UK FATCA update — Bermuda

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New compulsory Bermuda bye-law filing requirements

The Companies Amendment Act, 2018, which is deemed to have come into operation on 21 March 2018, amends the Companies Act, 1981 as regards the filing of information contained in bye-laws and applies to all Bermuda companies having a share capital. Under transitional provisions, all such companies will have a period of six months from […]

Judicial assistance by the Hong Kong Courts in cross-border Insolvency cases

By Norman Hau and Ben Holden The Cayman Islands is a popular jurisdiction for setting up listing vehicles in Hong Kong IPOs as it offers corporate flexibility, a well-established English law based legal system and tax neutrality. Of all the listed companies in Hong Kong, slightly more than half of them are incorporated in the […]

Looming deadlines in the Cayman Islands: Are you in compliance?

By Craig T. Fulton, Ruth Hatt and Maree Martin As a reminder, we have recently issued a variety of updates and alerts highlighting some of the key regulatory changes here in the Cayman Islands. A number of these regulatory updates have significant penalties for non-compliance and the compliance deadlines are fast approaching. If you haven’t […]

Cayman Islands Court of Appeal dismisses validation order case

By Ben Hobden, Erik Bodden, and Jordan McErlean In the recent decision of Aurora Funds Management Limited et al v Torchlight GP Limited the Cayman Islands Court of Appeal dismissed an appeal brought in respect of an order made by McMillan J in the Grand Court validating certain payments made by Torchlight GP Limited in accordance with […]

Cayman Islands: Country-by-country update

By Richard Fear and Maree Martin Further to our Alert issued in January 2018 the Tax Information Authority of the Cayman Islands (“TIA”) has now issued Guidance in respect of the Country-by-Country Reporting requirements (“CbCR”). CbCR requires every entity that is “resident in the Islands” to determine whether or not it is a constituent entity of […]

Latest Briefings

Update on EC proposals to amend UCITS, AIFMD, EuVECA and ELTIF to facilitate cross-border distribution

On 12 March 2018, the European Commission issued a proposal for a new regulation (the Regulation) and a new directive (the Directive) concerning the cross-border distribution of collective investment funds amending inter alia UCITS (the UCITS Directive), AIFMD, EuVECA and EuSEF (the Proposals). Please find below a summary of the main changes under the Proposals. What will change under the Proposals?

MEES: What information is required to register an exemption?

By Maria Connolly Since 1 April, it has been unlawful for a landlord to let a property with an EPC rating of below E, unless an exemption has been registered on the PRS Exemptions Register. The government has released guidance on the evidence required to register an exemption on the PRS Exemptions Register…

Getting the Deal Through: Fund Management 2018, Luxembourg edition

Fund Management traces the regulatory and legislative obligations facing fund managers balancing the need to maximise investment returns whilst also ensuring adequate investor protections in an increasingly challenging regulatory environment. Topics are written by leading experts and include: authorities responsible for fund regulation; licensing processes; territorial scope of regulation; required authorisations of fund marketing activities; […]

Financial Regulatory News Updates – April 2018

The Financial Regulatory News Updates: an overview in which Loyens & Loeff’s Banking and Finance Practice Group highlights recent legislative developments and publications of supervisory authorities in the financial markets…

Dutch coal exit proposed by new draft bill

On 19 May 2018 the Minister of Economic Affairs and Climate Policy (hereinafter: ‘the Minister’) published its draft bill (in Dutch only) on the Prohibition of the use of coal by power producers for public consultation (hereinafter: ‘the draft bill’). The basis of the draft bill derives from international (the Paris Agreement in 2015) and national (the […]

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HSF partners vote for modified lockstep in remuneration overhaul

Legacy Herbert Smith partners will abandon the firms rigid eight-year lockstep in favour of a merit-based pay system following the October 2012 merger with legacy Freehills, the firm said this morning. Partners have given the go-ahead to an aligned remuneration system by opting for a hybrid model of the two previous systems run by Freehills and […]

Allen & Overy advises Merck on takeover

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Changes to VAT accounting: some clarification

We have written previously about the discussions between the Association of Property and Fixed Charge Receivers (NARA) and HMRC concerning the duty of LPA receivers to account for VAT and, in particular, whether it is permissible for LPA receivers to set off input VAT. Following those discussions HMRC has updated Notice 700/56 (the Notice), sections 2 […]

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The Lawyer Global Litigation Top 50: Flex appeal

Litigation is an engine room of firms’ earnings but many clients, keen to keep a grip on the purse-strings, are forcing a reworking of fee arrangements Ever since The Lawyer launched the Global Litigation Top 50 in November 2008 it has focused on the money. For the past five years, neatly kicking off in time […]

Is US-style class action litigation coming to the EU?

By Ludger Giesberts and Andreas Tiedge The European Commission is calling for European Union (EU) member states to introduce an injunctive and compensatory collective redress mechanism to their national procedural rules by 26 July 2015. In many respects, the concept of a European collective redress scheme is similar to that of US-style class actions. The new […]

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