In line with the National Budget 2021-2022 and the ambition of the Mauritian Government to establish Mauritius as a hub for emerging technologies, the FSC issued the Financial Services (Crowdfunding) Rules 2021 on 10 September 2021 (Crowdfunding Rules). The operative date the Crowdfunding Rules is 04 September 2021.
Trustees are under a statutory duty to keep accurate records of their trusteeship, but what does that mean in practice when recording trustees’ decisions? We are often asked to prepare minutes for trustees when they are faced with a set of complex circumstances and more often than not a key component of trustees’ minutes is missing or contains little detail: what is the benefit to the beneficiaries?
Navigating the Jersey M&A landscape
This is the first of a series of three articles, each dealing with topics to be considered when buying, selling and/or restructuring businesses that have premises and/or people in Jersey to help clients and intermediaries navigate the M&A landscape from a Jersey perspective.
Loans & Secured Financing in the Cayman Islands 2021
A Q&A guide that provides a topical analysis of loans & secured financing in the Cayman Islands.
The relationship of trustees to beneficiaries is viewed as fiduciary, meaning there are certain equitable principles which prevent trustees from abusing their position; for example, they must always act in utmost good faith in the interests of the beneficiaries and are expected to act selflessly (e.g. they cannot make unauthorised personal gains) and with undivided loyalty (i.e. they should avoid conflicts of interest).
Changes to rules on Permanent Residency Certificates
The Ministry of Labour has recently issued a policy paper, ‘Securing Permanency for Long-Term Residents’, setting out various proposed changes to immigration law aimed at providing new routes to a Permanent Residency Certificate (“PRC”) for certain long-term residents (“LTRs”) and others. The Government has said this initiative supports its priority of achieving a simplified, fair, and modern framework for immigration in Bermuda, and follows changes to the rules on ‘Mixed-Status Families’ that came into force in September 2020. This article discusses how the proposals will impact the existing position under the Bermuda Immigration and Protection Act 1956 (“Act”).
What to remember when an employee leaves
Just as when a new recruit is on-boarded, there are a variety of tasks an employer needs to deal with when one of its employees leaves. Some of these are practical, “housekeeping” matters, whereas others are legal obligations or important steps needed to protect the company’s interests. This article sets out some of the key issues that employers should bear in mind.
BMA seeks more seamless marketplace with ILS process enhancements
Recent changes made by the Bermuda Monetary Authority (BMA) to improve processes specific for catastrophe and mortgage bonds, shows that the island is listening to its clients and being more adaptive in the face of growing competition, according to Brad Adderley, Partner at global law firm Appleby.
Beneficial Owners and Controllers (BOC)
The aim of BOC is to drill-down to the identification of persons who are the beneficial owners and controllers of legal persons or legal arrangements. This is required to prevent illegal activities via corporate entities or legal arrangements that can disguise identities and convert the proceeds of crime.
ILS Bermuda Executive Roundtable 2021
Despite the impacts of the Covid-19 pandemic and subsequent restrictions on travel and face-to-face meetings, Bermuda attracted a significant amount of startup capital in 2020 ahead of expected reinsurance market firming.