Economic substance for the British Virgin Islands

The Act did not originally apply to limited partnerships without a legal personality. However, on 29 June 2021 the Economic Substance (Companies and Limited Partnerships) (Amendment) Act 2021 (the Amendment Act) came into force and this extended the scope of the Act to limited partnerships without a legal personality.

Related briefings

Channel Islands Funds Quarterly Update: Q2 2021

1. Pan-Channel Islands developments 1.1 Economic substance regime now extended to partnerships 1.2 The International Stock Exchange reports a record number of Q1 listings 2. Jersey developments 2.1 Self-managed funds must satisfy the economic substance test – Taxation (Companies – Economic Substance) (Amendment No. 2) (Jersey) Law 2021 2.2 Changes made to Funds Business fee rates 2.3 Disclosure requirements for sustainable investment aim to combat greenwashing 2.4 Duty of supervisory body to use a risk-based approach 2.5 Investment in lawful cannabis industry is now permitted 2.6 First quarter fund statistics 3. Guernsey developments 3.1 Revisions to Private Investment Fund rules 3.2 Three new consultation papers on the Revision of Laws Project 3.3 De-regulation of Non-Guernsey Scheme regime 3.4 First quarter investment statistics 3.5 Finance sector code of corporate governance

CSSF clarifies MiFID application to Luxembourg investment fund managers

On 10 June 2021, the Luxembourg Financial Sector Supervisory Authority (the CSSF) issued new versions of (i) its frequently asked questions relating to the Law of 17 December 2010 on undertakings for collective investment and (ii) its FAQs covering the Law of 12 July 2013 on alternative investment fund managers. Both FAQs have been updated following the publication of a FAQ from the CSSF relating to the application of MiFID provisions to Luxembourg Investment Fund Managers.

Snapshot: management meetings confirmed as being integral in section 238 proceedings

The Grand Court of the Cayman Islands has again emphasised the central role that experts play in section 238 proceedings and that it is integral to the process to allow them to meet with management to gather information that they consider to be relevant. In a recent decision in eHi Car Services Limited, Justice Parker ordered the Company to convene a management meeting at the request of the Dissenters’ expert, despite the Company’s protestations that it was not reasonable, proportionate or necessary to do so.

Latest Briefings

The sustainability of green financing

Maples Group acted for Xiaomi Corporation in connection with Xiaomi’s offering of US$800,000,000 2.875% Senior Bonds Due 2031 and US$400,000,000 4.100% Senior Green Bonds Due 2051 issued by Xiaomi Best Time International Limited, incorporated in Hong Kong and unconditionally and irrevocably guaranteed by Xiaomi Corporation, a company controlled through weighted voting rights and incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The green bonds offering marked Xiaomi’s initial foray into the world of green financing and more broadly Environmental, Social and Governance (ESG). The proceeds of the green bonds are earmarked for ‘Eligible Projects’ within Xiaomi’s finance framework aimed at positive environmental and social benefits. Their framework follows the green bonds and loan guidelines of the International Capital Markets Association.

Guernsey consolidates economic substance and extends it to partnerships

Guernsey has brought partnerships into scope of economic substance requirements for accounting periods commencing on or after 1 January 2022, although partnerships formed on or after 1 July 2021 will be in scope immediately on formation where they conduct activities that trigger the economic substance requirements.

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