Probationary Periods – Importance of Dates when Considering Extensions
New employment is not always a smooth process. The employer and employee both need to adjust to new conditions and dynamics. Employees must learn new duties and methods of operation, while employers must learn the work habits, strengths and weaknesses of the new employee. Probationary periods are helpful to both parties as a ‘getting to know you’ phase in what most hope to be a mutually beneficial relationship. However, no relationship is perfect.
Banking & Finance Trends in Asia
Financial technologies (FinTech) have the potential to supplement or disrupt the financial services industry, with internet banking and mobile payment applications as obvious early examples. As offshore centres press forward with ambitions to be leading regional technology hubs, FinTech is an important point of focus, both for market participants and for regulators.
Isle of Man Personal Injury Discount Rate Revision
The Lord Chancellor has this week announced the long-awaited revision of the Discount Rate in England and Wales. The Discount Rate, which is used to adjust high value personal injury lump sum awards to account for the expected rate of return upon investment of the compensation, will increase from -0.75% to -0.25% with effect from 5 August 2019.
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius.
Landscape of Bermuda financial sanctions
In the ever-changing world of politics and their related global financial sanctions, it is imperative that businesses understand the financial sanctions regimes in place and have effective methods to screen their systems for any potential breaches.
A Sympathetic Ear: a review of trustees’ use of the Cooper application in the Cayman Islands
The Public Trustee v Cooper application is a well-established route used by trustees who are seeking an opinion, advice or direction from the Grand Court of the Cayman Islands (the Court), in particular where a trustee seeks the blessing of the Court for a ‘momentous decision’ it has made in the trust’s life.
Recent amendments to the Cayman Islands Securities Investment Business Law
On 18 June 2019 certain key changes to the regulatory framework and ongoing filings required for persons regulated under the Securities Investment Business Law (2019 Revision) (the SIB Law) were introduced.
Bermuda to introduce new classes of insurers
Bermuda’s commitment to providing innovative solutions in the ever-evolving insurance marketplace is well-established.The most recent example arrived in May with the release by the Bermuda Monetary Authority of a consultation paper on the “new insurers and insurance marketplace”, including the Insurance Amendment Act 2018.
Directors Unexpected Payroll Tax Liability
Payroll tax is levied against every employer, employee, self-employed person and deemed employee. While this may appear to be straightforward, care should be taken to distinguish whether or not payroll tax is applicable even when in the ordinary course a relationship may not appear to be within the scope of these categories as failure to do so may result in a maximum penalty of 30% of the outstanding tax liability. In this feature, the focus is on payroll tax and directors as it is quite common for directors’ payroll tax status to be incorrectly determined.
Jersey Property Security and Costs – Good News for Lenders
The case concerned a dégrèvement. This an insolvency procedure which involves creditors being called in turn to declare whether they wish to take ownership of the debtor’s property, on condition of being required to pay off all prior ranking secured claims, or alternatively to renounce their security. First to be called are the unsecured creditors, en bloc, followed by each secured party in reverse date order of the date of their respective charges. The party who takes ownership (known as the tenant après dégrèvement (the “Tenant”)) only has to pay off prior ranking secured claims; there is no obligation to account for any surplus value in the property to the debtor or anyone else.
Latest Developments in Bermuda’s Economic Substance Regime
The Economic Substance Amendment Act 2019 (Amendment Act) became operative on 28 June 2019. Bermuda Managing Partner Tim Faries and Partner Sally Penrose outline the latest developments in Bermuda’s Economic Substance regime.
