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

Beneficial ownership registers: Jersey’s latest consultation paper on access to information

The aim is to allow access to those persons in 2024 and to "develop and deliver legitimate interest access in a leading timeframe".

High Court casts doubt on South Africa tender scoring system’s constitutionality

The decision follows two separate applications against the city of Cape Town, brought by H&I Civil & Building and H&I Constructions, subsidiaries of the H&I Group.

European Commission makes first ‘qualitative’ designation under Digital Markets Act

Under the DMA, a digital firm can be “presumed” to have gatekeeper status in respect of a core platform service

Cayman Islands Update: AML Amendment Regulations 2024

The bulk of the changes were to make it clear that compliance requirements apply not only in the context of anti-money laundering

EMIR Refit: Key Changes and Considerations

The Maples Group provides both legal and operational support to banks, fund managers and swap counterparties in meeting the ongoing obligations of EMIR

US Treasury Releases Final Regulations Addressing Domestic Control Determinations Under FIRPTA

The final regulations generally follow the proposed regulations issued in January 2023, with certain changes discussed below.

Eastern Caribbean Supreme Court Issues New Practice Directions

The above summary will be supplemented shortly by an article discussing the “ins” and “outs” of the newly adopted practice directions.

New offence of failure to prevent bribery – Guernsey

To remedy this, Guernsey has now introduced offences of failure by corporate entities to prevent bribery and facilitation of tax evasion

The Corporate Transparency Act: US CLO Co-Issuers and Issuer Subsidiaries

In scenarios where these vehicles are within scope of the CTA, the Maples Group provides a dedicated range of CTA services, which will significantly alleviate the regulatory and compliance burden for clients and US counsel from this legislation.

Pension Ombudsman highlights importance of clear fee information

In particular, he claimed that the documents he received before setting up the account did not state how much the fees would be, and other fee documents received later lacked transparency.

Irish ruling affirms no doctrine of partial or temporary frustration of a lease in Irish law

In its analysis, the court closely examined the terms and clauses of the lease that were of critical importance.

Changes possible as England reviews regulatory approaches towards litigation funding

The CJC working group is also currently calling for expressions of interest to join a wider consultation group

Regulation Of Moneylending In Mauritius

The Moneylenders Act was repealed and the supervision, regulation and licensing of moneylenders were entrusted to the Bank of Mauritius.

Pension buy-outs: managing a surplus on winding-up

Member communication and managing expectations in relation to surplus plans is vital when surplus is to be returned to the company, as it helps avoid any potential disputes or claims.

Latest Update to the Burges Salmon Triage Tool in respect of UK Pensions for International Companies

The updated tool includes guidance on the new Funding and Investment Strategy Regulations

Ground rents cap represents compromise, says expert

The report stage for the Bill has been reached in the House of Commons

DLA Piper advises BASF on acquisition of 49% of Germany’s Nordlicht offshore wind farms

BASF will use its 49% share of electricity to supply its chemical production sites in Europe, especially in Ludwigshafen.

New statutory protection for Jersey’s children and young people

The CYP Law includes updated protection for children and young people in care and care leavers up to the age of 25.

Jersey introduces licensing scheme for landlords

Properties such as lodging houses, tourist accommodation and nursing / care homes are separately regulated, so are not covered by the Regulations.

The Luxembourg government approves major amendments to proposed reform of residential leases

The government decided to entirely amend the provisions regarding the controversial rent ceiling reform and declared a new proposal may be issued following a wider consensus.

Government Regulation