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Private Client & Offshore Services

08 August 2019
Gavin Woods New code of conduct for insurance brokers and agents

Bermuda - Carey Olsen Bermuda

The Bermuda Monetary Authority recently published the Insurance Brokers and Insurance Agents Code of Conduct. The code was developed in consideration of the international standards set by the International Association of Insurance Supervisors and is intended to assist the authority in providing appropriate, effective and efficient supervision and regulation of Bermuda-registered brokers and agents.

Author: Gavin Woods
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Oliver Passmore Z Trusts judgment: whose rights take priority when a trust is insolvent?

Jersey - Ogier

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

Authors: Oliver Passmore, Daniel Maine
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Werner Jahnel Revised PILA: setting the ground for trust arbitration in Switzerland?

Switzerland - LALIVE

While trusts have not been incorporated into the Swiss legal system, Switzerland ratified the Hague Trust Convention with effect from 1 July 2007 and adapted its conflict of laws provisions – in particular, Articles 149(a) to 149(e) of the Private International Law Act. As a result, foreign trusts are fully recognised and implemented under Swiss law. Although discussed controversially, legislative initiatives to introduce trusts into the Swiss legal system are ongoing.

Authors: Werner Jahnel, Roman Huber
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Hannah Mantle Court of Appeal allows out of time inheritance act claim

United Kingdom - Forsters LLP

The Court of Appeal recently overturned a first-instance decision and confirmed that the plaintiff can make a claim out of time for reasonable provision from her husband's estate. The court disagreed with the first-instance decision that to allow this claim would amount to forced spousal heirship, as each case depends on its own facts and the specific application of the factors set out in the inheritance act.

Authors: Hannah Mantle, Roberta Harvey, Emily Exton
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Recent updates

Jennie Cherry Should offshore trusts stay offshore – the long-term trust solution

USA - Kozusko Harris Duncan

Authors: Jennie Cherry, Stephen K Vetter
Michael Hanson Update to Bermuda's economic substance legislation

Bermuda - Carey Olsen Bermuda

Authors: Michael Hanson, Mary V Ward, Adam Bathgate, Keivon Simons
Johanna Niegel Family links in estate and succession planning

Liechtenstein - Allgemeines Treuunternehmen (ATU)

Author: Johanna Niegel
Damian Evans Jersey Royal Court rules on its powers to restrict parties that withdraw trust proceedings to start afresh

Jersey - Ogier

Author: Damian Evans
Alex Horsbrugh-Porter Regulation in Guernsey – what happens when it goes wrong

Guernsey - Ogier

Author: Alex Horsbrugh-Porter
Michael Alexandrou Tax benefits for foreign nationals

Cyprus - A G Paphitis & Co

Author: Michael Alexandrou
Chelon Carr-Newbold New tax reforms in effect

Bahamas - Lennox Paton

Author: Chelon Carr-Newbold
Pedro Cortés Fiscal consequences of offshore regime revocation

Macau - Rato, Ling, Lei & Cortés Advogados

Authors: Pedro Cortés, Kong Seng Hin