Welcoming Fintech Innovation in the Isle of Man
The Isle of Man Financial Services Authority (IOMFSA) has published online support for fintech innovation and a request for input on the future regulation of crypto-assets.
Anonymisation of decisions: an invitation to consider this more but the unscrupulous need not apply!
The adage that ‘justice must not only be done, but must also be seen to be done” derives from a criminal case but is often quoted more generally; and the public nature of civil proceedings in Jersey and Guernsey still forms a strong incentive for parties to consider alternative means to resolve disputes in private such as mediation. However, the courts and tribunals are prepared to hold certain types of proceedings in private and issue anonymised judgments where doing so would be just and appropriate. For example, doing so is established practice in family law cases, where there is a need to protect the identity of children; and, for similar reasons, in cases concerning trusts or foundations.
Taking a Jersey company private: Is there a new kid on the block?
This article focuses on the emergence of a statutory merger under Part 18B of CJL as an alternative method of implementing a take-private of a Jersey company following the recent take private of Atrium European Real Estate (AERE) by Gazit-Globe Limited (on which Appleby advised AERE (see Appleby advise Atrium European Real Estate Limited on its ground breaking €1.45 billion merger with Gazit Globe Limited)
Employment status: what is it and why does it matter?
Most legal protections for workers in Bermuda are contained in the Employment Act 2000 (EA 2000) and are available only to “employees”. This article explores the legal definition of the term and its importance, as well as potential future developments in this area.
Company re-domiciliation into and out of Jersey
The United Kingdom government has recently finished a first round of consultation on a proposed new regime allowing overseas companies to re-domicile to the UK.
Update: Expansion of the Jersey Insolvency Toolkit
The adoption of the Companies (Amendment No. 8) (Jersey) Regulations 2022 (Regulations) [last week] brings welcome changes to Jersey’s insolvency toolkit.
Bermuda’s government and legal system
Litigants in Bermuda must negotiate a legal system that combines deep historical roots with a modern approach that increasingly accommodates specialisation. Here, we canvass the legal history of the island, the courts that make up the island’s justice system and our system of government.
The precise role of a protector in relation to discretionary trusts has been difficult to identify and there was, until recently, little judicial authority on the nature of a protector's duties particularly in the context of a requirement for protectors' consent to decisions of the trustees. Strong guidance has now been provided by the Royal Court of Jersey in the recent case of Re Jasmine Trustees [2021] JRC 248. That guidance cannot however be said to be definitive as there is conflicting authority on the nature of a protector's role where it has a veto, from the Bermudian Court (re The X Trusts [2021] SC (Bva) 72 Civ), albeit that that authority was considered by the Royal Court in its Judgment.
Appleby Bermuda contributes to a new Special Report on Family Philanthropy
Partner and Group Head of the Private Client and Trusts department in Bermuda, Vanessa Schrum has authored the chapter on ‘Caribbean choices’ in a Special Report on Family Philanthropy, published by Globe Law and Business.
Trustee Knowledge Series Advanced Paper Seven: Rights to Information
Our Trustee Knowledge Series previously looked at disclosure by outgoing trustees in our paper on 'Changing Trustees' and we will cover disclosure in trust litigation during the final part of this series. This paper principally addresses disclosure to beneficiaries, which will be the issue most commonly faced by trustees as well as briefly considering disclosure to other parties with an interest (or, at least, purported interest) in a trust.