Fourth European Money Laundering directive published

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CRS: first reporting over, so what happens next

The effective extension of the deadline to 31 July 2017 by the Guernsey tax authorities (which have vowed not to impose any penalties if CRS reporting and due diligence requirements are complied with on or before this second date) has given trustees additional time to complete their due diligence procedures, pull together the information to […]

What return of non-dom changes to Finance Bill means for trustees

Non-dom changes were withdrawn from the Finance Bill at the last minute earlier this year and are now anticipated to be introduced in a second Finance Bill after the summer Parliament break, with effect from 6 April 2017. The recent announcement impacts trustee clients and the families they look after, so it is important to […]

4AMLD – Who needs to report and what needs reporting?

On 26 June 2017, as part of the UK’s implementation of the 4 Anti-Money Laundering Directive (4AMLD), the Beneficial Ownership Register for trusts went live. Although our trustee clients agree with the rationale for the register (i.e. combatting money laundering and terrorist financing), as with CRS reporting obligations there are some grey areas in respect […]

Guernsey’s new regulations for pension and gratuity schemes

Following a short but comprehensive consultation with industry, the Guernsey Financial Services Commission (GFSC) has issued The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017, which came into operation on 30 June 2017. Key changes to the draft rules The GFSC took on board a number of […]

Guernsey document duty – update

As stated in a previous article, the States of Guernsey had prepared a policy letter and draft legislation to impose, amongst other things, duty on transfers of shares in companies holding Guernsey real property. On 17 May those proposals were approved…

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New Act on the Control of Investments Detrimental to the Interests of Hungarian National Security

The Hungarian Government recently adopted Act no. LVII of 2018 on the Control of Investments Detrimental to the Interests of Hungarian National Security (the “Act”). Previously we wrote about a similar legislative proposal which aimed at establishing a similar control mechanism. However, the Act has a more sophisticated approach on the control and approval procedure […]

Health and safety at work in Romania: What companies need to know

Failure to take or observe the mandatory measures for health and safety at work may entail, among other types of liability (e.g. civil, administrative), potential criminal liability for employers. The Romanian Criminal Code (the “RCC”) provides for two offences which sanction such failure: i) failure to take the mandatory measures for health and safety at […]

Switzerland: Insolvency law, policy and procedure

By Daniel Hayek and Laura Oegerli Statutory framework and substantive law Swiss restructuring and insolvency proceedings are mainly governed by the Swiss Debt Enforcement and Bankruptcy Law (DEBA), which entered into force in 1892. A number of other laws and ordinances further regulate special aspects of restructuring and insolvency proceedings, such as specific provisions according to […]

Czech Republic: Office for the Protection of Competition gets tougher

In April 2018 the Office for the Protection of Competition adopted new guidelines on the method of setting fines for competition law infringements,(1) noting that the need for a revision of the previous guidelines had emerged in the wake of developing case law, as well as amendments to the Act on the Protection of Competition. The […]

FOS expansion to SMEs – near-final rules published

By Paul Gair The Financial Conduct Authority yesterday released its policy statement on SME access to the Financial Ombudsman Service (FOS), setting out its near-final rules for amending the compulsory jurisdiction to include new definitions for “small businesses” and “guarantors”. At the same time, it has released a new consultation paper detailing proposals for increasing […]

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Conyers Dill & Pearman provided Mauritius legal advice to International Finance Corporation (IFC), a member of the World Bank Group, on the structuring of its investment in Echo-Scan Services Limited. Echo-Scan Services Limited is a provider of medical diagnostic services in Nigeria. Sameer Tegally of the Mauritius office advised on the matter, working alongside Norton […]

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Eversheds advises Phoenix Equity on holiday park operator purchase

Law firm Eversheds has advised leading UK middle-market private equity firm Phoenix Equity Partners on the acquisition of Bridge Leisure, the holiday park operator, alongside the current management team led by CEO Andrew Howe. As part of the transaction, Bridge Leisure is simultaneously acquiring Silver Sands Holiday Park which is located near Lossiemouth in Scotland. […]

Eight promotions at Ogier

Ogier has appointed three partners and five managing associates. David Cooney and Bradley Kruger become partners in the Cayman Islands office, and Michael Killourhy in the British Virgin Islands (BVI) office. In addition, partner Simon Schilder has joined the Jersey funds team and five senior associates have been promoted to managing associate across the BVI, Cayman, Guernsey […]

‘US buy-in required if EU is to succeed in stamping out tax avoidance’

Commenting on the news that the EU is set to establish a tax avoidance committee, Ben Jones, tax partner at law firm Eversheds, says: “The EU has become increasingly active on the issue of multinational taxation over the last couple of years, following the wider international actions being proposed by the OECD to modernise the system […]

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