structure, documentation or the promoter. Instead the fund administrator certifies to the JFSC that the fund complies with the EF Guide and once the certification and the fund’s offer document are filed the JFSC aims for a 3 day turnaround on the application for approval ...

Carey Olsen | April 2023

Approval process  Listed Funds are established on certification by the fund administrator that the fund complies with the criteria set out in the LF Guide. The Jersey Financial Services Commission (“JFSC”) issues the relevant certificate on receipt of the certification and the fund’s offer document. As a result, a Listed Fund can be established in Jersey within 3 days ...

Carey Olsen | April 2023

Limited partnerships  Limited partnerships (“LPs”) are now the favoured vehicles for closed-ended private equity funds and can be established in three ways:  “Traditional” Jersey LPs (“JLPs”), which are similar to English LPs, are established under the Limited Partnerships (Jersey) Law 1994 ...

Dinsmore & Shohl LLP | April 2023

On March 10, 2023, Silicon Valley Bank and Signature Bank were closed by their respective jurisdictions’ financial service agencies due to a high influx of depositors making massive withdrawals in the week prior. The Federal Deposit Insurance Corporation (the "FDIC") – an independent federal agency created by Congress to support the broader banking industry – was formally appointed by state government agencies as a receiver for both banks ...

The Federal Deposit Insurance Corporation (“FDIC”) guarantees bank deposits of up to $250,000. Following the failure of two banks in recent weeks, regulators created some confusion among the industry and the public when they guaranteed customer deposits above this limit claiming that doing so was necessary to stem serious systemic risk to the financial system ...

An old adage is that history will repeat itself. In other words, all of this has happened before, and it will all happen again. Another banking crisis is upon us following the familiar cycle of financial deregulation. The failures of Silvergate, Silicon Valley, and Signature Banks provide an opportunity to learn and to act.   From the early 1980s through the 1990s, Presidents and Congress worked together on “financial services modernization ...

Carey Olsen | March 2023

Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...

Carey Olsen | March 2023

Contents The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Updates to Natural Capital Fund framework HMRC guidance on the registration of GPUTs Changes to Guernsey’s insolvency regime Consultation on “six directorship” exemption for directors The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) came into partial force on 1 January 2023 and will c

Buchalter | March 2023

March 28, 2023 By: Nicolette A. Cohen[1] On September 29, 2022, the California Court of Appeal First Appellate District, in Honchariw v. FJM Private Mortgage Fund, LLC, held a private lender’s imposition of late charges and default interest constituted an unlawful penalty in contravention of the public policy set forth in California Civil Code Section 1671, reversing the trial court’s finding ...

Carey Olsen | March 2023

But what are the reasons for this? And what are the advantages of establishing a fund in Guernsey when compared to other jurisdictions?   As the leading legal adviser to Guernsey’s investment funds sector by both number of funds advised and by assets, we believe that the following reasons help to explain Guernsey’s success and provide strong arguments for choosing Guernsey ...

Carey Olsen | March 2023

Guernsey is a Crown Dependency. The Bailiwick of Guernsey (Guernsey, together with Herm, Sark, Alderney and the surrounding islets) is part of the British Isles but independent of the UK. It is neither a member nor an associate member of the European Union (the “EU”) and as such is classified das a third- country. Guernsey is therefore not required to comply with EU directives such as the Alternative Investment Fund Managers Directive (the “AIFMD”) ...

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