Russian de-offshorisation: the new rules

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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Non-dom changes were withdrawn from the Finance Bill at the last minute earlier this year and are now anticipated to be introduced in a second Finance Bill after the summer Parliament break,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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British Virgin Islands introduces the Micro Business Companies Act

By Alan Hughes As a leading oÂshore Ênancial center and in keeping with its constant drive toward the development and implementation of robust, modern and progressive corporate products, the British Virgin Islands (BVI) has recently introduced the Micro Business Companies Act (the “MBC Act”) – bespoke and innovative legislation designed speciÊcally toward developing and supporting the […]

Court’s guidance on identifying a firm’s centre of interests

By Duncan Lole, Gawain Moore, Geoff Cunningham In the recent case of Re Videology Ltd, the English High Court considered the factors relevant for determining a company’s centre of main interests (or COMI) and whether it had an establishment in a foreign jurisdiction for the purposes of the Cross-Border Insolvency Regulations 2006. Walker Morris insolvency experts, Duncan […]

Redress scheme outcome challenges – Have they ended?

By Paul Gair The recent case of R. (on the application of Holmcroft Properties Ltd) v KPMG LLP 2018 WL 04636705 has confirmed that Judicial Review is not the appropriate avenue for a bank customer unhappy with an accountancy firm acting as a ‘skilled person’ in approving an offer of compensation by his bank under a redress […]

English Courts grant freezing order against unidentified individuals

By Nick Curling In CMOC v Persons Unknown [2017] EWHC 3599 (Comm) the claimant, China Molybdenum Company (CMOC), successfully obtained a worldwide freezing order against a class of unknown respondents. This was the first time the English Courts have granted a freezing order against unidentified individuals. Background The claim underlying CMOC’s freezing order application related to losses […]

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OneSavings Bank (OSB) has appointed a new head of legal as it names 12 firms to its first formal legal panel of external advisers. Former SJ Berwin associate Sam Roberts will report to general counsel and company secretary Zoe Bucknell when he takes on the role on 1 April. He is currently senior legal advisor […]

Scales of Justice

Litigation – A travesty of justice?

Proponents of reforms to judicial review claim they will deter ‘frivolous’ cases but the legal profession is worried about the effect on access to justice. A number of reforms to the way judicial reviews can be brought and financed in the UK have caused industry-wide concern over the past two years. Lawyers, ministers and peers have universally […]

Willis Group picks Furman to replace Rosman as group general counsel

Insurance giant Willis Group has found a replacement general counsel for Adam Rosman after a four-month wait – Travelers’ senior vice president and general counsel Matthew Furman. Furman is leaving Travelers after working for the company for almost eight years, and will bring his experience working as general counsel for finance and corporate at Goldman […]

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Moves: 16 March 2015

Move of the week K&L Gates has hired Freshfields Bruckhaus Deringer’s Arthur Artinian to join its London IP practice as a partner. Artinian, who is dual-qualified in the UK and Australia, is expected to play a key role in London, advising on UK, European and multi-jurisdictional matters. His practice encompasses contentious and non-contentious trademark, design, copyright, […]

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