The Global - 2024 Q2 Review

Bermuda’s cybersecurity law transformation is well underway

We are almost six month into 2024, and this year has already been transformative for IT and cyber security law and regulation in Bermuda. And all of those developments continue a recent and robust trend of IT and cyber law reform in Bermuda.

Duncan Card

BVI Company Distributions - From Dividends to Reorganisations

The British Virgin Islands (BVI) as one of the leading international financial centers (IFCs) globally with over 360,000 active companies , has developed a flexible, commercial and innovative system of corporate law. An important practical component and mechanism of BVI law relates to distributions made by BVI companies, particularly the use of distributions in structuring transactions.

Jeffrey Kirk

Funds - How to Comply with Cayman's New Corporate Governance Rules

The Cayman Islands Monetary Authority (CIMA) issued rules on corporate governance and internal controls (Rules) applicable to all its regulated entities last year and those Rules have been effective since 14 October 2023. The Rules apply to both hedge funds and private equity funds registered with CIMA. This publication provides a summary of the requirements set out in each of the Rules and takes a look at some of the options available to Cayman funds to ensure compliance with the Rules.

Matt Mulry, Sailaja Alla

Data Protection guidance in Guernsey for Emarketing, SMS/MMS and telemarketing

We are bombarded on a daily basis by communications endeavouring to lure us into some form of purchase, whether it be a service, product or access to content. Many of us take such communications for granted, but targeted marketing can be hugely beneficial for businesses in today’s global, digitised economy.

Richard Field, Koketso Mathebula

Hong Kong Court of Appeal considers the enforceability of Keepwell Deed for the first time

On 10 May 2024 the Hong Kong Court of Appeal handed down its judgment in Nuoxi Capital Limited v. Peking University Founder Group Company Limited CACV 184/20231 . This is the first time that the Court of Appeal has considered the enforceability of “Keepwell” Deeds and while their use has declined since January 2017, their prevalence in certain types of lending renders the decision important.

John McCarroll SC, Eliot Simpson

Isle of Man VASP Developments

The Isle of Man Financial Services Authority (IOMFSA) has recently held three consultations relating to the regulation of Virtual Asset Services Providers (VASPs) in the jurisdiction. Here, we take a closer look a the background to VASPs regulation in the Isle of Man and what the future may hold.

Katherine Garrood

Jersey: corporate re-domiciliation and tax residency changes

An analysis of how Jersey law offers flexible solutions for corporate re-domiciliation and tax residency adjustments.

Christophe Kalinauckas

ESG and private equity – towards a new role for lawyers?

Since the outbreak of the COVID-19 pandemic, much has been said on the importance of environmental, social and governance (ESG) in the private equity industry. Recently, the concept gathered momentum through the coming into force of the EU Taxonomy¹ on 01 January 2022 and the EU Sustainable Financial Disclosure Regulation in 2022. As a result of these rules, disclosures under the Task Force on Climate-Related Financial Disclosures became mandatory.

Sharmilla Bhima

The Seychelles: enhancing the proposed framework for virtual asset service providers

With the increasing prominence of cryptocurrency trading platforms in regulatory-friendly jurisdictions, that has brought the spotlight on Seychelles as a preferred destination for virtual asset service providers (VASPs).

Malcolm Moller