The Global - 2023 Q4 Review

Regulatory Compliance: Bermuda Economic Substance and AML/ATF Regimes

Regulatory compliance has seen developments at a global scale over recent years, with continued focus on tax evasion and anti-money laundering (AML)/anti-terrorist financing (ATF).

John Wasty, Jordan Knight, James Batten

A Comparative Analysis of BVI and Bermuda Law Security Registration Formalities

The British Overseas Territories of Bermuda and the British Virgin Islands (BVI) are widely recognised as two of the world’s leading international financial services centres. Each is known as providing creditor-friendly legal systems, aided by pragmatic and commercial security registration regimes. These security registration regimes make these jurisdictions attractive options for lenders and businesses to consider when entering into secured financing transactions. This article examines and compares the registration formalities to be met in the BVI and Bermuda, should a lender wish to take security over the assets of BVI and Bermuda entities. In this analysis reference is made to security interests granted as being “charge/s”. However, this term is applied generically and refers to various forms of security interests granted under mortgages, pledges, legal and equitable charges (fixed and floating), assignments, liens and debentures.

Jeffrey Kirk, Kasia Smith

Why so Seri(e)ous? Cayman Series Partnerships in fund finance transactions

Funds make use of series partnerships across jurisdictions to allow for segregation of partnership interests, assets, distributions and operations into separate series or classes. A particular quirk of Cayman series partnerships (“CSP”), however, is that they are not statutory entities and instead exist solely as a matter of contract. It is therefore very important for lenders to understand how this structure differs from statutory series vehicles and how this might impact a financing.

Georgina Pullinger

The Powers that Be – how to navigate around the different types of powers of attorney in Guernsey and when you need a notary

Lisa Upham, Guernsey Advocate and a Notary Public, will look at specific issues relating to various types of power of attorney executed on the island of Guernsey.

Lisa Upham

HKEX’S Proposed Expansion of Paperless Listing Regime

On 30 June 2023, HKEx published the conclusions of the consultation on expanding the paperless listing regime and certain rule amendments, in an effort to foster environmental sustainability and to support the global initiatives towards greener economies and a sustainable future.

Judy Lee, Vincent Chan, Kelly Tang

Guide to companies in Jersey

An overview of the types of companies available in the Island of Jersey, the method of formation and taxation of a Jersey company and the on-going requirements under the principal provisions of the Companies (Jersey) Law 1991, as amended (Law).

Andrew Weaver, James Gaudin, Christophe Kalinauckas

Artificial Intelligence and the law

At a time when the implementation of Artificial Intelligence into the professional environment, it is not difficult to predict that the implementation of AI into the running of a law firm will soon become a reality – ‘the key [is to choose] the right area’ of the practice. Indeed, a law firm which practices corporate and commercial as opposed to criminal law has significant benefits and potential for growth by using AI especially where explicit rules are used e.g. employment and tax laws.

Sharmilla Bhima

Seychelles Business Tax on Multi-National Enterprises

Seychelles has recently undertaken a slew of amendments in order to keep up with the evolving and complex capital and finance market dynamics, taxation practices all over the world, as well as the OECD’s Base Erosion and Profits Shifting (BEPS) initiative. The Business Tax (Amendment) Act, 2020 which came into force on 15 September 2021, has brought several changes in line with the above, to the Business Tax Act, 2009 (the Act).

Jyotika Kaushik, Juliette Ally