Unravelling
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Unravelling Complexity

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The European Commission’s anti-money laundering blacklist: diplomacy or bust (in this case, bust)
Regulatory and Tax

The European Commission’s anti-money laundering blacklist: diplomacy or bust (in this case, bust)

The move by all of the European Union’s (EU’s) member states to block the European Commission’s recent anti-money laundering blacklist, mostly as a result of the political damage caused by the inclusion of Saudi Arabia and a number of US territories, arguably demonstrates that perceived “objective” criteria cannot be the only determinant of whether a country gets onto such a list. Politics dictates that some countries simply must not be included.
European Supervisory Authorities recommend a pan-EU approach to crypto regulation
Regulatory and Tax

European Supervisory Authorities recommend a pan-EU approach to crypto regulation

Since the crypto bubble of 2017 many national regulators around Europe and beyond have been moving to implement regulatory regimes within their jurisdictions so as to place themselves as “market leaders” in crypto and FinTech regulation. However, within the EU it is fair to say that the industry, and public sector, have been waiting with anticipation to see where the EU moves to next on this topic – and in particular whether we will have a harmonised regime for crypto regulation in Europe.
Issuer Alert: Cypriot issuers listed on LSE Main Market not subject to EU mandatory takeover bids regime after a no-deal Brexit
Banking and Finance

Issuer Alert: Cypriot issuers listed on LSE Main Market not subject to EU mandatory takeover bids regime after a no-deal Brexit

If a no-deal Brexit goes ahead, the Main Market of the LSE would no longer constitute a “regulated market”, which would trigger a disapplication of a number of key pieces of EU capital markets legislation, including the EU Takeover Bids Directive. In this article, we consider the impact of a no-deal Brexit on the shared jurisdiction regime in the context of mandatory takeover bids legislation under Cypriot law.
Fund finance: British Virgin Islands
Investment Funds

Fund finance: British Virgin Islands

Harneys lawyers contributed a chapter in the Fund Finance 2019 Third Edition published by Global Legal Insights. The chapter gives an overview of the BVI and discusses: fund formation and finance; key developments in the jurisdiction; and the year ahead.
How to be a dutiful director: a refresher on BVI director duties, risk and mitigation
Corporate

How to be a dutiful director: a refresher on BVI director duties, risk and mitigation

“When I grow up, I still want to be a director.” – Stephen Spielberg The esteemed Mr. Spielberg was (probably) talking about a different type of director, but being a director of a British Virgin Islands company is not the daunting task it may first appear. Acting as a director of any company, anywhere in the world, is not a task that should be taken lightly but the duties of a director of a BVI company are, as we will try to show below, relatively easy to understand and reasonably easy for prudent directors to comply with.
Fund finance: An offshore perspective
Investment Funds

Fund finance: An offshore perspective

Harneys lawyers contributed a chapter in the Fund Finance 2019 Third Edition published by Global Legal Insights. The chapter discusses: some of the basic reasons why managers, allocators and lenders alike continue to use offshore structures; developments and trends in the fund finance market from an offshore perspective; the key issues that any transaction involving an offshore element should cover; and some ideas for future innovation.