Why the Future of Private Capital Lies in the East Investment Funds Why the Future of Private Capital Lies in the East Link In this special report, co-published by Preqin, Asia Head of Funds and Regulatory Maggie Kwok explores why the future of private capital lies in the East and why navigating regulatory issues will be a key consideration for investors managing the record US$1.6 trillion in private capital assets earmarked for the region.
The Cayman Islands beneficial ownership regime Investment Funds The Cayman Islands beneficial ownership regime Link Under Cayman Islands beneficial ownership legislation, certain Cayman Islands companies are required to maintain details of their beneficial owners and relevant legal entities on a beneficial ownership register. This guide explains which companies are in scope of the Legislation and which are exempt, who is classed as a beneficial owner and a relevant legal entity, and the obligations for in scope companies and those who hold interests in them.
Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance Compliance services Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance Link A core requirement of the BVI economic substance regime is that companies and limited partnerships (entities) should, where they conduct “relevant activities”, have necessary economic substance in place according to the requirements of the legislation. Where an entity fails to put the necessary substance in place the BVI International Tax Authority (ITA) may make a determination that an entity is non-compliant with the economic substance requirements during a given financial period. Where a determination is made it is anticipated that the ITA will issue a notice (a Non-Compliance Notice or NCN) served on the entity’s registered agent at its registered office.
Legal Minds on Markets: Episode two - Don’t look SPAC in anger: structuring business combinations involving offshore incorporated SPACs Corporate Legal Minds on Markets: Episode two - Don’t look SPAC in anger: structuring business combinations involving offshore incorporated SPACs Link In our second episode George Weston, Partner in our Corporate team in the BVI and an expert on ECM and M&A transactions, and Murray Roberts, Director at Harneys Fiduciary based on the US West Coast, discuss de-SPAC transactions and the options available for structuring business combinations where a SPAC is incorporated offshore.
It’s time for offshore jurisdictions to have cross-class cram downs in the restructuring toolkit Restructuring It’s time for offshore jurisdictions to have cross-class cram downs in the restructuring toolkit Link In this article, originally published in LexisPSL, Asia Managing Partner Ian Mann discusses why each of the offshore jurisdictions, the British Virgin Islands, Cayman Islands and Bermuda, should adopt the new English cross-class cram down provisions by way of their own legislative amendment in order to keep up with modern restructuring requirements.
Cryptocurrencies: risk and recovery Litigation & Insolvency Cryptocurrencies: risk and recovery Link Although cryptocurrencies are not ‘new’, it is only in recent years that ownership of digital assets has become widespread. Given the increased interest and value in the crypto market, it is unsurprising that fraudsters have sought to capitalise on the lack of regulation and investors’ fear of missing out on potentially life-changing returns. This article examines the unique characteristics of cryptocurrencies and their resilience to fraud; the ways in which cryptocurrencies can be misused; and the process for tracing, preserving and recovering cryptocurrencies.