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Ogier | Cayman Islands | 16 Sep 2021

CIMA publishes FAR and RFE forms for private funds

The Cayman Islands Monetary Authority has announced that the fund annual return (FAR) form for funds registered under the Private Funds Act (Revised) (private funds) is now available, together with the related fund entities (RFE) form, which must be used by private funds to submit data regarding certain related fund entities. The deadline for the first filing of audited accounts and the......
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City-Yuwa Partners | Japan | 15 Sep 2021

Share delivery: new option for M&A transactions

This article explores the opportunities and limitations of share delivery – a new option for M&A transactions enabled by the recent amendment to the Companies Act. By using share delivery, one stock company can make another stock company its subsidiary, without the former needing to make the latter its wholly owned subsidiary.
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Lakshmikumaran & Sridharan | India | 11 Aug 2021

Increase in FDI limit: allowing foreign ownership and control in Indian insurance companies

In February 2021 Union Finance Minister Nirmala Sitharaman began implementing the increase of the foreign investment limit for insurance companies in India from 49% to 74%, as well as enabling foreign ownership and control in Indian insurance companies. The change comes in the wake of 2020's amendment to the Consolidated Foreign Direct Investment Policy of 2020, which increased the foreign......
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CMS Albiñana & Suárez de Lezo | Spain | 28 Jul 2021

Re-examining bylaw wording relating to remuneration received by directors

In a recent decision, the General Directorate of Legal Security and Public Faith ruled on bylaw wording relating to the remuneration of directors and the inclusion of payment for performing extraneous duties to those contemplated in the role of director. The decision settles an appeal made by the notary public against the refusal of a registrar from the Madrid Commercial Register XXIII to......
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Ogier | Jersey | 28 Jul 2021

Sustainable investment: Jersey's new anti-greenwashing disclosure requirements

The Jersey Financial Services Commission has published new disclosure requirements relating to sustainable investment. The requirements aim to address the risk of "greenwashing" (ie, funds being mislabelled as having a sustainable objective). The requirements will apply to certified funds, certain fund services businesses, Jersey private funds and investment advisers.
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Ogier | Cayman Islands | 14 Jul 2021

Financing considerations for take-private transactions

In 2020 there was a resurgence in listed companies incorporated in the Cayman Islands with links to Asia de-listing from global stock exchanges. This is a trend that has continued in 2021. There are broadly three ways to take private a Cayman Islands-incorporated listed company: a statutory merger, tender offer or scheme of arrangement. This article sets out the main financing considerations......
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Ogier | Guernsey | 7 Jul 2021

Snapshot: investment losses

Investors contemplating bringing a claim against a trustee or fund manager must consider various factors, including contract wording, the global investment climate and timing. They must also consider that a claim may not be possible because of limitation, due diligence, trust instrument or investment management contract and loss.
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Ogier | Jersey | 3 Jun 2021

Snapshot: Jersey private funds in demand for private equity and venture capital

Statistics released by the Jersey Financial Services Commission, as at 31 December 2020, support the trend seen over the past year – that of the continued popularity of the Jersey private fund product alongside the growth of the private equity and venture capital asset classes. For those engaged in the domicile debate and wondering 'why Jersey?', this article sets out some of the key......
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Ogier | Cayman Islands | 20 May 2021

Deadline extended for first filing of audited accounts and associated FAR form by private funds

The Cayman Islands Monetary Authority recently issued an industry notice regarding fund annual return (FAR) filings for private funds registered under the Private Funds Act (Revised) (private funds). The notice confirms that the deadline for the first filing of audited accounts and the associated FAR form by all private funds has been extended to 30 September 2021.
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Ogier | Guernsey | 20 May 2021

Quick guide to new Private Investment Fund Rules

The Guernsey Financial Services Commission has added two new ways to register a private investment fund (PIF) in Guernsey. A public consultation process showed that there was strong support for a PIF model without the attached Protection of Investors (POI) Law 1987 manager, allowing the industry more flexibility while maintaining protection for investors. Unlike the traditional way of......
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