Walkers Celebrates 5 Years in Bermuda

Walkers (Bermuda) Limited is pleased to celebrate the five year anniversary of its Bermudian operations in Hamilton, Bermuda.

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WPS is Moving!

Walkers' Market Leading Professional Services Provider is Moving.

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Events & Webinars

See upcoming virtual events and webinars.

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Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
GlobalMap Oct2019
Diversity

Diverse & Inclusive

At Walkers we are committed to building a diverse and inclusive workplace where everyone can feel comfortable, happy and confident in an inclusive environment.

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BVI Update: "Black Swan" Legislation Passed

On 31 December 2020, the BVI House of Assembly passed the so-called "Black Swan" Bill amending section 24 of the Eastern Caribbean Supreme Court (Virgin Islands) Act (Cap. 80) so as to confer jurisdiction on the BVI Court to grant interim relief in support of foreign proceedings. The Bill is expected to pass into law and come into force early in 2021.

In May 2020, in Broad Idea International Limited v Convoy Collateral Limited (BVICMAP 2019/0026), the Eastern Caribbean Court of Appeal (Pereira CJ;, Blenman and, Michel JJAA) ruled that the BVI Court lacked jurisdiction to grant a free standing freezing injunction against a BVI company where that company was not a party to substantive proceedings either in the BVI or elsewhere and that legislation would be required before the BVI Court could grant such relief. In so holding, the Court of Appeal determined that the case of Black Swan Investments ISA v Harvest View Limited (BVIHCV 2009/399) ("Black Swan") was wrongly decided and should be overruled. Convoy Collateral Limited's appeal from the decision of the Court of Appeal' is due to be heard by the Judicial Committee of the Privy Council on 16 and 17 February 2021.

Walkers partners Rosalind Nicholson and Murray Laing act for Broad Idea International Limited. Walkers are instructing Richard Morgan QC and Andrew McLeod of Maitland Chambers.

Ireland Update – Investment Limited Partnerships (Amendment) Bill 2020 Update

In a welcome update on the amendments to Ireland's investment limited partnership regime, the Investment Limited Partnerships (Amendment) Bill 2020 has now passed through all stages in Dáil Éireann and Seanad Éireann (the Irish houses of parliament) and is expected to be signed into law shortly.

Our update from September 2020 sets out the key changes being made to the existing limited partnership legislation.

Ireland Update – Data Privacy – International Data Transfers

In recent weeks there have been a number of developments which will impact EU-based organisations transferring data to third countries.

In this advisory, we take a closer look at these new measures, including, draft guidance issued by the European Data Protection Board in respect of the use of the transfer mechanisms for data transfers to third countries and new draft Standard Contractual Clauses published by the EU Commission.

 

Click to view advisory

Performance Fees – Central Bank of Ireland Takes Initial Steps Towards Implementing ESMA’s Guidelines

On 3 December 2020, the Central Bank of Ireland (the "Central Bank") published CP134, a consultation on new performance fee guidance for UCITS and certain types of retail AIFs. This consultation is an initial step by the Central Bank in the implementation of ESMA's performance fee guidelines (the "Guidelines"). By way of reminder the Guidelines are set to apply on a phased basis from 5 January 2021. The Central Bank is proposing to adopt a phased implementation approach with the provisions of the Guidelines that are consistent with the existing requirements being included in its proposed guidance.

Feedback on CP134 is due by 15 January 2021. Those with existing performance fees should note the proposal that any amendments to the performance fee will trigger the requirement to comply with the Central Bank's proposed guidance as of the date of amendment.

Our advisory provides details on the approach the Central Bank proposes to take in relation to the implementation of the Guidelines.

 

Click to view advisory

CP 132 – Share class feature proposals for closed-ended funds

On 23 November 2020, the Central Bank of Ireland published a consultation paper entitled “Guidance on share class features of closed-ended QIAIFs” (“CP132”). The proposed guidance set out in CP132 seeks to address a number of operational matters for certain categories of closed-ended qualifying investor alternative investment funds. The proposals relate to guidance on (i) the issue of shares at a price other than net asset value; (ii) excuse and exclude provisions; (iii) stage investing; and (iv) management participation. It is proposed that the guidance will apply to QIAIFs which generally use private equity type strategies or invest in illiquid assets.

 

Our advisory considers the proposals set out in CP132.

 

Click to view advisory

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