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

Nothing lasts forever... or does it? New perpetuities legislation introduced in the Cayman Islands

The rule against perpetuities currently applicable in the Cayman Islands is derived from English law

SEC Enhances Reporting on Forms N-PORT & N-CEN; Issues Liquidity Guidance

The SEC adopted targeted guidance on certain aspects of open-end registered fund liquidity risk management programs.

Consultation Concludes: The Future of Seychelles Virtual Assets Now in Focus

Recent consultations and proposed legislation changes under the Virtual Asset Service Providers (VASP) Bill are set to impact our industry significantly.

McKesson Signs Agreement to Acquire Controlling Interest in Florida Cancer Specialists & Research Institute’s Core Ventures

The completion of the transaction is pending customary closing conditions and regulatory approvals.

AIFMD II amidst the debate on private credit market growth and financial stability

Private credit providers, including private equity houses and investment funds, are just a sub-set of NBFIs, providing direct loans to businesses.

Cayman Islands abolishes perpetuity rule in legislation

This adjustment does not affect Cayman Islands STAR trusts, which were already exempt.

Proposals of the General Scheme for Limited Partnerships and Business Names Bill 2024

The General Scheme suggests new rules for registering LPs aimed at increasing transparency.

Updated Saudi investment law to enhance foreign investor rights

The specifics of the investment law’s implementation will be clarified once the implementing rules are issued and actual practices under the new law are observed.

HKMA Enhanced Consumer Protection in the Use of GenAI by Authorized Institutions in Hong Kong

These additional principles to the existing BDAI Guiding Principles1 were set out in a Circular on 19 August 2024 to all authorized institutions.

Consultation response released for draft cyber security law for Jersey

There was a feeling that provision could be made to require Banking and Financial Services Providers to enhance their cyber security resilience

Public consultation in the UK

There is no general duty on public bodies to consult, simply on the basis that their decision is important or may have an impact on others.

Continuing obligations for BVI private investment funds

This note provides a quick reference to your PIF’s ongoing BVI obligations.

Singapore ruling highlights employers’ duty to use contractual discretion reasonably

Crucially, the ruling underscored an implied duty for the employer to act reasonably and in good faith when exercising their contractual discretion.

Greater focus on pay equity and transparency under new Labour government

The infrastructure sector reported the biggest pay gap of 21.4%, when compared against the financial services, energy, manufacturing, universities and telecommunications sectors.

Texas Court Issues Nationwide Injunction Striking Down the FTC Noncompete Ban

Due to its nationwide scope, this injunction means the Final Rule will not take effect on September 4, 2024, as planned.

US Banking Agencies Are Ramping Up Scrutiny of Bank-Fintech Partnerships

The Joint Statement highlights several “elevated risks” when using third-party arrangements

US DoD Proposes Final Rule to Incorporate Contractual Requirements for the Cybersecurity Maturity Model Certification (CMMC)

The CMMC 2.0 program provides a framework for assessing contractor implementation of cybersecurity requirements and enhancing the protection of unclassified information within the DoD supply chain.

Government Regulation