Sustainable investment: Jersey’s new anti-greenwashing disclosure requirements

The Jersey Financial Services Commission (JFSC) has published new disclosure requirements relating to sustainable investment. The requirements aim to address the risk of greenwashing (funds being mislabelled as having a sustainable objective) and will apply to certified funds, certain fund services businesses, Jersey private funds and investment advisers.

Related briefings

CSSF clarifies MiFID application to Luxembourg investment fund managers

On 10 June 2021, the Luxembourg Financial Sector Supervisory Authority (the CSSF) issued new versions of (i) its frequently asked questions relating to the Law of 17 December 2010 on undertakings for collective investment and (ii) its FAQs covering the Law of 12 July 2013 on alternative investment fund managers. Both FAQs have been updated following the publication of a FAQ from the CSSF relating to the application of MiFID provisions to Luxembourg Investment Fund Managers.

Snapshot: management meetings confirmed as being integral in section 238 proceedings

The Grand Court of the Cayman Islands has again emphasised the central role that experts play in section 238 proceedings and that it is integral to the process to allow them to meet with management to gather information that they consider to be relevant. In a recent decision in eHi Car Services Limited, Justice Parker ordered the Company to convene a management meeting at the request of the Dissenters’ expert, despite the Company’s protestations that it was not reasonable, proportionate or necessary to do so.

Cayman Islands Funds and Regulatory Update: Q2 2021

The second quarter of 2021 has been relatively quiet on the regulatory front in the Cayman Islands. As the year progresses we are approaching a number of key deadlines for investment funds and this briefing serves as a useful reference guide for upcoming deadlines, as well as an update of certain regulations and guidance issued over the last quarter.

Loan origination – CSSF guidance on private lending

On 15 June 2021, the Luxembourg Financial Sector Supervisory Authority updated its FAQs on the statuses of the Professionals of the Financial Sector by issuing clarifications on lending activities falling out of scope of the authorisation requirement, laid down by article 28-4 of the Law on Financial Sector.

Structuring from the foundations to the stars: Cayman foundation companies and STAR trusts

Cayman boasts a variety of innovative and flexible vehicles and structures beyond the basic trust instrument, which can meet the structuring requirements of a range of entities, from charities to commercial ventures. Foundations and STAR trusts are among the structuring options available, and while similar in terms of the flexibility they afford, both vehicles have distinct properties which may make one more suitable than the other depending on circumstances and requirements.

Latest Briefings

Case of the spectator and the golf ball matters for all kinds of events organisers

Earlier this month the High Court dismissed a claim from a spectator who was struck by a golf ball while attending the West of Ireland Championship at Rosses Point Golf Club in 2016. It was an important decision for sports clubs, tournament organisers and event spectators. The High Court held that the duty of care owed to spectators is not to act in “wanton disregard” for their safety. The decision matters because that is a lesser duty than the duty to act with reasonable care.

Government consults on new competition regime for digital markets

On 20 July 2021, the UK Government published proposals for a new competition regime for digital markets “to make it fairer for smaller businesses, entrepreneurs, and the British public”. These proposals include significant new powers for the Digital Markets Unit which was recently established within the CMA and an enforceable code of conduct for firms with so-called Strategic Market Status (SMS). The Government is also considering new merger control rules for firms with SMS. The proposals are now open for public consultation until 1 October 2021.

Capital gains tax: will deferred proceeds change after the OTS’s recent report?

In July last year, the Chancellor asked the Office of Tax Simplification (OT) to review capital gains tax (CGT). The aim was to “identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent”. Following its review, the OTS published its first report in November 2020. Named “Simplifying by design”, it considered the policy design and principles underpinning CGT. In May this year, the OTS published its second report, “Simplifying practical, technical and administrative issues”. We’re focusing on this report throughout this article, in particular, its section on deferred proceeds.

Axminister: another drafting lottery?

Julian Richards and Lynette Lewis discuss the recent High Court decision in relation to the Axminister pension scheme. This podcast touches on what happened, the impact of the decision and what’s next for the ongoing debate over s.37 confirmations.

Recommended

The four biggest moves at the Bar in January

While there were several high-profile moves in private practice last month, January saw fewer transitions at the Bar. The biggest story was that of Cornerstone Barristers’ Jon Holbrook, whom the set expelled earlier this week after a Twitter race row. Of the barristers who did switch roles last month, here’s our pick of the most […]

Reed Smith

Reed Smith M&A partner goes back in-house after a year

A corporate partner in Reed Smith‘s life sciences group has switched back to an in-house role, over a year after joining the firm’s London office. Partner Iqbal Hussain is joining newly-created company Centessa Pharmaceuticals as its general counsel. The business was founded by Medicxi and recently raised $250m in a Series A financing led by […]

Senior M&A lawyer swaps HSBC for Norton Rose Fulbright

HSBC has lost another senior in-house lawyer, with general counsel for group M&A moving to Norton Rose Fulbright. Chris Thornes joins Norton Rose as a consultant after seven years serving as GC for group M&A at the bank. Before HSBC, Thornes was a partner at Allen & Overy between 2002 to 2012, having began his […]

Goodwin’s City revenue nears $100m after lateral hiring spree

Goodwin Procter’s London revenue soared by 34 per cent in the last financial year, as its headcount too increased by nearly a third. The US firm’s London outpost saw turnover rise from $74m to $99m. Meanwhile, global revenue at the US firm increased by 11.7 per cent to $1.49bn, while profits per equity partner rose […]

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