03/28/2022
UK authorities team up to remind regulated firms about crypto standards
As the markets grow, the FPC expects that enhanced regulatory frameworks will be needed, both at a global and domestic level.
Government Regulation
03/28/2022
Time to pay up? Moratorium ends on commercial rent arrears
In anticipation of the Bill being passed as law, the government recently published a working draft of guidance aimed at assisting arbitrators with the operation of the new scheme (the Guidance).
03/28/2022
New UBO Register established in Lithuania
Currently only UBOs (natural persons) can be registered in the initial stage
03/28/2022
Snapshot: what to know about transfers of shares under BVI law
There is no BVI legal requirement for the instrument of transfer to contain details of the consideration.
03/28/2022
High-End Swiss Watches Confiscated in Russia
It is hard to think of something more symbolic of Switzerland than watches.
03/28/2022
Hong Kong SFC Publishes Circular on Recent FATF Publications on Anti-Money Laundering and Counter-Financing of Terrorism
FATF has completed its strategic review which finalised and approved the FATF Methodology for the upcoming fifth round of mutual evaluations.
03/28/2022
New lasting powers of attorney – for Guernsey resident individuals
This Update focuses on how the new provisions will affect individuals resident in Guernsey.
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.
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.