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Private Client & Offshore Services

11 October 2018
Adam Bathgate Digital Asset Business Act 2018

Bermuda - Carey Olsen Bermuda

Since its election, the current government has enthusiastically embraced the fintech sector and the potential that it offers and has repeatedly expressed its intention for Bermuda to be a significant centre for this industry. In furtherance of this goal, a significant part of the government's legislative programme for 2018 has been, among other things, the implementation of a comprehensive regulatory regime. The central pillar of this regime is the Digital Asset Business Act, which came into force on 10 September 2018.

Author: Adam Bathgate
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Vicky Lord Court appoints receiver under Arbitration Act to preserve assets pending arbitration award

British Virgin Islands - Harney Westwood & Riegels

A BVI court has appointed Grant Thornton as a receiver over a BVI company under Section 43 of the Arbitration Act 2013 in order to preserve the value of the company pending the determination of foreign arbitration proceedings. The decision illustrates the effectiveness of the interim relief provided under the Arbitration Act to preserve assets against which an arbitration award will be enforced.

Authors: Vicky Lord, Paula Gibbs, Peter Ferrer, Stuart Cullen
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Giorgio Subiotto Grand Court examines master-feeder redemption procedures

Cayman Islands - Ogier

A recent Grand Court decision is significant for Cayman master-feeder fund structures. Funds and their advisers should review the redemption provisions in master fund articles of association and partnership agreements to ensure that, operationally, redemptions are being effected in accordance with such documents.

Authors: Giorgio Subiotto, Nick Rogers, Tim Cone
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Pedro Cortés New legal regime to encourage financial leasing activity

Macau - Rato, Ling, Lei & Cortés Advogados

The government recently introduced two new draft laws to increase financial leasing activities in Macau. Replacing legislation that has been in force for over 20 years and considered a necessary condition for developing financial activity in Macau, the new legal regime will reclassify financial leasing entities as 'non-depository institutions', make the supervision of these entities more flexible and allow for the creation of special financial vehicles in Macau.

Authors: Pedro Cortés, Raquel Sofia Rocha
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Leonard Vijverberg Modernisation of Swiss succession law under way

Switzerland - Lenz & Staehelin

The government recently published a proposal to modernise Swiss succession law. Although the proposal is less ambitious than initially hoped for, if adopted, it will have a significant impact on Swiss and foreign individuals residing in Switzerland. The proposal's main change is the reduction of the compulsory share of certain heirs and, as a result, an increase in the freely disposable share of a testator's estate.

Authors: Leonard Vijverberg, Mark Barmes
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Recent updates

Andrew Thorp Stanford v Akers: asking a BVI court to reverse a liquidator's decision

British Virgin Islands - Harney Westwood & Riegels

Authors: Andrew Thorp, Vicky Lord, Laura de Heer
Martyn Baudains Plans for Guernsey deposit protection scheme to be laid out before end of 2018

Guernsey - Ogier

Author: Martyn Baudains
Emily Haithwaite Jersey limited partnerships

Jersey - Ogier

Authors: Emily Haithwaite, Niamh Lalor, Tara Kapur
Leonard Vijverberg New trustee licensing requirements on the horizon

Switzerland - Lenz & Staehelin

Authors: Leonard Vijverberg, Mark Barmes
Xavier Nicholas Ardmore Construction v HMRC – deduction of UK income tax and source of loan interest

United Kingdom - Forsters LLP

Authors: Xavier Nicholas, George Mitchell
Jennie Cherry Tax planning for US equities owned in a non-US trust structure

USA - Kozusko Harris Duncan

Authors: Jennie Cherry, Eric Dorsch, Richard Fava
Ian Mann Grand Court gives directions for dissenters' discovery in appraisal action

Cayman Islands - Harney Westwood & Riegels LLP

Authors: Ian Mann, James Granby, Vicky Lord, Nick Hoffman