New regulations enable BVI companies to trial innovative fintech products

The British Virgin Islands recently introduced new regulations relating to products and services in the innovative fintech space, reaffirming its commitment to remaining a jurisdiction of choice for new financial products and services. These new regulations represent an exciting development in the approach taken by the BVI to the regulation of novel financial technology, representing a good balance between oversight and accountability on the one hand, and freedom to innovate on the other.

Related briefings

Employers should prepare for long-term changes to the world of work

There are of course many negatives arising from the crisis presented by COVID-19. However, there could be real benefits for businesses and their staff if we take some of the opportunities that have been presented and do not just look to revert to the old ways of doing things.

EU-US Privacy Shield for data transfers ruled as invalid

The Office of the Data Protection Authority in Guernsey (ODPA) has warned companies in the Bailiwick to be aware of the recent Court of Justice of the European Union (CJEU) judgment which affects all businesses who transfer personal data outside of the Bailiwick and the European Union (EU).

Tale of three funds

This article explores the collapse of three funds across three different jurisdictions and then sets out some of the lessons to be learnt by directors and fund managers.

Guernsey 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 Guernsey company or has assets in Guernsey, the Royal Court of Guernsey has a statutory jurisdiction to grant an injunction in aid of those foreign proceedings including freezing injunctions to prevent defendants dealing with the relevant assets in Guernsey.

Latest Briefings

How pro bono is making me a better lawyer

There are many opportunities to get involved with pro bono and several reasons why it is a good idea to do so. Verity discusses the pro bono opportunities she has been involved in and how they have strengthened her ability as a trainee solicitor.

To the point: technology & digitalisation l August 2020

Welcome to the August edition of Schoenherr’s to the point: technology & digitalisation newsletter! We are excited to present a selection of legal developments in the area of technology & digitalisation in the wider CEE region.

GC roundtable: How to communicate with impact in a virtual world

As most of us are still working from home, we are communicating virtually for long periods every day, with diverse groups of people from different cultures, forums and time zones. We are continuing our usual work tasks and commitments, but now having to deliver meetings and presentations as well as communicate a host of difficult messages.

Recommended

Penningtons merger leads to 17 per cent revenue uptick

Now in its third year as a top 50 firm, Penningtons Manches Cooper‘s revenue shot up by 17 per cent to £93m during the last financial year, while also boosting its overall profit by 12 per cent. The positive uplift follows last year’s merger between Penningtons Manches and Thomas Cooper, with the firm now boasting […]

moving quickly

The speed read: angry law students; oligarchs; and redundancies

Students are not having a great lockdown When an individual law firm gets into trouble, the wider profession usually rallies round to help its most junior members: trainees and law students. Case in point: KWM a few years back. But when the whole profession is going through difficult times it’s a slightly different situation and […]

Debevoise partner decamps to the Bar after three years

A partner at Debevoise & Plimpton has left the firm to join Twenty Essex, three years after joining the US firm. Wendy Miles QC will join the set after 24 years in private practice. She initially spent two years at Russell McVeagh before joining WilmerHale in 1999. She became a partner in 2005 and left […]

Succession planning in fintechs leaves much to be desired

The digital financial services sector is prospering. TransferWise’s $319m share sale this week, led by D1 Capital Partners and Lone Pine Capital, indicates a 40 per cent increase in the valuation of the company compared to last year. Revolut’s $500m Series D funding in February valued the company at $5.5bn, the highest valued fintech company […]

BT’s Openreach appoints new GC

BT’s digital network business Openreach has appointed a new general counsel (GC). Sophie Bouckaert has taken on the role of GC from Nigel Cheek. Bouckaert joined Openreach in 2010 and was part of the team that negotiated its telecommunications strategic review with Ofcom. She previously worked for Hogan Lovells in London and Brussels before heading […]

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