- Managers of Wealth - Legal - Wealth, private banking and asset management news and opinion

Hong Kong Securities and Futures Commission Issues Statement on NFTs

The SFC issued a statement to clarify its regulatory approach in relation to non-fungible tokens and remind investors of related risks.

German court rules on managing directors' payments to employees of insolvent company

Such payments are privileged as they do not reduce the insolvency estate and do not disadvantage creditors if they allow the business to continue and enable corporate recovery.

Conyers Q1 Update

On the transactional front, Q1 has been another busy quarter for the BVI office

BIS Revises Export Controls on Cybersecurity Items Used for Malicious Cyber Activity

As discussed in our prior Legal Update, the interim rule implemented new controls on “intrusion software”2 that balanced US foreign policy and national security concerns with the need for legitimate cybersecurity transactions

Significant audit and corporate governance reform on the horizon

The package of proposals are of particular importance to very large businesses, their directors, investors and auditors.

How to ace your brand protection in the metaverse

Regular brand audits, the development of a robust filing strategy, and appropriate monitoring and enforcement of rights are advised for brands seeking to futureproof themselves.

European Parliament publishes report on the EU Green Bond Standard

The report, which will constitute the Parliament’s mandate for the upcoming trilogue negotiations with the Council of the EU, introduces numerous changes to the Commission’s proposal

Bankruptcy trustee could have proprietary claim over frozen assets, court rules

The judge said the sale could go ahead, but the proceeds could only be used to settle “reasonable sums” for legal advice

The DMA is here – What’s next?

It will ultimately also determine the DMA’s success as the most significant addition to the Commission’s regulatory toolbox since the first iteration of the Merger Regulation in the 1990s.

Gender Pay Gap Reporting in Ireland

The GPG report must be published within six months of the snapshot date

The Great Debt Experiment

With debt at more than 3 X global annual output, the resilience of the world financial system and its ability to withstand further shocks is the subject of much debate.

Amendments to Investment Business Act 2003

As a result, entities which carried on investment business outside of Bermuda with no such premises in Bermuda (“Non Resident Providers”) and entities qualifying for an exemption from the requirement to be licenced under the IBA were not regul

With-profits insurance: Irish providers should look to UK regulatory regime

The UK regulators have adopted a standalone with-profits regime which applies to with-profits business in addition to the general regulatory rules.

Economic Substance Update: Compliance Reviews,Proposed Penalties and Filing Declaration Preparations

In order for the Registrar to demonstrate the effectiveness of its supervisory framework, it will undertake both desktop and on-site audits of Bermuda entities.

Expansion of Russian Sanctions Regime in Bermuda

Appleby is actively tracking these developments, and is advising clients on the legal and practical impacts of these measures.

Non-fungible tokens: a fiduciary, tax and legal snapshot

NFTs are traded on specialized NFT marketplaces, such as OpenSea and Nifty Gateway, which are platforms on which people link crypto wallets and exchange NFTs for the types of cryptocurrencies supported in the respective marketplace.

Complexity around directors’ duties owed to Irish insurers

The duties which apply to an Irish director were codified in the Companies Act and were the subject of a lot of market commentary at the time.

The Economic Crime (Transparency And Enforcement) Act 2022: An Isle of Man Perspective

The Act will apply to all Isle of Man entities that are treated as legal persons under Isle of Man law.

The Financial Services Commission Confirms Processing Fees and Licensing Criteria

The FSC is confident that the Processing Fees Regulations will foster early bird applications for the VASP licences and registration of initial token offerings

Finally, interim measures in Italian arbitration

It remains to be seen how, and in what form, the new legal principles will, in practice, be implemented by legislation.

Government Regulation