HG.org Legal Resources

Banking and Finance Law Articles

Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Banking and Finance.


Withdraw from Loans, Reduce Interest Burden in Germany

  July 25, 2016     By GRP Rainer LLP
Playing the get-out-of-jail-free card and withdrawing from expensive real estate loans is still possible until June 21 without consumers having to pay an early repayment penalty.

Last Legs For Get-Out-of-Jail-Free Card – Loan Withdrawal Possible Until June 21, 2016 in Germany

  July 21, 2016     By GRP Rainer LLP
Anyone who withdraws from a real estate loan concluded between 2002 and 2010 stands to potentially benefit from low interest rates and save a lot of money. Having said that, withdrawal only remains an option until June 21, 2016.

Getting a Permit for Permanent Residence in Ukraine by a Foreigner Based on Investment

  July 20, 2016     By Kydalov & Partners
The most plausible reason of getting an immigration permit is making investments to the Ukraine economy by a foreigner, that is a convertible currency in the amount not less than one hundred (100) thousand USD registered in the proper order

Withdrawal Worthwhile Both in the Case of Outstanding and Repaid Loans in Germany

  July 20, 2016     By GRP Rainer LLP
Withdrawal can prove to be an extremely attractive proposition from a financial perspective, even for consumers whose loans have already been paid off. That being said, withdrawal should certainly be carried out before June 21, 2016.

Redefining the Professional Investor in Hong Kong

  July 19, 2016     By Angela Wang & Co.
In order to better protect the interests of professional investors particularly individual professional investors, the Securities and Futures Commission (“SFC”) has recently amended the Professional Investor regime under the Code of Conduct for Persons Licensed by or Registered with the SFC (the “Code”) following two consultation conclusions published in September 2014 and December 2015. These changes are summarized below.

Important Factors of Greenfield Investments in Hungary

  July 18, 2016     By KCG Partners Law Firm
In a classical sense, a “greenfield investment” is the construction of a new industrial unit in a territory previously used as agricultural area.

A Maltese Solution for Swiss Asset Managers

  July 18, 2016     By GVZH Advocates
Until very recently the Swiss asset management industry relied exclusively on self-regulation and was allowed to operate and develop somewhat independently from European regulation.

Myanmar Opening to the World

  July 15, 2016     By Harvey Law Group
In November 2015, Myanmar had held a successful national election, which was a significant milestone towards a transparent and stable government.

International Investments in Panama

  July 14, 2016     By Molina & Co.
Panama is a land blessed by God, where you can enjoy on the same day the tropical heat of its beaches and the fresh air from the high lands.

A Trap in Romanian SRL Statutes for the Unwary

  July 12, 2016     By Hammond, Minciu and Associates
Most investors and companies that wish to incorporate a company in Romania chose to form a limited liability company (SRL). As Romanian lawyers we are often asked to advise on the type of company to be formed. In many cases we agree with the client’s initial instructions as to the form of the company to be incorporated.

SEC v. Dawn J. Bennett: From “Financial Myth Busting” To “Busted”

  July 12, 2016     By Shustak Reynolds & Partners, PC
Last fall, the SEC initiated disciplinary proceedings against financial advisor and self-proclaimed “Financial Myth Buster” Dawn Bennett, accusing her of publicly inflating her client assets under management (or “AUM”) and exaggerating her investment returns.

Investment Guarantees and Incentives in Egypt

  July 12, 2016     By Youssry Saleh Law Firm
In general : Business entities in Egypt that have been incorporated after the enactment of the Law 8 of 1997 enjoy further guarantees and incentives.

Taxation in Egypt

  July 11, 2016     By Youssry Saleh Law Firm
Tax system :As a result of enactment of the Tax Law 91 for the year 2005, and its amendment by the Presidential Decision No. 96 for the year 2015, the taxation system in Egypt has been transformed.

Indirect Business Activity in Egyptian Market

  July 8, 2016     By Youssry Saleh Law Firm
Consider: the case of foreign entities marketing their products to Egypt directly without the requirement of business entity incorporation in Egypt but with the help of certain form of representation.

Misuse of Authority in Company’s Own Bankruptcy Application in Amsterdam

  July 6, 2016     By AMS Advocaten
In a recent case before the Court of Appeal of Amsterdam, a dismissal of a company’s own application for bankruptcy was upheld in appeal. The Court of Appeal found that the authority of a company to apply for its own bankruptcy had been misused. When is there misuse?

Withdrawal from Loans: OLG Nürnberg Bolsters Consumer Rights in Germany

  July 6, 2016     By GRP Rainer LLP
There have been many instances of banks and savings banks using ambiguous statements in guidance on the right of withdrawal regarding the commencement of the withdrawal period. Consequently, it is still possible to withdraw from these loans even years after they were taken out in most cases.

Privatization: Attracting Foreign Investors to Ukraine

  July 6, 2016     By DLF Attorneys at Law
The long announced plans of Ukraine in relation to massive privatization are being gradually implemented. The importance of privatization is backed by the need, on the one hand, to fulfill the state budget, and, on the other hand, to increase the effectiveness of state enterprises’ management.

Investment in Egypt

  July 5, 2016     By Youssry Saleh Law Firm
Legal Framework: Post 25th of January, 2011 Revolution Direction following Revolution of 25th of January, 2011, Egypt has been heading towards the future in a slightly different track. Political and economic distress has led to significant changes in the political, economic and legal landscapes.

Even Minor Deviations from Standard Guidance Enough for Loan Withdrawal in Germany

  July 1, 2016     By GRP Rainer LLP
Even minor deviations from the respective standard guidance render guidance on the right of withdrawal flawed in the case of loan agreements. In most cases, it is still possible to withdraw from these.

Perfecting Your Security Interest – Requirements for Listing a Debtor’s Name on Florida Article 9 Filings

  June 28, 2016     By Jurado & Farshchian, P.L.
Florida lenders seeking to secure a lien against the personal property of a borrower in default must follow the guidelines detailed in Article 9 of the Uniform Commercial Code (UCC) and Florida’s Article 9, which governs secured transactions and is applied to a wide range of consumer and commercial credit transactions.

Countdown for Loan Withdrawal in Germany: Take Action by June 21 Deadline

  June 28, 2016     By GRP Rainer LLP
The countdown is on for withdrawing from real estate loans. The deadline for withdrawing from legacy contracts is June 21, 2016. After this date, the so-called “ewiges Widerrufsrecht” (perpetual right of withdrawal) will cease to exist.

Enforcement and Seizure Proceedings in Romania

  June 27, 2016     By Hammond, Minciu and Associates
The Romanian courts do not necessarily operate with the speed and efficiency that may be found in Western Europe or the USA but this should not prevent a practitioner considering the following steps against a Romanian debtor. Consider here both the enforcement of a decision issued by a competent court as well as a seizure order against a debtor’s assets.

Withdraw from Loans in Due Course and Benefit from Low Interim Interest in Germany

  June 27, 2016     By GRP Rainer LLP
It is often possible to save several thousand euros by withdrawing from a real estate loan. Having said that, this so-called “ewiges Widerrufsrecht”, or perpetual right of withdrawal, shall cease to exist for legacy contracts on June 21, 2016.

Import & Export in Egypt

  June 27, 2016     By Youssry Saleh Law Firm
Import is strictly regulated by the Egyptian government permitting Egyptian nationals only and fully owned and managed Egyptian companies to import into Egypt. For importation into Egypt for the purpose of trade, companies/individuals should register with the Register of Importers.

Business Acquisition by Foreign in Ukraine: Basic Errors

  June 23, 2016     By Kydalov & Partners
Business acquisition is a complex and long process that can confound even the most experienced businesspersons, because different business aspects, legal aspects, and human factors are important. This article will show you basic errors.

OLG Frankfurt: Unclear Commencement of Term Renders Guidance on Right of Withdrawal Ineffective in Germany

  June 23, 2016     By GRP Rainer LLP
If the guidance on the right of withdrawal in a loan agreement includes the words “die Widerrufsfrist beginnt frühestens mit Erhalt dieser Belehrung” (the withdrawal period shall commence at the earliest upon receipt of this guidance), withdrawal is likely to be an option.

Loan Withdrawal Comes to the Attention of the BGH in Germany

  June 22, 2016     By GRP Rainer LLP
Another hearing before the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, concerning withdrawal from consumer loans has been scheduled for May 24 (XI ZR 366/15). The BGH will then have to rule on an appeal brought by a bank.

SEC Halts Ash Narayan from Defrauding RGT Clients

  June 21, 2016     By Shustak Reynolds & Partners, PC
The Securities and Exchange Commission (“SEC”) announced that it obtained a court ordered “freeze” of the assets of three individuals, including Ash Narayan, formerly of RGT Wealth Advisors, who, the SEC alleges, siphoned millions of dollars from the accounts he managed at RGT for professional athletes and others while he was the manager of RGT Wealth Advisor’s Orange County, California office.

Double Tax Treaty between Cyprus and Latvia signed

  June 9, 2016     By Patrikios Pavlou & Associates LLC
The Republic of Cyprus and the Government of the Republic of Latvia signed in Brussels, on 24 May 2016, a Treaty for the Avoidance of Double Taxation on Income (‘DTT’).

Criminal Law about Finance in the UAE

  June 5, 2016     By Hassan Elhais
Banks and financial institutions are a part of everyone’s life. The financial relationship between a person and his bank is government by documents and agreements.

Wohnimmobilienkreditrichtlinie Enters into Force in Germany: Withdrawal Still Possible until June 21, 2016

  June 3, 2016     By GRP Rainer LLP
The entry into force of the Wohnimmobilienkreditrichtlinie heralds the end of the so-called “ewiges Widerrufsrecht” (perpetual right of withdrawal) for real estate loans. It will no longer be possible to withdraw from legacy contracts from June 21, 2016.

BGH: Reasons For Withdrawal Immaterial in Germany

  June 2, 2016     By GRP Rainer LLP
According to the Bundesgerichtshof’s (BGH) ruling of March 16, in which it bolstered consumers’ right of withdrawal, consumers’ reasons for availing themselves of their right of withdrawal are irrelevant.

Right of Withdrawal not Forfeited in Cases Involving Withdrawal from a Loan in Germany

  June 1, 2016     By GRP Rainer LLP
Banks often claim that the right of withdrawal has been forfeited as a way of fending off attempts to withdraw from a loan. However, this argument generally fails to convince.

The Supreme Court of Romania Decided that an Appeal Against the Tax Audit Report Is Inadmissible

  May 27, 2016     By Pavel, Margarit & Associates
The Supreme Court of Romania, in motivating the decision, considered that the tax audit is the document that underlies the issuance of the tax decision, namely that document that records the findings of the fiscal inspection bodies, "it does not represent an administrative act” so as defined by art. 41 of Ordinance no. 93/2003 regarding the Romanian Fiscal Procedure Code, also it does not represent "a receivable title" as it is defined by art. 110 par. 3 of the Romanian Fiscal Procedure Code.

New Tax on Dividends Starting in January 2016 in Romania

  May 26, 2016     By Pavel, Margarit & Associates
For individuals receiving dividends from a Romanian legal entity, starting in January 2016 it is maintained the 5% percentage of the gross dividend paid. Also, since January 2016, the persons who obtain income from dividends do not owe social health insurance contribution for that income in case they obtain income from wages, pensions, independent activities, association with a legal person, etc., except the earnings from intellectual property rights.

Illicit Funds in Offshore Accounts: Avert Prosecution with Timely Voluntary Declaration in Germany

  May 23, 2016     By GRP Rainer LLP
Hesse’s Finance Minister, Dr. Thomas Schäfer, has announced that the fight against tax evasion will continue. Voluntary disclosure is still the only way out for tax dodgers.

How to Safeguard the Liability Protection of Your Florida LLC

  May 19, 2016     By Jurado & Farshchian, P.L.
A majority of new business entities in the U.S. are formed as Limited Liability Companies (LLC) to provide business owners with a shield from personal liability.

Cuts to Life Insurance – Consider Withdrawal in Germany

  May 23, 2016     By GRP Rainer LLP
The idea of life insurance forming a component of one’s retirement plan is increasingly losing credibility. According to media reports, consumers ought to anticipate further cuts in 2016.

Inheritance of Company Shares in Bulgaria

  May 14, 2016     By Valova & Angelova Law Firm
Aiming to clarify the main points of the procedure for inheritance of company shares under the Bulgarian Commercial law

BGH Bolsters Consumer Rights When Withdrawing from Pension Schemes and Life Insurance Policies in Germany

  May 19, 2016     By GRP Rainer LLP
The Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, has once again strengthened the rights of consumers when withdrawing from pension schemes and life insurance policies with its ruling of October 14, 2015 (Az.: IV ZR 284/12).

FINRA Submits Proposed Rule Changes to Clarify Offsetting Awards

  May 11, 2016     By Shustak Reynolds & Partners, PC
FINRA has recently filed proposed rule changes that provide much-needed clarification to how arbitration awards resulting in both sides paying money should be handled.

General Aspects of Investment Climate in Ukraine

  May 8, 2016     By APC Law Firm
The investment climate is a general description of the complex of social, economic, institutional, legal, political, social and cultural backgrounds, which leads to the attractiveness and feasibility of investing in a particular economic system (the economy, the region and corporation).

Cayman Islands Private Equity Funds and the use of Exempted Limited Partnerships

  May 3, 2016     By Loeb Smith
Structure of Cayman Private Equity Funds. The most common structure for a Cayman Islands domiciled private equity fund (“PE Fund”) is as an exempted limited partnership (“ELP”) formed under the Exempted Limited Partnership Law (As Revised) (“ELP Law”).

Shareholder Disputes in the Cayman Islands

  May 2, 2016     By Loeb Smith
Shareholders of a Cayman Islands company may petition the Grand Court for an order that a company is wound up pursuant to section 92(e) of the Companies Law (As Revised) on the basis that it is "just and equitable" for it to do so.

Cayman Islands Shareholder Disputes and Corporate Insolvency: Applications for Validation Orders by Solvent Companies

  May 1, 2016     By Loeb Smith
On 9 February 2016, Clifford J., sitting in the Financial Services Division of the Grand Court of the Cayman Islands gave Judgment in In Re Torchlight Fund L.P. (unreported) reaffirming the principles which the Court will take into account in determining whether to grant a validation order.

Withdrawing from Life Insurance Policies in Germany: Review Withdrawal

  May 4, 2016     By GRP Rainer LLP
Anybody who wishes to withdraw from their life insurance policy or pension scheme can have someone review whether this is possible. This is generally more financially appealing than termination.

Business Inheritance in Ukraine

  April 28, 2016     By Kydalov & Partners
The one of advice would be that business owners, especially if the business is successful, it is necessary to think in advance about the solving of the situation after their death, in order to protect the rights of heirs and further preservation of business . Such actions of the testator must concern two aspects: the relevant amendments to the constituent documents of the company; the drafting up of wills in relation to quality of business and business assets.

Uganda: Benefits of an Investment Licence to the Government

The licensing of investments in Uganda provides vital information for the Government in the following areas:

Benefits of an Investment Licence in Uganda

According to the Investment Code Act 1991, Section 15 (1 and 2), Uganda Investment Authority (UIA) shall issue to the applicant an investment license which shall; Authorize the holder of a license to make all arrangements necessary for establishing the business enterprise described in the license.

Investment Incentives in Uganda

The absolute exemption on plant and machinery only applies to plant and machinery used in the agricultural sector.

Processing Investment Licence in Uganda

After a company has been incorporated registered (foreign company) in Uganda, it is eligible for an investment license provided its capital investment exceeds US$ 100,000 (Foreign firms) and US $ 50,000 (Local firms).

SEC Whistleblower Program

  By HG.org
In 2010, Congress implemented a new act that provides for monetary incentives for whistleblowers who report Securities and Exchange Commission violations. Whistleblowers are individuals with important information about the illegal acts of others.

Authentication, Simplification, Granted IP Status in Latin America

The Hague Apostille Convention of 5 October 1961 was born out of the need to simplify the circulation of documents between different states and countries in the world. The convention applies only to public documents that need to be authorized. If both countries are part of the convention, an Apostille will be sufficient.

Withdrawing From Loans and Reimbursement of Early Repayment Penalty in Germany

It is still possible to withdraw from a loan even after it has been prematurely paid off. After successfully withdrawing from the loan, the consumer can reclaim his early repayment penalty.

NBFI can invest in Alternative Investment Fund – Bangladesh Bank

  By OGR Legal
Recently Bangladesh Bank decided to allow NBFI to invest in Alternative Investment Fund.

Withdrawing from Loans: OLG Köln Bolsters Consumer Rights in Germany

In its ruling of November 6, 2015, the Oberlandesgericht Köln (Higher Regional Court of Cologne) once again strengthened consumer rights in cases involving withdrawal from a loan (Az.: 13 U 113/15).

OLG Frankfurt: No Forfeiture of Right of Withdrawal in Cases Involving Consumer Loans

According to a ruling of the OLG Frankfurt (Higher Regional Court of Frankfurt), the right to withdraw from a loan is not forfeited even after years have passed since the conclusion of the loan agreement (Az.: 23 U 24/15).

Withdrawing from Loans: Bundesrat Favours Longer Transitional Period for Legacy Contracts in Germany

The controversial plans to do away with what is termed the “ewiges Widerrufsrecht” (perpetual right of withdrawal) in cases involving real estate loans have been met with criticism from political quarters. The Bundesrat (the upper house of the German parliament) considers the case for a longer transitional period to be justified.

What to Do When Your Business Bank Deposit Goes Missing

  By HG.org
A common business practice for retail stores and other establishments is to have a manager or other agent of the business deposit all cash and check after the close of the business day. This is often completed after the bank has already closed. The agent usually drops a pouch in a deposit box for this purpose.

Germany: Right of Withdrawal from Legacy Contracts to Expire Soon

Anyone who is still considering withdrawing from a loan ought to act now. The German Bundestag has resolved to do away with the option to withdraw. Thus, withdrawal is only possible until June 21, 2016.

Scholz Holding GmbH: Deferred Payment of Interest

Investors in Scholz Holding GmbH bonds will not receive an interest payment on March 8. The due payment has been deferred until May 31, 2016.

Ekosam-Agrar GmbH Bond Terms to be Extended in Germany

Investors in Ekosem-Agrar GmbH are to vote on a four-year extension to the terms of two bonds. Creditor meetings are taking place on March 16 and 17.

English Court Guidance on Anti- suit Injunctions in UK

In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v- BANK OF CHINA LTD (2015) it has been held that an applicant to an anti-suit injunction shall act promptly and not sleep on his rights.

Non-Traded REITs: Great for Brokers, Not for Clients

FINRA, the Financial Industry Regulatory Authority, filed a complaint against VFG Securities, Inc., a small broker-dealer that allegedly generated almost 95% of its annual revenue from selling non-publicly traded REITs and other illiquid investments to its clients.

Transitioning Broker Alert - FINRA Adopts New Comp Disclosure Rule

The Securities and Exchange Commission approved last week a new rule proposed by FINRA, the Financial Industry Regulatory Authority, which requires brokers departing one broker dealer for another, to send “educational information” to clients about their move to another firm and the financial compensation and incentives they will receive from the new firm for making the move.

Cheque Dishonour Law in Bangladesh

In the modern world it is almost unthinkable that a business would operate without the help of a bank, and as such the use of cheques in Bangladesh have been increased in the past decade. Due to the high number of transactions via this mode, the possibility of a cheque being dishonoured is substantially high. As such the receiver of cheques must have adequate and effective legal recourse which they can entertain when they do face this situation.

New CFPB Rules and the Impact on Hard Money Lending

Hard-money lending is becoming more popular in the mortgage industry as real estate investors try to find new ways to take advantage of opportunities quickly by accessing this source of liquid capital. In addition, as interest rates rise, hard money lending becomes a way for investors to close deals faster.

SEC Fiduciary Rule Proposal to Potentially Differ from DOL’s

Calling all financial advisors – time to grab your compasses and brush up on your map-reading skills. As if the path to confirmation of the Department of Labor (DOL) fiduciary rule were not controversy-ridden enough, according to Investment News, SEC Chairwoman Mary Jo White announced this week the SEC may propose its own rule that “may not mesh perfectly” with the DOL’s.

Implementation of the Common Reporting Standard by the Republic of Cyprus

The Organisation for Economic Co-operation and Development proposed a Common Reporting Standard (CRS) for the Automatic Exchange of Information with the aim of improving international tax compliance and preventing tax evasion, through the automatic exchange of information between countries that implement CRS, one of which is the Republic of Cyprus.

Cyprus: English Court Guidance on the Wording of a Freezing Order

Recently the Supreme Court of the United Kingdom in the case of JSC BTA Bank v Ablyazov [2015] UKSC 64 made a landmark decision on the construction of freezing orders.

What Is a Loan Modification Lawyer?

  By HG.org
Loan modifications are most commonly made to mortgages, often because homeowners are having difficulty making mortgage payments. A loan modification lawyer restructures an existing contract to modify the repayment terms of a loan.

How to Use a Tax Return after Consolidating Student Loans

  By HG.org
When a person files taxes in which he or she has paid a greater amount of taxes than his or her tax liability requires, he or she can receive a tax return. In some situations, a person may have taken the steps to consolidate student loans and may look for other ways to save. Some possible ways to smartly use these funds include:

FINRA Investigations Under Rule 8210

It is every registered person’s nightmare. You receive a letter from a FINRA office notifying you that you are the subject of a FINRA investigation.

Cyprus English Court Guidance on the Liability of an Agent Towards His Principal for Benefits and Assets Acquired During Agency

In a recent decision of the English Supreme Court inFHR EUROPEAN VENTURES LLP –V- CEDAR CAPITAL HOLDINGS LLC (2015) it has been held that, where an agent acquires a benefit, which came to his notice, as a result of his fiduciary or trustee position (including a business opportunity), the equitable rule is that the agent shall be treated as having acquired the benefit, or opportunity on behalf and for the account of his principal.

Recent Developments on Collateral in Thailand

Some of the effects of the recently enacted Business Collateral Act.

A Guide For California Real Estate Investors

Real estate investors are prevalent in the California real estate market, and they have driven the values for the past few years. What, then, should California real estate investors look out for when purchasing real property as an investment?

The Registration Of Individuals & Companies In Free Zones in Jordan

Free zones in Jordan offer investors exemptions from income and social services taxes, custom duties and import duties.

The Ownership & Participation Of Non-Jordanian In The Jordanian Companies

According to the Regulation of Regulating Non-Jordanian Investments, Foreign investors are allowed full ownership in many sectors, including manufacturing, hospitals, hotels, and Agriculture.

The Non-Operating Foreign Companies in Jordan

According to Jordanian Corporate law, the non-operating Foreign Company in Jordan is a Company or an entity which has its regional or representative office in Jordan for operations that it conducts outside the Kingdom for the purpose of using such a regional or representative office for managing its operations and coordinating them with its headquarters, and it is prohibited from carrying out any business or commercial activity inside the Kingdom.

The Consular and Diplomatic Protection: The State’s Law and the Supranational Legal Orders

The consular and diplomatic protection's public law studied the interaction between the State’s law and the supranational legal orders

Recovering Your Romanain Investment

Companies have been formed in the past for many reasons in Romania. Over the past few years the Romanian Trade Registry has endeavoured to clean up the number of Romanian dormant or non-trading companies which had been set up in the first flush of a free trade economy as shown on the register. In many cases the owners have let these companies die as they had no interest in them or their assets.

Kazakhstan Business Code: What’s New?

On 30 October 2015, the president of the Republic of Kazakhstan (“RK”) signed the Business Code (“BC”). BC is a consolidated code that embodies basic legal acts on regulations of enterprise. The adoption of BC renders some regulatory legal acts invalid.

Recent Updates to the Hong Kong Stock Exchange Listing Rules

Recent updates to the Hong Kong stock exchange listing rules.

Forming Appeal Committee for Banking Disputes in Saudi Arabia

The Royal Decree Number: – (24/A), dated in 18/02/1437H, was issued stipulating to form the 1st Court of the Banking Disputes Committee, and the 1st Court of the Appeal Committee of Banking Disputes and Violations, according to (Secondly) and ( Fifthly) paragraphs of the Royal Decree number 37441, dated in 11/08/1433H.

Applications for Conciliationin Germany only Suspend Prescription of Damages Claims if Accurate

A lot of investors are entitled to claim damages after an investment has gone wrong. It is possible to suspend the statute of limitations for these claims by properly submitting applications for conciliation.

Ukrainian Asset Securitization - What Is It?

Asset securitization is the development and implementation of a set of legal measures aimed at the preservation of property. This practice has evolved in a separate area in connection with the increasing number of raiders, corporate conflicts with Ukrainian partners, lots of losses of already privatized objects, return of previously purchased objects from private property to the State, etc.

Cayman Islands Limited Liability Companies Bill

It is proposed that a new law (the “Law”) be enacted, to permit the formation of a new type of vehicle in the Cayman Islands – a Cayman Islands limited liability company (an "LLC").

Implementation of the OECD Common Reporting Standard in the Cayman Islands

On 16 October 2015, the Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were brought into effect.

Estate Planning: Choosing Per Stirpes or Per Capita Distributions

“Per Stirpes” literally means “by roots or stocks; by representation” and is used interchangeably with “right of representation” by estate planning attorneys when referring to a particular method for distributing assets of a decedent. Another common method for distributing assets is referred to as “per capita”. Using ther method, each member of the same generation of a decedent will receive an equal share of the decedent’s estate.

Benefits of a Financial Power of Attorney

Many of our estate planning clients have heard about a Financial Power of Attorney but are not clear as to why they should have one or how they might benefit from having this legal document. At the outset, it is important to consider, “Who takes care of my financial interests if I become incapacitated and unable to handle my own financial affairs?”

Doing Business in Cote d’Ivoire: New Steps for a More Attractive Business Climate

On regional level, Cote d’Ivoire belongs to three major regional entities: The Economic Community of West African States (ECOWAS), The West-African economic and monetary Union (WAEMU). These countries share the same currency, the same central bank (BCEAO), and the same business law. The Organisation for the Harmonisation of Business Law in Africa (OHADA)

Doing Business in Cameroon: Key Issues to Be Aware Of

Cameroon is described as the largest economy of Central Africa because of its demographics (20 million), with an area of 475,442 km², and a diversified economy. As a state party to the Organisation for the Harmonisation of Business Law in Africa (OHADA) and the Economic and Monetary Community of Central Africa (CEMAC), Cameroon has adopted financial regulations enacted for the whole countries of CEMAC.

MFSA Conducts a Thematic Review on Compliance with the Requirements on Corporate Governance in Malta

In 2015, the MFSA conducted a Thematic Review Questionnaire amongst 60 authorised trust companies (‘authorised persons’), which represent approximately half of the licence holders authorised in terms of the Trusts and Trustees Act. The Questionnaire focused on the governance structure of authorised trustees and other fiduciaries to verify the extent to which selected companies have proper governance structures in place.

Common Reporting Standard Enters into Effect for Investment Funds in the Cayman Islands on January 1, 2016

  By Loeb Smith
What is CRS? The Common Reporting Standard (CRS) will impact Cayman Islands domiciled investment funds with effect from 1 January 2016. The CRS framework represents a globally coordinated approach to the disclosure of income earned by individuals and organizations in order to combat tax evasion. The CRS represents a significant step towards the global automatic exchange of information ("AEOI") for tax purposes.

Kazakhstan has Adopted a New Law ‘On Public-Private Partnership’

In the Address, dated 29 January 2010, ‘New Decade - New Economic Growth - New Opportunities for Kazakhstan’, the President of the Republic of Kazakhstan – N.A. Nazarbayev, said, in particular: “A huge potential to attract private investments belongs to the public-private partnership mechanism. We have launched this mechanism in Kazakhstan, but it requires improvements in accordance with the best international practice.”

Correcting Inaccuracies in a Credit Report

  By HG.org
Information that is inaccurate or incomplete in your credit file can result in adversely affecting your credit. Possible results include being denied credit, receiving a higher interest rate or receiving less favorable terms. If you encounter information of this nature, you can take steps necessary to correct this information.

New Amendments to Company Law of Saudi Arabia

The Ministry of Commerce and Industrial (MOCI) announced on 9 November 2015 about New Company Law(NCL), which may be implemented after 150 days from its publication in the Saudi Official Gazette (Um Al Qura). The announcement came after the Kingdom considering the various factors and issues faced by both domestic and Foreign Companies

MFSA on Governance, Compliance & Risk Management Regarding Investment Services Licence Holders in Malta

On the 22nd December 2015, the MFSA issued a letter to the Compliance Officers of Investment Services Licence Holders to inform them of the shortcomings the MFSA identified during focused reviews which it carried out on investment services providers licenced in Malta (“Licence Holders”).

European Bank Authority Consultation on Regulatory Technical Standards on Passporting under PSD II

On the 11th December 2015 the European Bank Authority (“EBA”) launched a consultation on its draft technical standards on the framework for cooperation and exchange of information between competent authorities for passporting under Payment Services Directive II (“PSD II”).

Review of Financial Legislation Amendments in Ukraine 2015

Public finance plays a strategic role in functioning of financial sector and economy at all, developing of regions and supporting of entrepreneurship. In its turn these branches reflect a basis of economic and social development of Ukraine. Efficiency of public finance management is of a great role for providing stability of budget system as well as general financial safety and economic growth.


Contact a Lawyer

Find a Local Lawyer