Following the recent amendments to the Marshall Islands Maritime Act permitting the electronic recordation of preferred mortgages and lease finance charters, the Marshall Islands Registrar of Corporations has adopted the...more
The Hong Kong Convention, adopted at a 2009 diplomatic conference in Hong Kong, will enter into force on June 26, 2025. It was developed with the contribution of IMO Member States and non-governmental organizations, and in...more
On December 15, 2023, the International Swaps and Derivatives Association, Inc. (“ISDA”) published its legal opinion (the “ISDA RMI Opinion”) as to the enforceability under the law of the Republic of the Marshall Islands of...more
On September 28, 2023, the Nitijela of the Republic of the Marshall Islands (“Nitijela”) during the 44th Constitutional Regular Session, 2023, enacted the Netting Act, 2023 (the “Netting Act”), which was certified by the...more
The European Union (EU) list of non-cooperative jurisdictions for tax purposes was established in December 2017 as part of its external strategy on taxation with the aim of contributing to ongoing efforts to promote tax good...more
Today, October 17, 2023, the Registrar of Corporations for the Republic of the Marshall Islands reported the European Union’s (EU) Economic and Financial Affairs Council (ECOFIN) decision to remove the Marshall Islands (RMI)...more
In a recent decision filed August 2, 2023 in the Supreme Court of the Republic of the Marshall Islands (the RMI) Seward & Kissel LLP secured victory for its client, Sea Justice Ltd., in the action styled Symphony Shipholding...more
Background - The Republic of the Marshall Islands recently amended its maritime law and related regulations. Specifically, Section 302 of the Maritime Act of the Marshall Islands (the “Maritime Act”) has been revised to...more
Background - Section 309(2) of the Maritime Act of the Marshall Islands has been amended recently to provide important clarifications on what indebtedness may be secured by a so-called “pursuant to agreement” mortgage as...more
In August 2023, the parliament of the Republic of the Marshall Islands, the Nitijela, adopted amendments to the Maritime Act of 1990 (the “Maritime Act”), which can be found here. Set forth below is a summary of the...more
On 14 February, the EU Council added four jurisdictions (the British Virgin Islands, Costa Rica, Marshall Islands and Russia) to the list of non-cooperative jurisdictions (Annex I) (the “EU Blacklist”)....more
The Justice Department announced the indictment in New York of Cary Yan, a Chinese entrepreneur, and Gina Zhou, his assistant, on FCPA and money laundering charges relating to a scheme to secure control of an atoll owned by...more
THE REPUBLIC OF THE MARSHALL ISLANDS - On January 1, 2019, the Economic Substance Regulations, 2018 (ESRs) adopted by the Republic of the Marshall Islands came into force. The ESRs, which were amended on February 21, 2019,...more