On 20 February 2020, the Cayman Islands enacted the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 (the “CRS Amendment”) and the Tax Information Authority (International Tax Compliance) (United States of America) (Amendment) Regulations, 2020 (the “FATCA Amendment”). These amendments amend the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) […]
2019 was a turning point for the capital markets where Walkers noted a wide variety of transactions embracing the “green factor”. With 2019 green bond issuance estimated at excess US$225billion, and market sources projecting soaring demand for corporate environmental, social and governance (ESG) investment, we anticipate growth across green finance transactions in 2020, with some […]
The Government of Jersey’s Comptroller of Revenue has confirmed that where companies’ operating practices have to be adjusted in response to the COVID-19 pandemic, the Comptroller will not treat the company as having failed the economic substance test. The Comptroller has also confirmed that such adjustments will not disturb the tax residence in Jersey of […]
The recent news on the Coronavirus (COVID-19), in particular, on its impact and spread, have made it imperative for us to consider the potential impacts – financial, operational and, in general, legal – on the lives of companies. Companies that operate in the areas most affected by the virus, or whose activity depends on suppliers […]
The Cayman Islands Court of Appeal has provided much needed clarification of the test for validating certain transactions by companies that are subject to a winding up petition, pursuant to section 99 of the Companies Law (2020 Revision) (the “Companies Law”).
Mental capacity An imminent announcement is expected in respect of early prison release as a means of easing the pressure on the system. However, it is unclear what the mechanism will be to determine which prisoners are released. If the process involves the requirement to make some form of application by the prisoner, there will […]
In response to the COVID-19 pandemic and the state of emergency introduced in Serbia on 15 March 2020, the National Bank of Serbia (“NBS”) adopted on 17 March 2020 two decisions aimed at protecting Serbia’s financial system: the Decision on Temporary Measures for Protection of the Stability of the Financial System (“Decision on Temporary Measures […]
In Uzbekistan, a draft Presidential Decree “On additional measures to reduce the state’s participation in the economy” was published for discussion, per which it is planned to sell 85% of Ucell’s state share, 49% of Uzbekistan Airways` state share, 18.8% of Uzbektelecom`s state share, 10% of NGMK`s, AGMK`s and Uzmetkombinat`s state share, 45% – Dori-Darmon […]
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A partner from McDermott Will & Emery’s finance practice has left the firm after 18 months for Addleshaw Goddard. Rachel Kelly, who specialises in structured finance and debt capital markets, moves to Addleshaws with fellow lawyer Kerry Pettigrew, who joins Addleshaws as a legal director. Kelly was one of the first partners to depart the […]
DWF, Blackstone Chambers and 11KBW today pulled off a dramatic victory for Morrisons in the Supreme Court, as it ruled that the supermarket chain was not ‘vicariously liable’ for a mammoth data breach that affected over 100,000 employees. In a judgment handed down by five justices via live stream on Wednesday morning, the Supreme Court unanimously […]
Almost 400 barristers registered to the Irish Bar have volunteered to carry out coronavirus contact tracing in order to help relieve pressure on health staff. A total of 385 barristers, which is about one-sixth of all practising barristers in Ireland, have signed up to volunteer for the Health Service Executive. Under the scheme, which is […]
Shearman & Sterling’s Italian arm has told its staff that it will not be handing out any pay rises this year. Following a management decision, which is understood to have been made slightly before the coronavirus outbreak, staff in the Milan and Rome offices of the US firm will not be granted raises for the […]
Covington & Burling has made its first London lateral hire in two years, bringing in a new partner from Bryan Cave Leighton Paisner to boost its competition capabilities in the City. James Marshall joins the Washington DC-based firm after more than 10 years at BCLP, having spent nine of those years at Berwin Leighton Paisner […]
Ashurst has launched a consulting business in its Australian offices, hiring a chief strategy officer from Deloitte to run one of the groups. Philip Hardy – who was chief strategy officer of Deloitte’s audit and assurance division – will run Ashurst’s risk advisory service, which will focus on how to manage risk and compliance issues […]