Related briefings

Time waits for no financial services institution

By Guy Wilkes Financial service firms cannot wait for the outcome of the leave negotiations before putting their restructuring plans into effect After the initial excitement and panic following the referendum result lawyers were quick to reassure their clients that nothing had changed overnight. The Financial Conduct Authority (FCA) similarly sought to reassure people that […]

Latest Briefings

Voluntary disclosures program update – The new normal

The Canada Revenue Agency voluntary disclosures program (VDP) has been around for decades. While the VDP has changed periodically, perhaps the most significant change occurred when the new Information Circular IC00-1R6, initially published on December 15, 2017, became effective on 1 March 2018.

Section 160 liability – Damis Properties Inc. v. The Queen

In Damis Properties Inc. v. The Queen, the Tax Court of Canada (TCC) found subsection 160(1) of the Income Tax Act inapplicable because the appellants and their former subsidiaries were dealing at arm’s length at the time of the transfer of the subject property. The TCC further concluded that, even if subsection 160(1) applied, the liability of the appellants under paragraph 160(1)(e) was nil because they gave fair market value consideration.

Private wealth – the potential for impact

“It is good to have money and the things money can buy, but its good too to check up once in a while and make sure you haven’t lost the things money can’t buy.” – George Lorimer

Nitrate neutrality

Developments on hold, trips to the High Court, nutrient credit schemes… Ever since a European Court of Justice ruling in November 2018, being nitrate neutral has caused headaches and blockages for developers and planners.

Bermuda: Three-day registration for special purpose insurers issuing bonds

Bermuda has always provided an efficient process for insurance submissions of all classes, with applications being approved in under two weeks. On 20 August 2021, the Bermuda Monetary Authority issued a notice announcing that enhancements have been made to allow further streamlining of the registration process for Restricted Special Purpose Insurers (“R-SPI”). Now, the licensing and registration processes of R-SPI registrants whose business model is to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be consolidated and registrants can be fully registered within three business days.

Recommended

Amy Jacks, DLA Piper

Mayer Brown’s City hiring spree continues with DLA duo

DLA Piper’s global restructuring co-chair Michael Fiddy is joining Mayer Brown along with the firm’s UK head of restructuring Amy Jacks, The Lawyer can reveal. Fiddy is a DLA veteran of 24 years, making partner in 2002, while Jacks is a DLA lifer and Hot 100 alumna who made partner seven years ago and has made […]

Freshfields loses insurance regulation head to Mayer Brown

Freshfields Bruckhaus Deringer head of contentious insurance regulation Chris Chapman has moved across the City to join Mayer Brown as a partner. Chapman will start his new role on 20 March and strengthens the firm’s banking and regulatory disputes practice which was understood to have been identified has been a key part of London strategy. […]

A&O’s “conflict of interest” claims rubbished by regulator

The Financial Reporting Council has defended its decision to work with Allen & Overy Consulting on an investigation into KPMG’s auditing practices, despite the firm’s service head previously working at the Big Four giant. The FRC was tasked with conducting an investigation into KPMG UK’s audit of Carillion and whether it co-operated with the Audit […]

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