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Ogier | British Virgin Islands | 24 Sep 2021

BVI Data Protection Act

The Data Protection Act (DPA) came into force on 9 July 2021. Prior to the introduction of this new legislation, there was no specific data protection legislation in the British Virgin Islands. Persons who are private bodies and who process personal data will need to make changes to their data processes and procedures to ensure their compliance with the DPA. Some of the necessary changes will......
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Ogier | Cayman Islands | 24 Sep 2021

Grand Court confirms test for liquidator independence

The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. The Court confirmed the three-stage test for determining independence and that when applying the test, significant weight should be afforded to the creditors' views....
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Ogier | Jersey | 23 Sep 2021

Fund finance: Jersey perspectives and updates

The global fund finance market has shown much resilience over the past 18 months. This article outlines the recent developments in Jersey's fund finance market, including single investor strength, equity commitments, environmental, social and governance incentives, and hybrid and net asset value facilities.
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A G Paphitis & Co | Cyprus | 23 Sep 2021

Power of attorney in Cyprus

A power of attorney can be either "general" or "specific". The main difference is that the former allows the attorney to sign any document on behalf of the principal, while the latter limits the attorney's authority to the extent specified in the power of attorney agreement. For example, a specific power of attorney may have limitations set according to the nature of the task or a time limit....
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Clifford Chance | United Kingdom | 23 Sep 2021

Serious irregularity challenge to arbitral award upheld

The High Court has upheld a claimant's challenges to an arbitral award made under section 68 of the Arbitration Act, determining that the arbitration tribunal had failed to provide the parties with an opportunity to address the issues on which it based its decision before issuing an award and wrongly rejected the claimant's application to amend its statement of case. This judgment underlines......
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Kozusko Harris Duncan | USA | 23 Sep 2021

Court upholds higher IRS penalty on late filing of Forms 3520 and 3520-A

The estate of a deceased US taxpayer recently lost its argument that the Internal Revenue Service (IRS) should have assessed only the 5% penalty levied on US owners who fail to ensure that their foreign trust files an annual return in a timely manner. The IRS assessed a penalty because both Form 3520, Annual Return to Report Transactions with Foreign Trusts, and Form 3520-A, Annual......
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Ogier | Guernsey | 23 Sep 2021

Fund finance: Guernsey perspectives and updates

The global fund finance market has shown much resilience over the past 18 months. This article outlines the recent developments in Guernsey's fund finance market, including with regard to security and investor notices as well as general partner commitment and net asset value facilities.
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Ogier | Cayman Islands | 23 Sep 2021

Grand Court confirms test for liquidator independence

The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. The Court confirmed the three-stage test for determining independence and that when applying the test, significant weight should be afforded to the creditors' views....
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Ogier | British Virgin Islands | 23 Sep 2021

BVI Data Protection Act

The Data Protection Act (DPA) came into force on 9 July 2021. Prior to the introduction of this new legislation, there was no specific data protection legislation in the British Virgin Islands. Persons who are private bodies and who process personal data will need to make changes to their data processes and procedures to ensure their compliance with the DPA. Some of the necessary changes will......
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Arnecke Sibeth Dabelstein | European Union | 23 Sep 2021

Will European Commission change its policy to allow binding MAPs?

According to the European Commission's drafts for reforming EU rules on vertical agreements, the entity may be prepared to change its policy and allow manufacturers to agree with distributors on binding minimum advertised prices (MAPs). Until now, the Commission has always classified MAPs as illegal vertical price agreements. This could change in June 2022 with the new Vertical Block......
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