Mishcon de Reya has today (11 June) announced it is set to launch an independent, private client advisory business entitled ‘Mayfair Private’ with offshore fiduciary firm Opus Private to provide ‘discreet professional solutions’ to wealthy individuals, families and private offices. Continue reading “Mishcon de Reya to launch independent private client business with offshore fiduciary firm”
Staying on top – inside the 10 firms aiming to dominate the global offshore market
Offshore jurisdictions have responded proactively to recent global initiatives affecting how they operate. Legal Business assesses recent developments and profiles the top offshore law firms
Law firms are noted for their ability to turn difficult situations to their advantage and the global offshore giants have certainly demonstrated this quality in recent years. While the vast majority of these firms are more opaque about their financial performance than even the offshore tax arrangements that have come under global scrutiny in recent years, some report double-digit growth in revenues and in the main it appears, despite the general economic malaise, they are well insulated against a crisis.
Into the light
Still demonised by Western governments for aiding tax evasion, major offshore centres have in recent years ushered in substantive moves to bolster standards and transparency. Will it be enough?
Britain’s prime minister David Cameron wrote to the leaders of several UK Crown dependencies and British overseas territories in May, confirming his support of their low-tax status, but insisting they establish new rules that complement international initiatives against tax avoidance. Continue reading “Into the light”
Through the maze
Complex and controversial, the Alternative Investment Fund Managers Directive has finally emerged, with huge regulatory implications for global funds. Legal Business asks if offshore jurisdictions can chart their way through
In force since 22 July, the EU directive on alternative investment fund managers (AIFMD) marks a huge change to the European private equity and venture capital industry. Developed to regulate hedge funds and private equity and the promotion of alternative investment funds within the EU, the AIFMD is set on advancing the stability and transparency of investment vehicles.
Offshore: branching out
While fresh legislation is good news for the Cayman Islands’ insurance and reinsurance markets, BVI funds lawyers welcome a new regulatory regime. LB assesses the response from the Caribbean’s top law firms
Significant legislative changes have brought good news to the thriving Caribbean offshore market. After much anticipation, the Cayman Islands Insurance Law 2010 came into force in November, making significant amendments to the current insurance and reinsurance business regime in the islands. The law brings Cayman’s insurance sector in line with international standards and should attract more commercial reinsurers.
Offshore: new ground
Guernsey recently passed the world’s first-ever legislation to protect image rights and, following in Jersey and the Isle of Man’s footsteps, the island has introduced a foundations law. LB assesses the reaction from the local legal market
Thanks to new law that came into effect in Guernsey in December, a person or company can now register their image rights. This is the first legislation of its type in the world, allowing individuals to protect voices, expressions, pictures, videos and recordings. A modern, online-specific registry has also been designed for that purpose.
Offshore: Blazing a trail
Groundbreaking decisions continue to emerge from the Channel Islands courts. LB talks to key litigators involved in recent headline cases and assesses their wider impact
Two important judgments have emerged from Jersey and Guernsey this year. In April, in the case In the matter of the Shinorvic Trust (Shinorvic), the Royal Court of Jersey had to consider whether a longstanding principle of English law applies to trusts in Jersey; while in March, Guernsey’s Privy Council awarded the largest ever compensation payout in the UK in the Helmot case, a whopping £14m. This decision profoundly impacts on how damages for future losses in personal injury cases are calculated.
Offshore: Asia bound
Offshore law firms continue to launch offices in Asia, with Singapore and Shanghai the latest hot destinations. LB assesses the drivers behind recent openings and the challenges that lie ahead
The drive of offshore firms into Asia continues apace. Bedell Cristin opened a Singapore office in July, following Mourant Ozannes’ launch in Hong Kong at the start of the year; Appleby opened a representative Shanghai office in April; and in September, showing its own long-term commitment to South-East Asia, Maples and Calder also announced the opening of a Singapore office.
Offshore: Caribbean calling
UK offshore law firms are increasingly offering British Virgin Islands and Cayman Islands legal services from Caribbean offices or their Crown dependency bases. LB assesses the changing landscape of the Caribbean legal market
UK-based offshore law firms have been enjoying a Caribbean sojourn this year. In June Carey Olsen announced it would be opening an office in the Cayman Islands; Bedell Cristin established its British Virgin Islands (BVI) office at the start of 2012; while Mourant Ozannes launched in the BVI in September.
Offshore Part 3 – Jewels in the crown
One case has put litigation funding on the map in Jersey, while the Crown Dependencies are each bringing in vital new legislation, meaning fresh streams of work for their legal markets. LB reviews the latest developments
Third-party litigation funders have operated in the UK for some time, but not in the Channel Islands, as the legality and enforceability of funding agreements in Jersey remained untested. This is set to change following a court judgment that could allow islanders access to external funding if they cannot afford to pursue a legal claim.