European Parliament adopts the Taxonomy Regulation

Another milestone on the EU’s path to achieving the goal of a climate neutral union was reached on 18 June 2020, as the EU Parliament adopted new legislation on sustainable investments, one of the key features of the European Commission’s action plan on sustainable finance in the domain of capital markets (including the ESG Disclosure Regulation and the ESG Benchmarks Regulation.

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

hsbc

Norton Rose client HSBC to face £1.3bn class action brought by Edwin Coe

Edwin Coe is set to take on Norton Rose Fulbright in a High Court scrap involving hundreds of aggrieved investors and HSBC, amounting to a significant group action claim worth £1.3bn. With the backing of litigation funder Therium, Edwin Coe is pursuing a fraud claim on behalf of 371 investors, alleging they have suffered losses […]

cathay pacific

The deals that closed last week: Cathay Pacific, furniture and Taylor Wimpey

As Covid-19 rocks the aviation industry, Linklaters, Clifford Chance and DLA Piper each had a hand in the $5bn (£4bn) bailout of Hong Kong’s flag-carrier, Cathay Pacific. The Hong Kong government-backed recapitalisation plan is aimed at shoring up the airline, providing £2.7bn in the form of preference shares, warrants and a loan. The government will […]

house

Conveyancing firms declare national ambitions with £45m merger

Conveyancing firms O’Neill Patient and Cavendish Legal Group are to merge, creating a firm that will challenge for the UK top 70. Stockport-headquartered O’Neill Patient is the larger of the two parties, posting revenue of £31m in the year ending 31 December 2018. Its main area of practice is conveyancing but it also handles commercial […]

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