The Virtual Asset Service Providers Bill, 2024 (the VASP Bill), sets a comprehensive legal framework regulating virtual asset service providers (VASPs) in Seychelles and awaits implementation. The Financial Services Authority (the Authority) has now produced a set of draft regulations, currently under public consultation, to supplement the legal requirements under the VASP Bill. A summary introducing each set of regulations are given as below.
Appleby Jersey recently welcomed MONEYVAL’s recognition of Jersey as a responsible finance centre that upholds international standards for combatting money laundering and countering the financing of terrorism. Now that the dust has settled, Nadia Lewis considers the results.
Directors liable for PIPA compliance failure in Bermuda
There are several aspects of an enterprise’s use of data that now must land on the boardroom table of Bermuda organisations, including cybersecurity oversight. Compliance with the island’s Personal Information Protection Act 2016 must be added to that list when it comes into full force on 1 January, 2025.
Bermuda: Trusts in an Employment Context
When one thinks of trusts, one tends to think of the private family trusts which enable wealthy families to manage the transfer of their assets efficiently down the generations. Yet in fact some of the largest trusts in the world are found in the employment context and many ordinary workers will be beneficiaries of colossal trusts. For example, the Universities Superannuation Scheme in the UK had around £75 billion of assets under management as at 31st March 2023 – more than the GDP of some countries.
Bermuda: Securing Regulatory Compliance
Regulatory compliance continues to be an area of significant development in Bermuda. While anti-money laundering (AML), anti-terrorist financing (ATF) and global financial sanctions have been in focus for some time, the regulatory compliance landscape has grown in recent years due to the implementation of economic substance requirements, the introduction of the Global Minimum Tax and the impending full implementation of Personal Information and Protection Act (PIPA).
Join us as we discuss the rising distressed debts and investment losses in the PRC market, along with the PRC data security concerns over a recent Cayman Islands case.
Embracing the Future: Seychelles Introduces the Virtual Asset Service Providers Bill, 2024
In an age where digital assets are becoming increasingly integral to global finance, Seychelles is taking a pioneering step to ensure a secure and thriving virtual asset market. The Virtual Asset Service Providers Bill, 2024 (Bill No. 12 of 2024) (the VASP Bill), which is due to come into force and implemented imminently, sets a robust legislative framework designed to regulate virtual asset service providers (VASPs) and mitigate potential financial crimes such as money laundering and terrorist financing.
Our Environment Our Responsibility
The judgment of the Judicial Committee of the Privy Council (JCPC) in the matter of Eco-Sud and two others (Respondents) v Minister of Environment, Solid Waste and Climate Change and another (Appellants) (Mauritius) is a significant boost for the environment in Mauritius and a wake up call for all those involved in real estate development, the licensing authorities, regulatory and/or adjudicating bodies on matters which affects the environment on our small island.
Bermuda – Women in Hamilton: Cathryn Minors
Appleby Counsel Cathryn Minors knew she wanted to be a lawyer from the age of 13 and that self-belief has seen her work in Bermuda, the UK and Hong Kong as well as in private practice and as in-house counsel for a Bermuda-based re/insurer.
Bermuda – Women in Hamilton: Josephine Noddings
Appleby Counsel Josephine Noddings says Bermuda gives access to the some of the best minds in the reinsurance sector, which offers lawyers a varied and fast-paced workload.
