Insights

In this article, Aki Corsoni-Husain and Andrew Knight look at the movement by the Cypriot government towards implementation of DAC 6, and discuss the features of the draft bill currently in progress.

The Securities and Investment Business Act 2010 (SIBA) has been recently amended by the Securities and Investment Business (Amendment) Act 2019 (the SIBA Amendment). The SIBA Amendment came into force on 31 December 2019 subject to various transitional provisions.

The BVI Business Companies (Amendment) Act, 2019 came into force on 23 December 2019. This 60 second update summarises the changes, which are intended to clarify the requirements around filing a company’s register of directors in special circumstances.

All directors registered with the Cayman Islands Monetary Authority (CIMA) under the Director Registration and Licensing Law are required to file their annual declaration by 15 January 2020.

We are all familiar with the platitudes about trusts: great things if used right, offering potential solutions to asset protection, probate, tax and family issues. The concept of moving the legal ownership of an asset to an unrelated party while still retaining the benefit of it is useful in many contexts.

The general compliance requirements appear in the Economic Substance (Companies and Limited Partnerships) Act 2018 (the ESA), which came into effect on 1 January 2019. Guidance is provided by the International Tax Authority (ITA) rules and explanatory notes, which appeared April 2019 as a draft code and were finalised in October 2019 following comments from industry and the EU and OECD.