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Ogier
2016 was an incredibly hard year for the hedge fund industry. One industry statistic has suggested that new fund launches were 40% down on 2015, with the number of new funds...
Harneys
The art finance market has seen an unprecedented boom in recent years, buoyed by changing perspectives amongst wealth management players and art collectors.
Harneys
The legacies of the global financial crisis continue to permeate the global landscape.
Harneys
The Republic of Cyprus has issued new decrees providing further relaxation to banking restrictions.
Harneys
One of the great attractions of the British Virgin Islands ("BVI") as a jurisdiction for structuring finance transactions is the simple yet thorough security registration regime applicable to BVI companies.
Harneys
The issue of confidentiality in offshore financial centres is high on the agenda in the financial press.
Harneys
On 20 July 2011 the Eastern Caribbean Court of Appeal ("ECCA") handed down the latest decision in the long running case of "Alfa Telecom Turkey Limited v Cukurova Finance International Limited and Cukurova Holdings AS".
Appleby
The Securities and Investment Business Act 2010 (SIBA) of the British Virgin Islands (BVI), which took effect in May 2010, requires persons engaged in ‘investment business' (as defined below) in or from within the BVI to be licensed thereunder.
Withers LLP
The British Virgin Islands (BVI) is a British Overseas Territory and is the world's pre-eminent corporate domicile.
British Virgin Islands International Finance Centre
The Securities and Investment Business Act, 2010 (SIBA) was brought into force in the British Virgin Islands (BVI) on May 17, 2010 (other than Part II dealing with the public issue of securities).
O'Neal Webster
The recently enacted Securities and Investment Business Act, 2010 ("SIBA") of the British Virgin Islands ("BVI") will come into effect on 17 May 2010.
Harneys
Traditionally, the view has been that the right to set off one debt against another does not constitute a security interest but it may be that this position is no longer as clear cut in light of the recent Canadian Supreme Court ruling in Caisse populaire Desjardins de l’Est de Drummond v. Canada, 2009 SCC 29 ("Caisse populaire")
British Virgin Islands International Finance Centre
After much anticipation, the BVI has enacted the Securities and Investment Business Act, 2010.
Harneys
The long-awaited Securities and Investment Business Bill, 2010 (commonly referred to as "SIBA") received its first reading by the BVI House of Assembly on 18 March 2010. This follows public consultation in Summer 2009.
Harneys
The facts behind Mr. Justice Lewison’s recent judgment in Stanford (STANFORD INTERNATIONAL BANK LIMITED [2009] EWHC 1441 (Ch)) have no direct connection with either the British Virgin or Cayman Islands but lawyers there do have particular reason to note the more general principles around the seemingly vexed but important issue of COMI in the context of multi-jurisdictional insolvency.
Harneys
On 15 September 20091 the judge responsible for the Lehman bankruptcy proceedings in the United States held that Metavante Corporation (“Metavante”) could not rely on Section 2(a)(iii) of the ISDA Master Agreement to suspend payments to Lehman Brothers Special Financing, Inc. (“LBSF”).
Harneys
On 5 May 2009 the Privy Council in London handed down its decision in Alfa Telecom Turkey Limited v Cukurova Finance International Limited [2009] UKPC 19, drawing a definitive end to the vexed preliminary issue under British Virgin Islands law.
Harneys
Because of levels of economic turmoil not seen for nearly a century, some secured creditors have been taking a slightly fresh approach in relation to realisation of their security in the event of a default.
British Virgin Islands International Finance Centre
It goes without saying that 2008 was a year of turmoil for the Hedge Fund industry as liquidity dried up and share prices fell. The chart below tells the story, which starts with the US housing crisis in 2005.
Harneys
The British Virgin Islands Financial Services Commission (the “FSC”) has made significant changes to the BVI’s Anti Money Laundering and Terrorist Financing Code of Practice (the “Code”) impacting upon all BVI entities and professionals and further modifying the Code’s effects on BVI mutual funds and fund managers and administrators.
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