Contents Please click on the links below to jump to the relevant section: Government attitude and definition Cryptocurrency regulation Digital Asset Business Act Scope of the DABA Licensing requirement Application process Criteria to be met by licensees Continuing obligations of licence holders BMA’s supervision and enforcement powers Digital Asset Issuance Act Scope of DAIA Authorisation requirements Authorisation criteria Ongoing obligations BMA’s supervis
Contents Government attitude and definition Cryptocurrency regulation 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 The BVI has established itself as a leading offshore finance centre that is resilient, agile and innovative in the
Contents Government attitude and definition Cryptocurrency regulation 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 The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Government attitude and definition Cryptocurrency regulation 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 The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
In times of the ongoing crisis, associated with the spread of the novel coronavirus infection (COVID-19), and the introduction of epidemiological requirements and restrictions, many businesses have faced difficulties with contractual performance, including the failure in supply, cancellation of scheduled events and often cutbacks in profits and the impossibility to perform monetary obligations ...
Jersey offers a range of fund types and structures to suit the needs of sophisticated sponsors and investors including Jersey Private Funds, Notification Only Funds (also known as Eligible Investor Funds) and Collective Investment Funds (CIFs), such as Jersey Expert Funds and Jersey Listed Funds ...
What is a JPUT? A Jersey Property Unit Trust (JPUT) is a legal structure whereby legal ownership of assets (primarily non-Jersey real estate) is vested in one or more trustees who hold the assets on trust for the benefit of unitholders upon the terms of a written trust instrument. What are the benefits of a JPUT? JPUTs have many plus points: Familiarity: JPUTs are generally recognised and accepted by investors, lenders, advisers, regulators and tax authorities in the UK and elsewhere ...
Contents Please click on the links below to jump to the relevant section: Overview Guarantees Collateral Security Financial assistance Syndicated Lending/Agency/Trustee/Transfers Withholding, stamp and other taxes; notarial and other costs Judicial enforcement Bankruptcy proceedings Jurisdiction and waiver of Immunity Licensing LIBOR replacement Other matters Overview What are the main trends/significant developments in the lending markets in your jurisdiction? As in o
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 ...
The LCF Law introduces new licensing regimes for lenders, virtual asset providers and financial platforms and financial intermediaries, replaces the registration regime under the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (the "NRFSB Law") with a licensing regime, and provides UK-style consumer protections for retail and home borrowers. Licences must be obtained by 1 July 2023 ...
Many of us are aware of the popular myth that ostriches believe burying their heads in the sand will make them invisible to predators. In other words, an “if I can’t see you, you can’t see me” approach. Even though scientists will tell you that this is not true, the approach seems to bear a resemblance to the online behaviour of some humans ...
On January 23, 2013, the Federal Financial Institutions Examination Council (FFIEC)1 issued a notice for comment on its proposed guidance, Social Media: Consumer Compliance Risk Management Guidance2 (the “Guidance”) ...
The stock market is undoubtedly one of the most important economic forces in the world. Every year, billions of dollars are moved through stock exchange operations, and year after year, in most jurisdictions, the stock market is promoted as a tool for financing or capturing capital for issuers and as an investment for thousands of participants seeking to place their funds in higher yield investments ...
A new BIG GUARANTEE SCHEME was introduced in Slovakia in a form of (i) guarantees for bank loansand (ii) remissions of guarantee premiums as per new Temporary Framework for State aid recently adopted by the European Commission to support the economy in COVID-19 outbreak and via adoption of an amendment (the “Amendment”) to Act No. 67/2020 Coll ...
A new Consumer Credit Act (Sw. Konsumentkreditlagen (2010:1846)) came into effect on 1 January 2011. The Act implements the Consumer Credit Directive (Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC). The Directive’s purpose is to enhance consumer protection by addressing some of the indebtedness problems caused by text message loans (Sw ...
For the financial services sector, 2020 was to be the year of rebuilding after the royal commission reckoning of 2018-2019. But with 2020 presenting circumstances that were previously unimaginable, the sector – like the entire Australian economy – has a whole new set of challenges to face… As 2020 ticks on, the financial services industry is grappling with new challenges presented by the COVID-19 pandemic and the subsequent economic downturn ...
Getting ready for your next compliance examination? Well, it may be time to take a fresh look at your institution’s Regulation B compliance. The Equal Credit Opportunity Act ("ECOA"), as implemented by Regulation B, is not a new concept. First adopted in 1974, Regulation B is understood by most institutions to include a focus on what information and what signatures can be obtained with respect to the family member of an applicant ...
This legal analysis focuses on the typical case of a company that although it is not directly targeted by the measures established in order to prevent the spreading of the novel coronavirus, it still registers a decrease of demand, of the level of proceeds and of the production of goods and services ...
What Happened: OFAC settled with BitGo, Inc. for $98,830, resolving 183 apparent violations of multiple US sanctions programs for processing digital currency transactions on behalf of individuals located in sanctioned jurisdictions ...
Key Points: Since Governor Newsom announced a state of emergency due to the COVID-19 outbreak, private Proposition 65 enforcement has increased by about 50%. Effective April 1st, new regulations clarify how manufacturers can satisfy their Proposition 65 warning obligations. These new regulations also clarify when retail sellers assume the burden under Proposition 65 to warn Californians ...
Despite rumours from Westminster that the Pensions Bill was to be dropped to make room for the anti-fox hunting Bill, it looks certain that the Pensions Bill will finally receive Royal Assent in November. In its final form, the Bill now extends to over 350 pages. Those looking for simplification will be disappointed to say the least ...
The Consumer Protection Act 1987 (the CPA) was enacted almost 35 years ago in order to implement EU law. The act introduced the concept of “strict liability” into the arena of product supply to certain users. This means that consumers who are injured by defective products can sue manufacturers without having to prove negligence. This practical guide provides an overview of the CPA for consumers and manufacturers, with reference to recent key cases ...
This is a summary of the Annual Report. Click here to access the full guide. The 2020 proxy season shareholder proposals were already submitted before the COVID-19 shadow loomed large over the season; however, such shadow likely impacted how shareholders voted on the proposals themselves, impacted business throughout 2020, and continues to jolt 2021 and the forthcoming 2021 proxy season ...
With the growing popularity of the Hong Kong open-ended fund company (OFC) structure following revisions to the OFC Code in September 2020, fund managers are increasingly looking at practical considerations when planning ahead on the establishment of new OFCs. One of the key areas is the appointment of the OFC’s board of directors. The key operators of an OFC are the directors, the investment manager and the custodian ...
