Latest Briefings

New legislative regime for virtual asset service providers

The Virtual Asset (Service Providers) Law, 2020 was gazetted on 25 May 2020 and will come into force upon issue of a commencement order in due course. The Law represents Cayman’s first legal framework for the registration, licensing and supervision of virtual asset service providers conducting business in the Cayman Islands.

Dishonesty: A change of approach

On 29th April 2020, following the decision in the case of R v Barton and Booth [2020] EWCA Crim 575, the Court of Appeal identified that the two-limb test for dishonesty as identified in the case Ghosh, is no longer the approach to be taken.

Cybersecurity requirements for licensees

Entities regulated under the Insurance Law will need to implement cybersecurity measures in proportion to their cyber risk profile by 27 November 2020 following the release of the Rule and Statement of Guidance on Cybersecurity for Regulated Entities by the Cayman Islands Monetary Authority on 27 May 2020.

Wirecard – has the German financial regulator lost its immunity?

The German regulator BaFin is being sued for abuse of authority following one of the biggest fraud scandals of the decade with German payment processor, Wirecard AG, filing for insolvency owing €3.5bn and its chief executive arrested on suspicion of accounting fraud and market manipulation. This article explores the situation and considers the need for change.

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British Virgin Islands

The BVI’s new Companies Act has altered the rules for businesses based on the islands and directors must be aware of the changes. By Duncan Smith There is a good level of comfort with the new British Virgin Islands Business Companies Act 2004 (BCA), principally because, since 1 January 2006, users have been able to […]

CC muscles its way into global LBO elite

Clifford Chance has broken the US’s stranglehold on advising global private equity buyouts, making it onto the leveraged buyout (LBO) leaderboard in terms of value in the second quarter of 2007. According to data from mergermarket, Simpson Thacher & Bartlett is the leading legal adviser to private equity buyouts globally, advising on $140.9bn (£70.71bn) worth […]

Aluminium giant Rusal loses capital markets guru ahead of London IPO

An overhaul of the legal in-house team at Russian conglomerate Rusal has seen the coordinating lawyer for its IPO quit just as the company announced its concrete plans to list in London. The in-house changes mean the aluminium giant’s legal team no longer boasts the lawyers who coordinated the $30bn (£15.1bn) merger between Rusal, Sual […]

UK directors should beware the new Companies Act

The International Bar Association Conference held in Rome last month (May) on class actions saw the European legal profession listening in rapt silence to speakers from the US explaining the practical realities of class action funding and resolution. It was interesting to see the preponderance of heavyweight commercial law firms present. There is a growing […]

Bakers, Links land Ferrexpo LSE roles

Baker & McKenzie has advised Ukrainian company Ferrexpo on its London Stock Exchange IPO, while Linklaters acted for the financial advisers on the deal. Ferrexpo mines, processes and sells iron ore in the form of pellets for use in the production of steel. Corporate partners Peter Magyar and Tim Sheddick led the Bakers team, which […]

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