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

Commencing Divorce Proceedings - Service on Spouses Overseas

In the Philippines, we can only effect such service on nationals of the originating state.

O’Neal Webster Successfully Defends Eastern Caribbean Central Bank in Multi-Million Dollar Claim

Through a conservatorship process, the central bank took control of the distressed parent banks’ affairs in August 2013 and by extension, the subsidiaries, pursuant to management agreements between each parent and subsidiary.

Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?

The Cayman Court therefore held that the primary limitation period for the claims made in the proceedings issued by Ritchie in Cayman on 21 May 2019 had already expired five years previously in 2014, and they were time-barred.

New annual return reporting requirement for certain BVI licensees

Additionally, all approved managers - being entities licenced to act as an investment manager/ investment advisor under the Investment Business (Approved Managers) Regulations, 2012 - are now required to complete and file the AML/CTF Return.

Changes to UK market abuse regime including longer to announce PDMR transactions

The rules in MAR on insider lists are also being amended from 29 June 2021

FinCEN as the Chief Innovation Agency

In addition, the recently enacted Anti-Money Laundering Act of 2020 (AMLA), among other things, gives FinCEN additional information collection tools and establishes an important role for technology and innovation in enhancing financial institutions’

Changes to UK market abuse regime including longer to announce PDMR transactions

Changes to penalties for criminal market abuse bring the maximum prison sentence in line with that for other economic crimes such as money laundering and bribery offences.

Baby, baby, baby, you're out of time

The fact that the limitation period on the underlying matter of complaint has expired is a material, and often a very material, factor.

Helping Insurers To Navigate Client Kyc

To facilitate corroboration, compliance professionals should confirm their policies and procedures regarding customer identification, specify if there exists any inherent risks

Special purpose acquisition companies: a more flexible approach under the Listing Rules

Other jurisdictions, notably the US, have recently seen evolution and significant growth in this sector, with larger-scale SPACs

Liquidate or arbitrate - a balancing act

It is therefore timely to consider the conflict between parties' contractual rights to arbitrate and their statutory rights to present a winding up petition and how a balance can be struck when determining which should prevail.

Snapshot: appealing civil judgments in Guernsey

It also mentions recent developments in appealing judgments of the Guernsey Court of Appeal to the Judicial Committee of the Privy Council.

Guidance from the Grand Court of the Cayman Islands

Although remuneration applications made by Cayman Islands insolvency office holders are a statutory requirement and therefore commonplace in the Grand Court

Cayman Islands Financial Sanctions Regime

Sanctions can include trade sanctions, travel bans, transport sanctions and financial sanctions.

French legal complaint targets Lebanon's central bank chief

Riad Salameh has been accused of fraudulently amassing a large fortune in Europe

Providing Clarity for Green Financing

The market for climate and socially conscious investment has huge potential, with investment in ESG-oriented funds topping US$1 trillion this year.

Bermuda’s Cannabis Licensing Act

Bermuda’s Government has nevertheless committed to pressing forward with the legislation.

Towards mandatory TCFD

The recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) are voluntary, but are fast gaining traction within sustainability/ESG policy and regulation

Insights from the 2020 Cyber Coordination Groups

These Cyber Coordination Groups (CCGs) have aimed to help firms share knowledge and discuss good practices in protecting themselves from cyber threats.

Paying for President Biden's American Families Plan

Under current law, the US does not generally impose capital gains tax on appreciated assets when people die or make lifetime gifts.

Government Regulation