Vanessa Schrum reviews recent amendments to Bermuda’s trust laws which are intended to modernise ‘firewall’ provisions and restore a settlor’s freedom of disposition with respect to children.
Jersey Foundations – New Regulations Required
On 14 July 2020, Jersey adopted the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202- (Disclosure Law) which is currently awaiting approval from the HM Privy Council. It is anticipated that the Disclosure Law will come into force on or around 1 December 2020.
Private Funds Law, 2020 and New Rules on Contents of Marketing Material for Registered Private Funds
On 7 February 2020, Cayman’s Private Funds Law, 2020 (PFL) came into force, requiring any closed-ended fund that falls within the definition of "private fund" and is not otherwise exempted to apply to the Cayman Islands Monetary Authority (CIMA) for registration.
In this update, we consider the powers and discretion of the domestic courts in Bermuda, the BVI and Cayman to assist the courts of a foreign jurisdiction with a view to facilitating cross border restructuring.
Special Purpose Acquisition Companies (SPACS) make a comeback
In this global article on SPACs we revisit the basics, then look to each of our key jurisdictions for specific trends and insights.
Enforcement of Judgments 2020 – Trends and Developments
Bermuda is a self-governing overseas territory of the United Kingdom. It has a population of over 60,000 people on a land mass of just 21 square miles.
Jersey Property Unit Trusts (JPUTs) Guide
Jersey Property Unit Trusts (JPUTS) are a frequently used, and popular, vehicle for holding UK real estate. Recent changes to capital gains tax in the UK has created a level playing field between onshore and offshore structures and this has helped renew interest in the use of JPUTs when structuring investments into UK real estate given the flexibility a JPUT offers.
On 3 August, the move away from benchmarking against LIBOR and other interbank offered rates (“IBORs”) will take its next step forward as the Bank of England publishes the new daily SONIA Compounded Index for the first time.
Digital assets and Bermuda’s fintech future
The Government of Bermuda set the stage for developing the island’s fintech sector in early 2018 by announcing its agenda to develop a legal and regulatory framework that created a welcoming and stable environment for those operating in the evolving global fintech space.