Walkers Launches Compliance Services Offering

Walkers Compliance complements Walkers' legal, corporate and fiduciary services to deliver a one-stop-shop for clients looking to use the Cayman Islands jurisdiction for their business needs.

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Brexit

Following the result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practise.

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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
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Walkers Announces 2019 Promotions

Walkers is pleased to announce that 18 attorneys across its global offices have been invited to join the partnership. In addition, 13 associates have been promoted to senior counsel.

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Ireland - New AML Whistleblowing Requirements

New regulations have been introduced which require firms which are in-scope of Irish anti-money laundering legislation to introduce internal whistleblowing procedures regarding breaches of anti-money laundering legislation which are proportionate to the nature and size of their business.

The European Union (Money Laundering and Terrorist Financing) Regulations 2019 (the "Regulations") amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "2010 Act") and require 'designated persons' – including regulated entities such as credit institutions, investment firms, payment and e-money institutions, investment funds and fund management companies and also 'Schedule 2' registered firms - to implement appropriate procedures for their employees, or persons in a comparable position, to report a contravention of the 2010 Act internally through a specific, independent and anonymous channel.

This client advisory addresses some of the factors which firms should consider when meeting these new obligations imposed by the Regulations.

 

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Anti-Bartlett Provisions - Back on Track

In a judgment delivered on 22 November 2019, the Hong Kong Court of Final Appeal has determined the extent to which ‘anti-Bartlett’ clauses commonly found in trust instruments are effective to relieve trustees of supervisory duties relating to the trust. In a ruling that will be of comfort to the trust industry, the court found that anti-Bartlett clauses were effective to relieve trustees of supervisory duties and any liability which flowed from the failure to exercise supervisory powers. Although the case was heard in Hong Kong, the law of the trust was that of Jersey, so will be of particular interest in the Channel Islands.

 

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Court of Appeal for Bermuda Clarifies Test for Leave to Appeal to the Privy Council

Although an appeal to the Judicial Committee of the Privy Council lies as of right for money judgments in excess of $12,000, leave to appeal from decisions of the Court of Appeal for Bermuda involving non-monetary claims (for example, claims for declaratory or injunctive relief) are at the discretion of the Court. Bermuda law provides that appeals to the Judicial Committee of the Privy Council for non-money claims will only be allowed for matters which raise questions of “greater general or public importance, or otherwise”. In a judgment dated 22 November 2019, the Court of Appeal for Bermuda has provided welcome clarification as to the application of this test, and confirmed that the “or otherwise” limb of the test cannot be used to seek leave to appeal decisions between private litigants involving the application of settled law Imran Siddiqui and Others v Athene Holding Ltd. (On an application for leave to the Privy Council) [2019] CA (Bda) 15 Civ.

Background
The application before the Court of Appeal for Bermuda (the “Court”) on 7 November 2019 (the “Application”) was an application for leave to appeal the Court’s earlier judgment of 20 September 2019 which had dismissed the appeal of certain first instance decisions declining to stay the proceedings on forum non conveniens grounds or to otherwise strike-out the action. By their Application, the appellants sought leave to appeal to the Judicial Committee of the Privy Council (the “Privy Council”).

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Ireland ESG Series – Part 2: BMR Amendment

Work has been continuing at a steady pace in Europe to implement the package of measures set out in the European Commission's action plan on sustainable finance. In part 1 of our environmental, social and corporate governance ("ESG") series we examined the Disclosures Regulation as one of the new regulations focused on sustainability in the financial services sector. In part 2 of this series we focus on the second of these regulations, the amendments to the Benchmarks Regulation ("BMR Amendment").


The BMR Amendment introduces two new benchmark classifications, namely, EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks as two distinct categories of low carbon benchmarks. The BMR Amendment also introduces additional information which benchmark administrators need to disclose in respect not only of EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks but all other types of benchmarks.

Further parts of this series will be issued as the regulations in respect of the other measures set out in the action plan on sustainable finance are published.

 

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Ireland ESG Series – Part 1: Disclosures Regulation

Work has been continuing at a steady pace in Europe to implement the package of measures set out in the European Commission's action plan on sustainable finance. Sustainable finance involves taking sustainability considerations into account as part of the financial decision making process. Financial market participants and financial advisors should consider the additional disclosures they may be required to include on their websites and in pre-contractual disclosures to investors from 10 March 2021 and/or in periodic reports from 1 January 2022 to comply with the requirements of the Disclosures Regulation.

In part 1 of our environmental, social and corporate governance ("ESG") series we examine the Disclosures Regulation as one of the new regulations focused on sustainability in the financial services sector. Part 2 in this series will focus on the second of these regulations, the amendments to the Benchmarks Regulation. Further parts of this series will be issued as the regulations in respect of the other measures set out in the action plan on sustainable finance are published.

 

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