British Virgin Islands Economic Substance - frequently asked questions Who has to comply with the Substance Legislation? All companies and limited partnerships that are registered or incorporated in the British Virgin Islands (“Entities”) must comply with the Substance Legislation. The Substance Legislation does not apply to trusts or general partnerships ...
Thailand’s government is on the process of launching a groundbreaking multiple-entry Medical Treatment visa (“non-MT visa“) with a generous one-year validity period, aiming to solidify its position as a premier international medical hub. The Subcommittee on Developing Thailand into a Medical Service Hub, authorized by the Ministry of Public Health, recently convened to craft the framework for this visionary visa program ...
The Cyberspace Administration of China (CAC) issued theProvisions on Regulating and Promoting Cross-Border Data Flows (Draft for Comments)(《规范和促进数据跨境流动规定（征求意见稿）》)on September 28, 2023 seeking public comments, which garnered significant attention. Yesterday (March 22, 2024), the CAC issued the official version of theProvisions on Promoting and Regulating Cross-Border Data Flows(《规范和促进数据跨境流动规定》)(the "Official Provisions"), which came into effect immediately upon publication ...
U.S. Bankruptcy Judge Jacqueline P. Cox recently found that three Illinois attorneys violated their ethical obligations by failing to return their client's phone calls. She ordered the attorneys to return roughly half of their already-court-approved, and paid, flat fee. In In re: Molnar in the U.S. Bankruptcy Court for the Northern District of Illinois in February, the debtor filed a petition under Chapter 13 ...
March 25, 2024 By: Daniel C. Silva and Ross Garrett In March 2024, the Northern District of Alabama held that Congress exceeded its Constitutional authority by enacting the Corporate Transparency Act (“CTA”). The CTA requires variety corporate entities—everything from LLCs to trusts—to disclose beneficial ownership information to the U.S. Treasury Department ...
Artificial intelligence (?AI?) is becoming increasingly sophisticated, and the fact that this human invention can now generate its own inventions opens the door to new ways of conceptualizing the notion of ?inventor? in patent law. In a recent ruling, the Supreme Court of the United Kingdom (?UK Supreme Court?) however found that an artificial intelligence system cannot be the author of an invention within the meaning of the applicable regulations under which patents are granted ...
In its traditional form, the advice of counsel defense can validate conduct that might otherwise be considered criminal. But invocation carries a steep cost: The defendant must waive his privilege with the lawyer who gave the advice in question. An additional prerequisite complicates utilization: The defendant must demonstrate good faith reliance on the advice he sought and received ...
Carey Olsen advises Inflexion on closing of latest fund at £1.75 billion The Fund, which is the largest dedicated minority fund in Europe, has attracted existing and new investors from across the world, including from Asia, Europe, the Middle East, as well as the US, and includes public and corporate pension plans, sovereign wealth funds, insurance companies, asset managers and family offices ...
Last week, a trial court in Buffalo ruled that a group of personal injury plaintiffs’ strict liability claims against a who’s-who of social media companies, arising out of the tragic 2022 Tops Friendly Markets mass shooting, could proceed to discovery, rejecting the argument that Section 230 of the Communications Decency Act barred such claims from the get-go. Patterson, Diona Et Al v. Meta Platforms, Et Al, 0805896/2023 (NYSCEF Doc No. 409) ...
The U.S. Court of Appeals for the Second Circuit on March 13 issued a highly consequential decision in U.S. Securities andExchange Commission v. Rashid, interpreting and applying the mental state for liability of investment advisers under the Investment Advisers Act. Over a strong dissent, the court reversed a finding of liability of the defendant investment adviser under basic principles of negligence law, and in doing so, provided a road map for future enforcement actions under the act ...
On April 1, 2024, the U.S. Citizenship and Immigration Services (“USCIS”) announced that its initial registration selection process, commonly known as the H-1B lottery, is complete. This means the USCIS has selected enough initial registrations to meet its numerical limit for both the standard H-1B cap and the advanced degree exemption, often referred to as the “master’s cap ...
I. Introduction and overview of the issues Many lawsuits involve both covered and uncovered losses. In nearly every state, if a complaint alleges both covered and uncovered claims, the insurer is obligated to defend the entire suit. E.g., Liberty Mut. Fire Ins. Co. v. Copart of Conn., Inc., 75 F.4th 522, 529 (5th Cir. 2023) (Texas law); Buss v. Superior Court, 16 Cal.4th 35, 48, 939 P.2d 766 (1997); General Agents Ins. Co. of America, Inc. v. Midwest Sporting Goods Co., 215 Ill ...
Krogerus Disputes Day was held on 19 March at Little Finlandia. The popular event gathered dispute resolution and compliance experts to discuss about business disputes with distressed parties. We would like to thank all our speakers and guests for a great Disputes Day and interesting discussions! This year, Disputes Day's theme was Disputes and Distressed parties ...
Carey Olsen advises Preservation Capital Partners on closing of latest fund at €459 million With the closure of PCP Fund II, Preservation Capital Partners now manages approximately €1 billion in assets across its three operational funds. The Carey Olsen team advising Preservation Capital Partners comprised partner Andrew Boyce, senior associate Rachel de la Haye and associates Oliver Orton and Nicola D'Amico ...
The first quarter of 2024 was a busy time for regulatory action in the bank M&A space. Coming off a slow year for bank deal announcements in 2023, many bankers and bank advisors believed that 2024 would be a rebound year for bank combinations. Those expectations may be scaled back now that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released proposed updates to their bank merger application rules and policies ...
Shoosmiths litigation team recently hosted a roundtable discussion with senior inhouse lawyers with clients in financial services, technology and the automotive sectors. In this discussion, each participant discussed their key takeaways from our recent Litigation risk 2024 report, their biggest concerns for the year ahead and identified some areas that need further exploration in 2025 and beyond. AI continues to create uncertainty making it a key litigation risk ...
Carey Olsen advises Beijing Energy International Holding Co. Ltd on $40 million green bond issuance On 2 April 2024, Beijing Energy International successfully issued the bond, featuring a term of two years and a historically low coupon rate of 2.70%. The issuance was oversubscribed by 3.04 times ...
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
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 ...
