Appleby contributes Cayman chapter to Chambers’ Blockchain 2021
Appleby has authored the Cayman Islands chapter of Chambers and Partners’ “Blockchain 2021” guide. The guide covers 18 jurisdictions and provides the latest legal information on decentralised finance (DeFi); updates to tax systems to consider blockchain and cryptocurrencies; non-fungible tokens (NFTs); initial coin offerings (ICOs); smart contracts; data privacy and protection; and mining and staking.
Guide to cell companies in Jersey
This Guide explains the concept of the Jersey cell company which is governed by Part 18D of the Companies (Jersey) Law 1991. It describes various insurance and non-insurance applications of the cell company before providing a commentary in relation to the major sections of Part 18D of the Companies (Jersey) Law 1991.
Since our last quarterly update, important developments have occurred with respect to the applicability of the economic substance regime.
The Income Tax (Substance Requirements) Order 2021 was approved by Tynwald on 16 June 2021. This Order extends the scope of the economic substance rules in Part 6A of the Income Tax Act 1970 to cover partnerships, including limited partnerships both with and without legal personality, and limited liability companies (LLCs). The expanded rules will apply to accounting periods commencing on or after 1 July 2021.
Solvency Statements under Companies (Jersey) Law 1991 - Is it time to go paperless?
In April of this year, the Royal Court of Jersey considered the practicalities around the making of a solvency statement pursuant to the Companies (Jersey) Law 1991, as amended. The judgment handed down in the matter of Crystal Lake Investments Limited (2021: JRC104) may well change the way in which these statements are documented in practice going forwards and also serves as a timely reminder to Jersey boards to ensure an appropriate paper trail supports decisions made.
“Offshore intelligence – Funds in demand” Appleby Podcast
We have recently produced a podcast focused on the Funds industry entitled “Offshore Intelligence – Funds in demand”.
Trust Disputes and the BVI Trustee (Amendment) Act, 2021
In the Trustee (Amendment) Act 2021 (the “Amendment Act”) the BVI legislature has made a number of changes to the BVI Trustee Act (the “Act”) that may affect trust disputes arising in Asia and elsewhere once the Amendment Act comes into force fully.
Trustee Knowledge Series: Advanced Paper One: Adding and Excluding Beneficiaries
During the next twelve months, Appleby's Private Client & Trusts team will author and distribute a series of Trustee Knowledge Papers, set out to be a useful reference guide for all levels of Trust company administration; from junior administrator to director.
Virtual Currency in Bermuda: An Update
Bermuda has come a long way in the virtual currency sphere.
Why use Jersey entities in restructurings?
As the extension of various forbearance measures and fiscal support packages continues in response to the global pandemic, Appleby has seen an increase in structuring and restructuring activity. Corporates and corporate groups are using this time to “right size”, restructure existing debt and deploy other processes to secure sustainability and the long term future of businesses. Interestingly, although not surprisingly, we have seen an increase in the use of Jersey entities in such restructuring exercises.
Further updates to the JFSC’s AML Handbook
On 31 May 2021, the handbook for the prevention and detection of money laundering and the financing of terrorism for regulated financial services business (the AML Handbook) published by the Jersey Financial Services Commission (JFSC) will be updated. The amendments are made as a direct result of the consultation undertaken by the JFSC in March of this year with regard to aligning Jersey’s regulatory regime with the Financial Action Task Force (FATF) 2012 Recommendations.
Changes to the rules on Bermuda status for children
The Government of Bermuda has recently introduced changes to assist with the process of verifying and obtaining Bermuda status for children born to parents of Bermudians, to help address concerns relating to so-called ‘mixed status families’. This article explores some of the nuances of obtaining Bermuda Status and highlights the differences these amendments will make.