Ogier

Happy Easter to everyone celebrating, from all of us at Ogier!

In a new update, our Investment Funds and Regulatory experts in the British Virgin Islands summarise key legal and regulatory developments for BVI funds and companies. At a glance: ➡️the BVI FSC recently published its Q1 2025 newsletter, which includes helpful background to the areas of assessment that will be considered in its upcoming compliance inspections ➡️new and significant BVI CRS reporting requirements will come into effect from June 2025 ➡️the BVI FSC issued two new guidance notes regarding ECDD for high-risk business relationships and clarifying AML / CFT / CPF obligations for BVI Investment Business Service Providers Link in comments below to learn more 🔗. #BVI #InvestmentFunds #Funds #Regulatory #CorporateLaw

The United States Bankruptcy Court for the District of Delaware has allowed Three Arrows Capital Ltd to amend its claim in FTX's Chapter 11 bankruptcy. Ogier's #DisputeResolution team in the British Virgin Islands is acting as lead and coordinating counsel for the liquidation of the former #crypto hedge fund, advising the BVI liquidators of Three Arrows Capital. Read the latest about Three Arrows Capital's increased claim in FTX's estate in our update from partner Nicholas Brookes, counsel Daniel Burkitt associate Romauld Johnson. 🔗Link in the comments below👇

📢 In a recent decision, the Grand Court of the Cayman Islands has provided further clarification for lawyers working in the spheres of dispute resolution and corporate insolvency. 💼 Its decision in the matter of Allfunds Bank S.A. v Rasmala Trade Finance Fund sheds light on instances in which specific and general validation orders may be granted to enable a company to continue to trade following presentation of a winding up petition. 🔈 Partner Gemma Bellfield (nee Lardner), senior associate Jordan Constable and associate Laura L. set out in this article how the decision underscores the importance of presenting thorough evidence when seeking validation orders and how the courts use section 99 of the Companies Act, the purpose of which is to preserve the status quo. Read the full article using the link in the comments below 🔗⬇️ #DisputeResolution #CaymanLaw #ValidationOrders #WindingUp

Our compliance calendar for BVI Business Companies helps unregulated BVI Business Companies keep track of relevant deadlines in 2025. Created by our BVI legal experts – including managing associate Tiffany Tolliss (she/her) and partners Michael Killourhy, Christian Burns-Di Lauro and Marie-Claire Fudge – our compliance calendar can be used to auto-populate your own Outlook calendar ✅. Link in comments below to access the calendar 🔗. #BritishVirginIslands #Regulatory #Compliance #CorporateLaw #LegalServices

The BVI Financial Services Commission has provided some helpful background to the areas of assessment that will be considered in its upcoming compliance inspections. The FSC's 2025 Inspection Plan will focus on entities that are licensed as Trust And Corporate Service Providers, Investment Business licensees, and Virtual Asset Service Providers. A stated objective of the inspection process is to assess risks and determine the level of compliance within key areas. In this briefing, BVI partners Simon Schilder, Marie-Claire Fudge and Michael Killourhy outline the key aspects that will be considered with each compliance inspection, the actions that licensees should take in preparation for an inspection and the key areas of focus by sector, as set out in the FSC's 2025 Inspection Plan. 🔗Link to the article in the comments below👇 #Regulatory

🧠❓Can a company claim privilege against its own shareholders in the Cayman Islands? For more than 135 years it was perceived that companies couldn't withhold privileged documents from shareholders. But recent legal decisions are reshaping this so-called 'settled law' in noteworthy ways. In this article, partner Shaun Maloney and senior associate Dunzelle Daker explore how rulings in the Cayman Islands, Bermuda and England have highlighted diverging judicial approaches on this issue and the impact they will have on shareholder's rights moving forward. 🔗Read the full article via the link below. #CaymanLaw #CompanyLaw #ShareholderRights #ShareholderDisputes

We're thrilled to continue our support of NSPCC Jersey's transformative "Letting the Future In" programme for the second year running. This year, we're donating £10,000 towards the cost of specialised practitioners delivering this crucial programme. "Letting the Future In" is a therapeutic service which supports children and young people aged between 4- to 17-years-old who have experienced sexual abuse, so that they may rebuild their lives and move forward. This donation reflects our ongoing commitment to empowering individuals and enabling our communities to thrive. We're proud to make a meaningful difference in the communities where we live and work. #CharityGiving #NSPCC #EveryChildhoodMatters #Jersey

The Guernsey Financial Services Commission recently released two thematic reports on how client money is handled in the investment and fiduciary sectors. The reviews provide valuable insights and guidance for licensees to improve their client money management practices, ensuring compliance and enhancing financial stability. In this briefing, Guernsey partner Tim Clipstone gives an overview of the key points from each review and sets out the different requirements applying to each and the findings of the GFSC. 👇Check the comments below for the link to the full article🔗

📢 Navigating shareholder disputes can be challenging for companies, particularly when accusations of unfair prejudice arise. Thankfully, the Companies (Guernsey) Law, 2008, offers remedies to shareholders should such accusations arise. 🔍 The matter of Sinclair v Domaille & Others offers clarity on managing these conflicts under Guernsey law, with the Royal Court's decision highlighting the importance of adhering to corporate governance, fulfilling fiduciary duties and maintaining clear communication with shareholders. The case sets a precedent that will likely shape the future of shareholder dispute resolutions in Guernsey, explain parter Alex Horsbrugh-Porter and associate Xongy Chabalala. Read more via the link in the comments below 👇. #GuernseyLaw #CorporateGovernance #ShareholderDisputes