News & Analysis as of September 21, 2024

European Union › Beneficial Owner › United Kingdom

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

The Critical Reporting Requirement U.S. Companies Can’t Afford to Ignore: Upcoming Deadlines for Beneficial Ownership Information...

Wilson Sonsini Goodrich & Rosati on 8/15/2024

On January 1, 2024, the new Beneficial Ownership Information (BOI) reporting requirements under the U.S. Corporate Transparency Act (CTA) took effect. For the first time, many U.S. companies—including U.S. subsidiaries of UK...more

Regulatory & Risk Advisory Review: Cayman Islands – January to March 2024

Conyers on 5/1/2024

Welcome to the first instalment of 2024 of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of updates in the first quarter of the year. Perhaps most notably is the...more

Regulatory & Risk Advisory Outlook 2024: Cayman Islands

Conyers on 2/15/2024

2023 was an active year for the Cayman Islands regulatory industry. While we have endeavoured to keep you updated throughout the year with our Regulatory & Risk Advisory Reviews, our team has highlighted below the key changes...more

The Challenge of Transparency in Preventing Financial Crime: Navigating Financial Integrity in a Changing Risk Landscape

K2 Integrity on 12/20/2023

The landscape of financial crimes is constantly evolving, and the concept of transparency is being fundamentally challenged. A dynamic, innovative approach is imperative to preserve and shape the future of financial...more

The Future of Beneficial Ownership in Bermuda – Transparency v Privacy

Conyers on 11/17/2023

Transparency or privacy – which of these priorities prevails? A ruling on 22 November 2022 by the Court of Justice of the European Union (CJEU) might mean privacy prevails when it comes to the question of whether or not a...more

Guernsey Guide: legal, regulatory, transparency and supervisory framework

Walkers on 8/9/2023

This briefing explains Guernsey’s adoption of rigorous international tax and regulatory standards, which, in conjunction with its local tax law, make it an ideal location for investment funds and other investment vehicles....more

Bermuda Regulatory Outlook 2023

Conyers on 4/3/2023

An old adage says that the only things in life that are certain are death and taxes. We think regulatory changes can surely be added to that list. A number of regulatory updates will affect Bermuda entities this year, and we...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - September 2022

Dechert LLP on 9/22/2022

This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more

Change in Control Regime for UK Cryptoasset Businesses

Morgan Lewis - All Things FinReg on 9/15/2022

As of August 11, 2022, approval is now required by the UK Financial Conduct Authority (FCA) before acquiring direct or indirect control of an FCA-registered cryptoasset business. Failure to attain such approval is a criminal...more

Change in control regime for cryptoasset businesses

White & Case LLP on 8/17/2022

As of 11 August 2022, the UK Financial Conduct Authority (FCA) has expanded its change in control regime to include FCA-registered cryptoasset businesses. An acquisition of more than 25% of a cryptoasset business now requires...more

Banking Bites - May 2022 #2

BCLP on 5/31/2022

Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more

Navigating Russian Sanctions in Corporate Jet Transactions

Holland & Knight LLP on 5/10/2022

The U.S., European Union (EU), United Kingdom (U.K.) and many other countries have imposed similar but not necessarily identical sanctions on Russia. In corporate jet transactions, the sanctions laws of several jurisdictions...more

Four major changes to corporate transparency in 2022

White & Case LLP on 4/5/2022

There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...more

Regulation Round Up - October 2021

Proskauer Rose LLP on 11/4/2021

The Financial Stability Board published its final report on the lessons learnt from the COVID-19 pandemic from a financial stability perspective. The Financial Conduct Authority (“FCA”) published a report on climate change...more

HMRC's Online Register of Trusts: Why You May Need to Take Action Now

Womble Bond Dickinson on 1/31/2018

If you are the trustee of a non-UK trust which has UK assets or UK sources of income, you need to take action before 5 March 2018 or face potential civil and even criminal penalties. The EU's Fourth Anti-Money Laundering...more

The Extended UK PSC Regime

A&O Shearman on 8/1/2017

The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti...more

Beneficial Ownership Due Diligence Requirements

The Volkov Law Group on 4/20/2017

The new FinCEN regulations requiring financial institutions to secure beneficial ownership information is fast approaching – May 2018. The US has been way behind in this regulatory area. As a result, money-laundering activity...more

Governance & Securities Law Focus: Europe Edition, July 2016

A&O Shearman on 7/20/2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more

Financial Regulatory Developments Focus - May 2016 #3

A&O Shearman on 6/1/2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

An Analysis of the UK’s New Register of Beneficial Owners

WilmerHale on 4/13/2016

The New Register - From 6 April 2016, most UK companies, LLPs and Societas Europaea became required to maintain a register of “persons with significant control” (PSCs). A PSC is defined as an individual who ultimately...more

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