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Insurance Changes In Ontario Budget

In the closing days of last year the British Virgin Islands (BVI) enacted its long-awaited Virtual Asset Service Providers Act 2022 (the VASP Act)

Guernsey's most recent States of Deliberation meeting has approved a detailed policy letter setting out proposals for new legislation which will affect banks...

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Section 1 of the Companies (Financial Assistance for Acquisition of Own Shares) Ordinance, 1998 restricts the giving of financial assistance by a Guernsey company or any of its subsidiaries which is a Guernsey company, for the purpose of the acquisition of shares in GCo or in reducing or discharging a liability incurred for the purpose of the acquisition.

A Private Trust Company (PTC) is a company formed to act as a trustee to a limited number of trusts, either for the benefit of a single family, or for the benefit of different branches of a family or for distinct (but related) family groups.

The Jersey Financial Services Commission now has the power to impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook.

The introduction of the Expert Funds Guide at the beginning of 2004 marked the start of a new era in which Jersey not only has equipped itself with the regulatory structure and industry skills to service hedge funds but, thanks to various developments in the global investment industry, it is better placed than ever to do so.

The regulator for non-banking financial services in Mauritius, the Financial Services Commission (FSC) has recently reviewed its regulatory regime.

The Financial Services Commission (FSC) of Mauritius has launched on the 13 November 2023 its Fintech and Innovation webpage which page assists stakeholders to...

The inclusion, following the Group of Twenty ("G20") summit in London in April 2009, of the Channel Island financial centres of both Jersey and Guernsey on the "white list" of jurisdictions that have substantially implemented the internationally agreed standard for the exchange of tax information is an acknowledgement that Jersey and Guernsey are cooperative, responsible and well regulated, low tax international financial centres meeting the highest standards of transparency and regulation.

To remain relevant and effective, industry regulators need to stay current. They must be attentive to economic realities, adapt to new technology and evolve with the industries they regulate.

With increasing regulation and tougher penalties, KYC (Know Your Client) has been central to financial services industry compliance standards for many years. However, with several recent high profile cases in the media, once again, this is a hot topic of conversation.

Following a two year consultation, the Cyber Security Rules, 2021 (the "Rules") came into force in Guernsey on 5 February 2021.

In the past few weeks Guernsey’s fund industry has received two major boosts: the value of funds under management and administration in the Island reached a new high of more than £140bn; and Citco, one of the leading providers of hedge fund services in the world, announced that it is to start operating out of Guernsey.

In response to international reforms in relation to ESG, the Jersey Financial Services Commission has issued a consultation on proposals to enhance disclosure and governance requirements...