03/28/2022
Snapshot: what to know about transfers of shares under BVI law
The executed instrument of transfer should be sent to the company for registration.
Government Regulation
03/28/2022
New lasting powers of attorney – international clients
For similar reasons, it can be advisable to have a Guernsey Will limited to Guernsey assets to avoid paying probate fees in respect of the worldwide estate and release Guernsey funds more quickly, to assist the family and administration in other locations
03/28/2022
Guernsey and Jersey Employment: Post Termination Restrictions and What New Employers Should Consider When Bringing in New Talent
Post-termination restrictions are incredibly common in employment contracts for financial services businesses in Guernsey and Jersey.
03/28/2022
Cayman Islands regulator notifies industry on Russia/Ukraine sanctions regime
Other sanctions lists (eg OFAC, EU, and UN) should also be considered and monitored by all FSPs, VASPs and persons conducting business in the Cayman Islands as they may be relevant but aren’t legally binding in the Cayman Islands.
03/25/2022
Mandatory retirement ages across Europe
At the same time, in a market where it is difficult to compete for talent, employers are needing to re-evaluate mandatory retirement ages as they can result in a loss of skills and knowledge within the business.
03/25/2022
Jersey: An Alternative Jurisdiction for Global Securitisation Sponsors
Jersey has a long history of debt-issuing vehicles and those have ranged from short-dated issuers
03/25/2022
Legal differences noted between UK bans on Russian aircraft and vessels
Airport operators are now able to direct pilots in command of Russian aircrafts whether to take off or not or order them not to land.
03/25/2022
Fines up to Dh1 million for breach of UAE's new Labour Law, warn lawyers
Luke Tapp and Ruth Stephen have been writing about this for Outlaw, commenting on the new implementing regulations that supplement the new labour laws.
03/25/2022
Core role of Irish regulator in EU data protection cases highlighted
The purpose of the mechanism is to allow businesses to deal with just one data protection authority (DPA) in relation to their EU operations, as opposed to DPAs across all EU member states.
03/25/2022
FinCEN Identifies Red Flags Following Russia Sanctions
In its alert, FinCEN warns that Russian and Belarusian actors may seek to evade sanctions through non-sanctioned financial institutions. In light of this risk, FinCEN encourages financial institutions to look for the following red flags:
03/25/2022
Sanctions Tracker – US Russia Sanctions Designations and Gold Transactions Guidance
These designations coincide with President Biden’s diplomatic meetings in Europe and form part of a further set of Russia sanctions actions coordinated between the United States and its allies.
03/25/2022
FCA and AIM Regulation removal of temporary relaxations
The FCA believes that market practice has evolved sufficiently since the onset of the pandemic such that issuers and advisers are able to return to previous practices and rules.
03/24/2022
Letter from Sam Woods to Chief Executive Officers of banks and designated investment firms on the treatment of cryptoassets under the current frameworks
Firms should consider whether the standardised approach captures the full counterparty credit risks associated with many cryptoassets.
03/24/2022
ESG - Sustainable Securitisation Report
The EBA recommends that the EU GBS should also apply to securitisation in order to ensure a level playing field across all types of green bond instruments.
03/24/2022
BNY Mellon Fund Services fined €10.8m by Central Bank of Ireland
The investigation into BNY DAC found systemic weakness across its entire outsourcing framework.
03/23/2022
Court rules ‘reasonable endeavours’ requirements do not force companies to avoid sanctions
The High Court of England and Wales ruled the ‘reasonable endeavours’ provision in the force majeure clauses within a contract between a shipping owner
03/23/2022
SEC Proposes Landmark Standardized Disclosure Rules on Climate-Related Risks
The rule proposal, which was approved for issuance by a 3-1 vote by the SEC, is subject to a comment period that ends 30 days after the date of publication of the proposed rules in the Federal Register or May 20, 2022 (60 days after issuance of the propos
03/23/2022
Biden Administration urges American companies to act quickly to improve cybersecurity safeguards
While the Administration noted the significant efforts being made by federal agencies and critical infrastructure partners to improve cybersecurity posture, the fact sheet and the President’s accompanying statement call on businesses of all sizes to
03/23/2022
Denmark signs extradition treaty with UAE amid Dubai-based Brit tax fraud case
The government has been working for some time to get a general extradition agreement between Denmark and the United Arab Emirates.
03/23/2022
Alisher Usmanov: Russian billionaire's UK homes beyond reach of sanctions after being 'placed in trusts'
"All of (Alisher) Usmanov's properties were settled into the irrevocable trusts long before the sanctions came," a spokesman says.