Cayman Islands Virtual Asset Service Providers Law takes effect
Investment Funds

Cayman Islands Virtual Asset Service Providers Law takes effect

A range of legislation implementing the Cayman Islands Virtual Asset (Service Providers) Law, 2020 (as amended) (VASP Law) came into effect on 31 October 2020.
The 6th Directive on Administrative Cooperation (DAC 6) on cross-border reportable arrangements
Regulatory & Tax

The 6th Directive on Administrative Cooperation (DAC 6) on cross-border reportable arrangements

EU Council Directive (EU) 2018/822 (DAC 6) requires the mandatory reporting, principally by intermediaries but ultimately by taxpayers, of reportable cross border arrangements and the subsequent automatic exchange of information in relation to those arrangements between EU governments. The ostensible policy objective is to identify arrangements that involve aggressive tax planning at an earlier stage than when normal domestic tax reporting occurs.
Harneys advises on the spin-off of Shimao Services Holdings Limited on the Hong Kong Stock Exchange
Stock exchange listings and offerings

Harneys advises on the spin-off of Shimao Services Holdings Limited on the Hong Kong Stock Exchange

Harneys acted as Cayman Islands counsel to Shimao Services Holdings Limited on its spin-off and separate listing on the Main Board of the Hong Kong Stock Exchange on 30 October 2020, raising approximately US$730 million in net proceeds. The IPO was sponsored by China International Capital Corporation Hong Kong Securities Limited and Morgan Stanley Asia Limited, who also acted as joint global coordinators alongside Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited. ​
Harneys London recognised as top tier in Chambers UK rankings
Corporate

Harneys London recognised as top tier in Chambers UK rankings

For the ninth consecutive year, Chambers has recommended Harneys as a band 1 firm for offshore British Virgin Islands law, describing the firm as “practical and very easy to work with”. The firm has also retained its band 2 ranking for offshore Cayman Islands law.
Hong Kong issuers economic substance guide
Regulatory & Tax

Hong Kong issuers economic substance guide

This update is for listed groups and their advisors considering the British Virgin Islands’ and Cayman Islands’ economic substance (ES) regimes. It is aimed primarily at issuers listed in Hong Kong but many of the points raised are of more general application.