CSSF: clarification of Luxembourg third country regime for investment services

The Luxembourg Financial Sector Supervisory Authority (the CSSF) issued a regulation and a circular on 1 July 2020 to establish additional clarifications for third country firms providing or aiming to provide investment services in Luxembourg.

Related briefings

Update on economic substance in the Cayman Islands

Along with its fellow Crown Dependencies and Overseas Territories, the Cayman Islands now has comprehensive economic substance legislation, under which in-scope entities that carry on particular activities are required to demonstrate economic substance in Cayman.

UK Supreme Court offers lessons for landlords of multi-tenanted buildings in Cayman

In the UK, it is common for mutual-enforceability covenants (the nature of such covenants is explained below) to be found in the leases of flats located in apartment blocks. The enforcement of such a covenant was considered by the UK Supreme Court in Duval v 11-13 Randolph Crescent Ltd [2020] UKSC 18. While such mutual-enforceability covenants are (to the best of the author’s knowledge) not used in the Cayman Islands, the decision offers important lessons about leasehold obligations, especially where the same landlord enters into leases with multiple tenants in the same building.

Cayman injunctions in aid of foreign proceedings

Where a potential judgment debtor in “onshore” proceedings threatens to dissipate its assets, the plaintiff may face a Pyrrhic victory with no assets against which to enforce its judgment. Where the defendant is a Cayman company or has assets in Cayman, the Cayman Court has a statutory jurisdiction to grant a freezing injunction in aid of those foreign proceedings, which can extend to the worldwide assets of the defendant.

Migration of foreign limited partnerships into Guernsey

The States of Guernsey has adopted regulations permitting foreign limited partnerships to migrate or continue into Guernsey using the statutory migration process set out in the Limited Partnerships (Guernsey) (Migration) Regulations 2020 (the Regulations).

Latest Briefings

Permission in principle – growth, renewal, protect

The biggest shake up of the planning system since 1947 continues apace with the announcement, on 2 August, of government plans to create an automatic green light for development within specifically designated areas of the country.

Setting aside company transactions involving Jersey, Guernsey and BVI companies

Financial pressure can change perspectives on transactions – whether through the lens of an insolvent winding up, in the context of a counterparty or related interested party exploring ways in which they might unravel a transaction, or a new board considering whether a company can extricate itself from contractual arrangements that appear to have been subject to a conflict of interest or which were for an improper purpose.

Recommended

People walking office

Covid-19 forces BLM to kick off redundancy consultation

BLM has entered redundancy negotiations as it seeks to stave off the financial threat posed by the Covid-19 crisis. Employees in the costs and business development and marketing teams are set to leave the firm, with approximately 20 roles being made redundant. So far, a total of 170 members of staff have been furloughed at […]

DWF Manchester

DWF hires Bakers trio in Warsaw after raft of global cuts

DWF has hired a three-strong real estate team from Baker McKenzie to boost its Warsaw office, days after the listed firm made considerable cuts across its international network. The team is led by partner Joanna Wojnarowska, who brings along senior associates Weronika Roesler and Ewa Lewandowska. As part of the move, the partner will become […]

Suit

Shoosmiths and TLT lead on TM Lewin pre-pack deal

Shoosmiths and TLT are acting opposite each other on another retail rescue, as TM Lewin is bought back by its owner through a pre-pack administration. Shoosmths restructuring partner Aaron Harlow is acting for administrators ReSolve, alongside partner Lee Sennett and senior associate Charlotte Doyle. The 122-year-old Jermyn Street shirtmaker went into administration yesterday (30 June) […]

Juan Guaidó

Court sides with Guaidó in Bank of England’s Venezuelan dispute

The High Court has ruled Venezuela cannot access $1bn of gold held at the Bank of England, finding that the UK recognises opposition leader Juan Guaidó as its current president. Mr Justice Teare found today that it is the British Government’s prerogative to decide on whom it views as Venezuela’s legitimate head of state. The […]

st thomas hospital

Addleshaws leads on £250m hospital development for NHS

Addleshaw Goddard and Winckworth Sherwood are acting on the development of the £250m “Triangle” site on St Thomas’ hospital campus in London. Addleshaws team, helmed by construction and engineering partner Andrew McVeigh and  co-head of the housing sector Peter Hardy, are leading for Guy’s and St Thomas’ NHS Foundation. The rest of the Addleshaws team […]

Recruit legal talent

Get your role in front of over 300,000 legal professionals when you advertise with The Lawyer. Our team of experts provide bespoke solutions to help solve all your recruitment challenges.

Find out more