[[{"type":"media","view_mode":"media_large","fid":"13504","attributes":{"alt":"","class":"media-image","height":"298","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 ...
Bermudian lawyer Yan-Xia Rogers returns home to join Carey Olsen Yan-Xia will specialise in corporate and commercial law, advising clients on a range of cross-border transactions, mergers and acquisitions, and corporate governance matters. Having moved to London in 2020, Yan-Xia worked for a year as a paralegal at Broadgate Legal before training as a solicitor at Kennedys Law LLP in London, with a focus on regulatory, corporate, product liability law and insurance litigation ...
In the meantime, many individuals and families with significant wealth have seen their fortunes grow considerably despite these crises. In this environment, misassumptions may readily run rife ...
Content Legal and enforcement framework Definitions Virtual currencies market Crossover with banking Technology Data security and cybersecurity Financial crime Consumer protection Competition Taxation Trends and predictions Tips and traps Legal and enforcement framework In broad terms, which legislative and regulatory provisions govern virtual currencies in your jurisdiction? Bermuda has a digital asset sector with a specific legal and regulatory regime that governs both the i
In summary, in most jurisdictions, trust assets will be more vulnerable to attack from a settlor’s creditors in the following scenarios: A settlor’s retention of dispositive powers (particularly positive powers e.g. powers to direct the trustee in contrast to a power to veto a trustee’s proposal) generally renders a trust more vulnerable to attack by creditors. Retaining powers to revoke the trust and/or a general power of appointment (i.e ...
Bermuda remains a preferred jurisdiction in which to establish and maintain trusts (and increasingly, family offices). Bermuda's Courts and regulatory regime carefully balance privacy with the objective of maintaining appropriate regulation to preserve Bermuda's stellar reputation as a premier international financial services jurisdiction ...
Annex II is a list of cooperative jurisdictions maintained by the EU that reflects ongoing cooperation between the EU and its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles ...
Employer obligations From the date the Order takes effect, all employers will need to ensure they are paying at least the minimum wage and that their contracts and/or Statements of Employment are updated where necessary to ensure that they are compliant. Note that only 'employees' are entitled to the minimum wage, not self-employed contractors ...
CONTENTS General Litigation funding Initiating a lawsuit Pre-trial proceedings Discovery Injunctive relief Trials and hearings Settlement Damages and judgment Appeal Costs Alternative Dispute Resolution (ADR) Arbitration Outlook and COVID-19 GENERAL General Characteristics of the Legal System Bermuda is a British Overseas Territory. The modern legal system of Bermuda is established by the Bermuda Constitution Order 1968, an Order in Council of the UK ...
Bermuda investment funds update Q1 2024 Bermuda Monetary Authority Investment Fund Statistics (Q3 2023) Recent amendments to the funds regime highlight Bermuda’s commitment to a comprehensive and innovative approach to the underlying legislative framework applicable to funds and Bermuda’s status as a premier international financial centre ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
The President characterised this initiative as one necessary to counter "a pandemic of the unvaccinated", stating, "This is not about freedom or personal choice. It’s about protecting yourself and those around you" ...
Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl
At the time, most captive owners (and their advisers) were attracted by Bermuda's perceived economic, social and political stability, its strong infrastructure, its close proximity to New York and a legal system that tended to follow the English common law and provided for an ultimate right of appeal to the Privy Council in the U.K ...
Contents Legal and Enforcement Framework Blockchain Markets Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? Bermuda has a digital asset sector specific legal and regulatory re
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
Governments and authorities worldwide are placing increased emphasis on stricter financial controls tackling money laundering, terrorist financing and proliferation of weapons trafficking. As a leading global financial hub, the Cayman Islands is at the forefront of this arduous challenge. An example of its success is the introduction of a rigorous beneficial ownership regime (BOR) ...
On 1 April 2022, the Qualifying Asset Holding Companies (“QAHC”) regime, the latest innovation in the UK’s corporate tax landscape, came into effect for UK tax resident companies. Meanwhile in the EU, the European Commission has announced it will be introducing the anti tax-avoidance directive (“ATAD 3”) aimed at EU resident holding companies claiming benefits under double tax treaties and due to come into effect on 1 January 2024 ...
Introduction The sphere of asset tracing and recovery, particularly the extent of tools available around the world, is rightly attracting more attention in cross-border fraud and investigations. This includes projects at the international level, such as UNCITRAL's ongoing efforts (for which the author acts as an expert), as well as attention being given in national legislatures around the world ...
Assessing lender risk in fund finance markets 2024 (GLI chapter) Contents Risk analysis in an evolving market Complex Fund structures Typical structures in our jurisdictions Feeder vehicles Legal perspective Market risk Competition in the market Concentration risk Liquidity risk ESG risks Conclusion Acknowledgment Risk analysis in an evolving market Despite being a relatively long-standing lending product, there have been limited public payment defaults by f
Contents Risk analysis in an evolving market Complex fund structures Typical structures in our jurisdictions Legal perspective Waiver of commitments Market risk Competition in the market Concentration risk Liquidity risk ESG risks Conclusion Risk analysis in an evolving market Despite being a relatively long-standing lending product, there have been limited public payment defaults by funds in the fund finance space ...
Legal Property Due Diligence In a property transaction, whether that is buying, leasing, or financing, a legal property due diligence exercise may be required to assess the potential risk to a client before committing to the transaction. The potential for AI to be used to review and digest legal property DD documentation with speed and accuracy is clear ...
The States of Guernsey has voted on what types of individual beliefs may benefit from legal protection from discrimination. The vote (by a majority of 20 to 16) concluded that the incoming anti-discrimination ordinance (the Ordinance) will provide protection from discrimination on the grounds of religious belief only. States' members rejected the proposition that the Ordinance should offer protection from discrimination on the grounds of non-religious philosophical beliefs ...
Last year, we reported on the important decision of the Royal Court of Jersey in April 2020 in Re Grundy [2020] JRC 071, which case our firm presented to the Royal Court and which demonstrated the flexibility of the remedies available under Jersey law where a successful application to set aside the exercise of a fiduciary power on grounds of mistake and/or inadequate deliberation is made (No re-writing history: the flexibility of Jersey’s remedies for mistake and inadequate deliber
A trust is created when the legal ownership of property is transferred to or vested in a trustee who thereafter is required by law to manage and administer the property for the benefit of beneficiaries, or for the furtherance of certain purposes. The beneficiaries of the trust collectively hold beneficial title to the trust property. This permits the beneficiaries to enforce trust obligations through the courts if necessary ...
