In this podcast James Gaudin shares insights into how the Brexit Withdrawal Agreement and COVID 19 have impacted the Funds industry from a legal and finance perspective
Offshore trusts often include provision for the addition, appointment and removal of beneficiaries, to provide flexibility for the future and to “arm the trustees with a weapon which will enable them to consider all developments and respond to all future mishaps and disasters”. Without the benefit of a crystal ball, settlors cannot predict if a change in future circumstances may mean certain persons either need to be added to the class of beneficiaries or removed from the existing class. This paper is intended to give an overview of the relevant powers of addition and removal to be taken into account before exercising the powers and some of the common issues that may arise in relation to exercising the powers.
In 2015, my colleague wrote a Legally Speaking column about virtual currencies in Bermuda, outlining how we were starting to hear about and experience them. The conversation focused more on the nature of virtual currencies, i.e. an asset without a physical form, and less on how virtual currencies could be integrated into Bermuda. The column […]
As the extension of various forbearance measures and fiscal support packages continues in response to the global pandemic, Appleby has seen an increase in structuring and restructuring activity. Corporates and corporate groups are using this time to “right size”, restructure existing debt and deploy other processes to secure sustainability and the long term future of […]
On 31 May 2021, the handbook for the prevention and detection of money laundering and the financing of terrorism for regulated financial services business (the AML Handbook) published by the Jersey Financial Services Commission (JFSC) will be updated. The amendments are made as a direct result of the consultation undertaken by the JFSC in March […]
The Taxation (Partnerships – Economic Substance) (Jersey) Law 202- was lodged with the States Assembly on 18 May 2021 and, if passed, is expected to come into effect from 1 July 2021 (with a six month transition period to 1 January 2022 for partnerships established before 1 July 2021).
A closer look and the implications for SIPP providers.
In our last report on the NFT (Non-fungible tokens) self-experiment “Formulating a smart contract and minting an NFT”, we looked at what data is packed in a freshly minted NFT. In principle, it is possible to include an entire data set of an artwork (i.e. in our case the GIF) in an NFT and thus on the blockchain. We also pointed out that in our self-experiment we did not only link to the digital artwork but also attached a limited usage licence to the NFT (in the metadata; because otherwise the buyer of an NFT in general will not own any intellectual property respectively rights of exploitation or use to the artwork connected to the NFT).
On 23 April 2021, provisions of the Fifth Anti-Money Laundering Directive (5AMLD) were transposed into Irish Law by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (CJA 2021), which amends the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010). Please see our recent briefing for analysis of changes introduced by 5AMLD: New Irish Anti-Money Laundering Rules.
For parents, the child maintenance system can seem a vast and complicated system of ropes and pulleys for something they expect should be straightforward.
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Shearman & Sterling is boosting its City leveraged finance ranks with a new hire, this time from Milbank. The US firm has recruited special counsel Rahul Chatterji, who will join as a partner to help develop the practice. The addition comes as the firm recently brought in Sanjeev Dhuna from Allen & Overy. An expert […]
London firms Wedlake Bell and Moon Beever are to merge as of 12 July 2021. Wedlake Bell ranked 87th in The Lawyer UK 200 in 2020 with revenue of £37.7m. The firm’s core groups are real estate, private client and business services, with disputes work integrated into all three. Last year’s revenue breakdown saw real […]
Hardwicke Chambers has voted to change its name after learning it has links to a pro-slavery lawyer and politician, The Lawyer can reveal. Originally named after 18th century Lord Chancellor Lord Hardwicke, the set will now be operating as Gatehouse Chambers as of next month. The Hardwicke name originates from the Lincoln’s Inn building in […]
CMS has struck a deal with Norwegian firm Kluge, a local operation comprised of over 150 lawyers. The international player has added Kluge to its network as a full member firm. It will be known as CMS Kluge from October this year. CMS has offices across 44 different counties, though few of the giant global […]
A City partner has been struck off after the Solicitors Disciplinary Tribunal (SDT) found she had inflated her billing figures when applying for partnership roles at other firms. The SDT ruled that Tracey Ann Sheehan had acted dishonestly in providing false figures when she successfully applied for partnership roles at Dentons in 2015 and Hill […]
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