The framework that the British Virgin Islands (“BVI”) government has created to enable BVI ‘legal entities’ to report prescribed economic substance information’ is now operational. New reporting and (in some cases) economic substance requirements now apply for BVI ‘legal entities’ that conduct certain defined ‘relevant activities’ under the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the Rules on Economic Substance (together the “Economic Substance regime”).
On 7 July, the Private Funds Law, 2020 was amended changing the definition of a ‘private fund’ to both clarify the position for certain entity types and to extend its scope to additional entities.
As part of the roll out of the EU’s beneficial ownership regime, regulations have been made designating the Central Bank of Ireland as the Registrar of Beneficial Ownership for ICAVs and Unit Trusts.
Ireland and Luxembourg have both announced a six month deferral of the first reporting date under DAC6, the new EU Mandatory Disclosure Regime for certain cross border transactions which carry defined tax hallmarks.
The recent decision of the Irish High Court in National Electrical Contractors of Ireland v the Labour Court, the Minister for Business Enterprise and Innovation Ireland and the Attorney General (2019 No. 280 JR) will have a significant impact on employers and employees currently bound by Sectoral Employment Orders (SEO) in the electrical contracting, mechanical engineering, building and construction sectors.
Jersey Tribunal rules HR advisers not protected by legal privilege The Jersey Employment Tribunal (the Tribunal) in David Slater v Consolidated Minerals sought to consider an interesting question concerning discovery: whether HR consultants are protected by legal advice privilege, given their status as non-legally qualified advisers. In the context of a constructive unfair dismissal claim, […]
Construction Agreement in Return for Land Share (“Agreement”) is concluded between the contractor and the land owner. According to the Agreement, the contractor is obligated to construct a building on the land that owned by the land owner. In return, the land owner promises the delivery of the titles to the newly constructed independent sections […]
By now most fund finance professionals would likely choose an afternoon in the dentist’s chair over a discussion about the Cayman Islands Private Funds Law, 2020. Borrowers unfortunately experienced a speed bump in the road to compliance this week with the introduction by the Cayman Islands Government of an amendment to the PF Law which significantly increases the number of entities which will need to register with the Cayman Islands Monetary Authority (CIMA) by 7 August 2020.
By Chris Shenton Reading Time: 5 minutes Employee engagement is the central topic here at Weekly10. Whether we’re talking about the latest employee engagement strategies, how to improve employee engagement or simply what exactly employee engagement is, it’s fair to say it is always a focus for us. Yet, we still often get asked the […]
Jersey and Guernsey trusts and foundations are popular choices for asset protection structuring. In this Q&A, partner Rupert Morris and senior counsel Sevyn Kalsi from Walkers’ Guernsey and Jersey Private Capital & Trusts teams explore the appeal of offshore trust structures as solutions for clients.
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Manchester City can breathe a monumental sigh of relief after the Court of Arbitration for Sport (CAS) today set aside and replaced a previous decision that banned them for two years from the Champions League. In a highly-anticipated ruling handed down on Monday morning, the CAS announced it was overturning a two-year ban and reducing […]
UK200 firm Thomson Snell & Passmore (TSP) recorded a 3.1 per cent revenue increase in 2019/20, with revenue reaching £22.65m for the financial year ending 5 June 2020. It is the seventh consecutive year of growth for the Tunbridge Wells firm, which is recognised as the world’s oldest law firm still in existence by Guinness […]
Clifford Chance is looking to resume distribution of its profits to the partnership, but will lower their amount for the foreseeable future. The Lawyer understands that the firm normally distributes profits in March, June, September and December. Sources say the March round was injected into the business, while the June round will be now distributed […]
The Court of Appeal has thrown out a joint appeal brought by the Republic of Kazakhstan and its national bank. The case, which featured on The Lawyer’s Top 20 cases 2020, is a complex dispute that pitted the National Bank of Kazakhstan and Republic of Kazakhstan against Moldovan businessman Anatolie Stati and his son Gabriel in a […]
Eversheds Sutherland has boosted its UK data privacy cybersecurity clout with the hire of a new partner. Philip James joins the firm from media and tech firm Sheridans, where he was head of its data practice. James specialises in disruptive technology platforms, cloud computing, digital media, data and cybersecurity, as well as on the media […]
Osborne Clarke and Fox Williams acted on the first AIM IPO since the start of the coronavirus lockdown, as challenger consultancy Elixirr International announced its listing and placing. Penningtons Manches Cooper also advised on the company’s pre-IPO reorganisation. Following admission, Elixirr will have a market capitalisation of £98m. The placing, which was over-subscribed, raised gross […]