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Инвестиции

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07.06.2024

Horizons Global

In this episode of Piano Lessons, Phil and Marc discuss Marc’s transition into his new role as a director and consultant at Horizons Global, one of H3’s verified service providers.

07.06.2024

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15 мин.
16.06.2020

Luxembourg: an Investment Funds giant

In the fourth episode of our Funds Download podcast series our host and global head of Funds and Regulatory, Philip Graham, is joined by the head of our Luxembourg Investment Funds team, Vanessa Molloy, to take a closer look at the reasons why Luxembourg is such a successful investment funds jurisdiction, and the main factors to consider if you are thinking of establishing a Luxembourg structure.

16.06.2020

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12 мин.
16 МАР.

Introduction to automatic exchange of information for Cayman Islands investment funds Background and legislative framework How are investment funds classified for AEOI purposes? What are the notification obligations? What are the due diligence, reportin

This guide provides a high level summary of the main obligations for Cayman Islands investment funds under Cayman Islands automatic exchange of information (AEOI) legislation. Over recent years governments around the world have agreed international standards for the automatic sharing of financial account information between global fiscal authorities, with the aim of reducing tax evasion. As part of its commitment to international transparency standards, the Cayman Islands Government is a signatory to: A Model 1B intergovernmental agreement with the United States (US IGA) which provides the framework for the implementation of the United States (US)Foreign Account Tax Compliance Act (FATCA) in the Cayman IslandsThe Organisation for Economic Co-operation and Development sponsored multilateral competent authority agreement and certain bilateral agreements or tax treaties regarding the common reporting standard on automatic exchange of information (CRS, together with the US IGA, AEOI Agreements) As Cayman Islands entities are not directly subject to the AEOI Agreements, the Cayman Islands has introduced legislation to implement the AEOI Agreements under the Tax Information Authority Act (TIA Act) including the Tax Information Authority (International Tax Compliance) (United States of America) Regulations (FATCA Regulations) and the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, as amended (CRS Regulations), together AEOI Legislation). Definitions used in this guide are as set out in the AEOI Legislation unless otherwise indicated. The Department of International Tax Co-operation (DITC) is the Cayman Islands government department responsible for tax affairs and the Tax Information Authority (TIA), created by the TIA Act, is the Cayman Islands competent authority for tax co-operation and is housed within the DITC. The DITC has issued guidance notes (Guidance Notes) on the AEOI Legislation, which can be found here and here, which provide details of the notification, reporting and ongoing obligations that apply, as well as a useful reminder of the differences between FATCA and CRS. In practice, the vast majority of Cayman Islands investment funds fall within the definition of an Investment Entity (one of the types of Financial Institution under AEOI Legislation) and will be classified as Cayman Islands Reporting Financial Institutions (Reporting FIs). Reporting FIs are required to report on financial accounts held by specific US persons or individuals or entities resident in certain jurisdictions (Reportable Accounts). There are certain differences between the definitions in each of the FATCA Regulations and the CRS Regulations, with the term Foreign Financial Institution being used under FATCA. In this guide we will be discussing 'FIs' or 'Financial Institutions'. The most notable notification obligations are: To register with the Internal Revenue Service of the US (IRS): to obtain a global intermediary identification number (GIIN) (even if a Reporting FI has no US Reportable Accounts) either through the IRS FATCA Portal or through a paper submission. 'Registered Deemed Compliant FIs' (which are specific low risk FIs that are exempt from full FATCA reporting obligations) are also obliged to register with the IRS.A Cayman Islands investment fund which is a Reporting FI is required by the FATCA Regulations to register with the IRS within 30 days of 'starting business'. While a fund is not technically operating until it starts to accept subscription payments from investors (for the purposes, at least, of the Mutual Funds Act), in reality, all funds have to provide their GIIN numbers to banking and other counterparties at a very early stage of their creation in order to open accounts. It is therefore important to get this registration done as soon as possible after the vehicle has been formed. When registering for a GIIN, the IRS FATCA Portal requires the name of a natural person to be...

16 мар.

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21 мин.
26 МАР.

The Funds Download - CayLux funds: Parallel funds without parallel headaches (Part II)

Ready to launch your fund? Jump straight into our streamlined process by completing our intuitive questionnaire, designed to help you make informed choices about your offshore fund. Get started Get started

26 мар.

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22 сек.
25.08.2023

Decentralization: Exploring its role in crypto and the impact of MiCA

In this episode, Global Head of Regulatory & Tax Practice Aki Corsoni-Husain, introduces Counsel Marc Piano, accompanied by guest expert Brett Hillis from Reed Smith in London. Together, they examine the role of decentralization, the relatively restrictive position the US has adopted on crypto, and explore whether Markets in Crypto-Assets Regulation (MiCA) really is all it’s cracked up to be. Key takeaways: Regulatory analysis of decentralisation and whether current arrangements can be accurately defined as autonomous so as to escape regulationThe US approach to the regulation and enforcement of digital assets and client concernsExploring the framework of MiCA

25.08.2023

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17 мин.
14.01.2025

Mutual funds in the Cayman Islands

The Cayman Islands is the leading jurisdiction for the offshore investment funds industry due to its combination of flexible and appropriate regulation, an approachable and effective regulator, professional service provider expertise, high reputation among investors and a tax neutral fiscal regime. Investment funds established in the Cayman Islands fall into two broad categories: open-ended funds and closed-ended funds. Open-ended funds provide investors with voluntary redemption or repurchase rights and closed-ended funds do not provide investors with those rights. Typically, open-ended funds will invest in liquid assets which can be readily realised to fund redemptions (eg listed, liquid, tradable securities) and closed-ended funds will invest in non-liquid assets requiring time to liquidate/realise value (eg real estate, unlisted companies). This guide sets a summary of the regulatory regime of open-ended investment funds, which is supervised by the Cayman Islands Monetary Authority (CIMA). For an overview of the regulatory regime that governs private funds please see Guide to Private Funds in the Cayman Islands. Fund vehicle options Companies Exempted companies limited by shares are the most common form of entity used for the establishment of open-ended investment funds, with an investor's liability being limited to the amount paid or agreed to be paid in respect of their shares. Please see our Guide to Exempted Companies for more details. Segregated portfolio companies An exempted company may register as a segregated portfolio company (SPC), which is similar to a segregated cell company in many other jurisdictions. An SPC may establish any number of segregated portfolios. Assets and liabilities attributed to a particular segregated portfolio are legally separated from the assets and liabilities attributed to any other segregated portfolio. A creditor who is party to a contract involving a particular segregated portfolio will have restricted recourse and will be entitled to recover only against assets attributed and credited to the specific segregated portfolio to which the contract is also attributed. SPCs can be useful as multi-strategy vehicles and platform vehicles. Savings by using multi-strategy SPCs are often not as great as anticipated however and SPCs with multiple segregated portfolios do require a greater degree of care to ensure assets are properly segregated, contracts are entered into on behalf of the correct segregated portfolio and inadvertent cross-collateralisation does not occur. Please see our Guide to Segregated Portfolio Companies for more details. Limited liability companies Limited liability companies (LLCs) can be incorporated in the Cayman Islands in a form closely aligned to the Delaware LLC. LLCs may be used in investment fund structures where a flexible structure similar to a limited partnership is required, but where the vehicle needs to be established as a body corporate distinct from its members. LLCs are regulated by their LLC agreement and the Limited Liability Companies Act. Please see our Guide to LLCs for more details. Exempted limited partnerships While an exempted limited partnership (ELP) is the most common vehicle for closed-ended funds including private equity, venture capital and real estate funds, they are also used for open-ended funds. An ELP has many similarities to its Delaware equivalent vehicle but an ELP is not a separate legal person and for this reason, it is popular with managers and investors in a number of jurisdictions. An ELP is managed by its general partner. Please see our Guide to ELPs for more details. Unit trusts Cayman Islands unit trusts are established under and governed by the Cayman Islands Trusts Act and, save as modified under that law, generally applicable principles of English trust law. With a unit trust, investors contribute funds to a trustee which holds those funds on trust for the investors and each investor is directly entitled to a pro rata s...

14.01.2025

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31 мин.
30.07.2024

Cyprus: the philosophy of skippering

In the seventh episode of our Chat OMP podcast, William Peake interviews Pavlos Aristodemou, managing partner of our Cyprus office. Pavlos shares his unique journey at Harneys, including the evolution of the Cyprus office from a small boutique firm to an official Harneys location. He highlights the essential skills required to excel as a managing partner, drawing parallels to being the skipper of a boat, and offers valuable advice to junior lawyers on the importance of consistency.

30.07.2024

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13 мин.
04.09.2024

Silk Roads and Statutes: Learn about our Shanghai Managing Partner Vicky Lord

In this episode, Shanghai Managing Partner Vicky Lord reflects on her career path from criminal barrister in London to leading our Shanghai office. Vicky discusses the importance of teamwork and responsibility in managing a successful office and shares helpful advice for junior lawyers about always continuing to learn. She highlights the strategic significance of the Shanghai office in serving Chinese clients using offshore structures, stressing the value of communication in their local languages.

04.09.2024

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12 мин.
31.07.2023

Sanctions on Russia: At 18 months following the invasion (part 2)

In this episode, Global Head of Regulatory & Tax Aki Corsoni-Husain and guest expert Rachel Barnes KC of Three Raymond Buildings go into more detail about the state of play as of June 2023 regarding sanctions on Russia after the invasion of Ukraine, with a specific focus on professional services in the trust sectors. Key Takeaways: Outlining and reflecting on, the new UK sanctions on Russia impacting professional and financial services, trust industry restrictions and exemptions and the Overseas Territories’ inclusion to those sanctions.Providing an overview of new prohibitions in providing business services and their updates.Comparing sanctions imposed by EU, UK, and US on the professional services industry, legal advisory services and trust industry (as at June 2023).Examining the impact of sanctions on transactional lawyers, particularly in relation to the provision of legal advisory services on related matters (as at June 2023).Discussing the rule of law concerning sanctions and their application to asset movement of designated individuals.

31.07.2023

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26 мин.
11.02.2025

Growth, action, and innovation: Insights from Henry Tucker our Bermuda Managing Partner

William and Henry explore Bermuda’s growing success, fuelled by its balanced regulatory framework, easy access to New York, and a local environment that fosters opportunity. Henry introduces his "pick up a shovel" philosophy, championing decisive action and practical problem-solving to deliver the best results. They also highlight the importance of questioning conventional wisdom in law firms, advocating for fresh, innovative approaches to tackle complex challenges.

11.02.2025

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9 мин.

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