Substance on Substance

In this episode, Partner Joshua Mangeot and Director of Fiduciary and Custodial Kerry Graziola discuss the various amendments in 2021 to the Economic Substance (Companies and Limited Partnerships) Act (the ESA) and the Beneficial Ownership Secure Search System Act (the BOSS Act) and provide an update regarding steps being taken by the International Tax Authority (ITA) to monitor entities’ compliance. By way of background, the BOSS Act was amended twice in 2021 – first, with effect from 1 July 2021 via the Beneficial Ownership Secure Search System (Amendment) (No. 1) Act, 2021 (the First Amendment) and the Beneficial Ownership Secure Search System (Amendment) (No. 2) Act, 2021 (the Second Amendment and together with the First Amendment the 2021 Amendments). Many of the key changes made via the First Amendment were summarised in our client update of 19 July 2021. Key takeaways: ESRulesRelevant LPsBOEntityFPExempt Person The Harneys ES Classification Solution Our Classification...

In the fourth episode of Substance on Substance season two, Philip Graham, our global head of Investment Funds and Regulatory, and Counsel Joshua Mangeot, our BVI economic substance specialist, consider the ITA’s investigation and enforcement powers under the Economic Substance (Companies and Limited Partnerships) Act 2018 and discuss some expected changes to the legislation, including limited partnerships registered in the BVI without legal personality being brought within the regime. Key takeaways Our full guide regarding the ITA’s investigations and enforcement powers can be found here. This and our other client guides may need to be updated as appropriate if the legislative amendments are brought into force.

In the fifth episode of this season’s Offshore Litigation Take 10 podcast, guest speaker Victor Joffe QC of Temple Chambers joins Ian Mann to discuss Chu v Lau [2020] UKPC 24, a case that considers the test for winding up a company on the just and equitable ground, with particular reference to deadlock. Key takeaways Chu v LauRead more about Chu v Lau in this blog post.

In a bumper episode for the holiday season, Phil and Josh venture into the weeds of the ES reporting requirements, giving a "deep-dive" into the reporting criteria and their long-awaited discussion of tax non-residence claims and Part 4 of the International Tax Authority (ITA) Rules. Key takeaways CIGA provided in each case the relevant jurisdiction does not appear on the EU's tax "blacklist".

In the second episode of our Substance on Substance Season two, Philip Graham, our global head of Investment Funds and Regulatory, and Joshua Mangeot, our BVI Economic Substance specialist, give an update on points directors and operators of BVI entities should be aware of regarding the economic substance reporting deadlines. Key takeaways We are able to offer a suite of online tools to make this process easier. Harneys’ Economic Substance Classification Solution which provides real time formal legal advice to any BVI company or limited partnership for a low fixed fee can be found here. This solution offers users access to high quality legal advice on their entity’s status and obligations within minutes. More information about Harneys' Economic Substance reporting tools we have developed to assist registered agents and service providers coordinate reporting can be found here.

In our final episode of The Funds Download season one, our host and the Global Head of Funds and Regulatory, Philip Graham, is joined by Partners Lewis Chong and Matt Taber, and Associate Marc Piano, our in-house crypto experts. They consider the most frequently asked questions encountered in their extensive experience with guiding emerging managers in this industry.

Our BVI economic substance specialists Counsel Joshua Mangeot and Director of Client Services Amy Roost address some FAQs regarding the reporting process, which are relevant to all BVI companies. Key Takeaways: RAbefore 30 December 2020here Josh and Amy’s practical guide to BVI ES reporting is available by clicking here.

In the ninth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Partner Matt Taber and Associate Marc Piano, to focus on how the FinTech evolution continues to provide a platform for serious innovation in the industry.

In the fourth episode of this season’s Offshore Litigation Take 10 podcast, Ian Mann is joined by guest speaker Victor Joffe QC of Temple Chambers to discuss the UK Supreme Court case of Sevilleja v Marex Financial Ltd [2020] UKSC 31, a case that looked at whether the rule against reflective loss prevented creditors of a company from claiming directly against a third party for asset-stripping the company. Key Takeaways: Sevilleja v Marex – The facts: Reflective loss: Prudential Assurance...

Host and the global head of Funds and Regulatory, Philip Graham is joined by Partner Lewis Chong and Associate Marc Piano, to discuss the hot topic of Cryptocurrency; how it has evolved, its recent resurgence and the essential role offshore jurisdictions play in supporting this dynamic industry.

In our fourth episode of R&I over Wi-Fi, Senior Associate Lachlan Greig sits down with Partner Paul Madden to discuss provisional liquidation. The focus of this episode is on the appointment of restructuring provisional liquidators when the company is unable to pay its debts.

In the seventh episode of our Funds Download podcast series, our host and the Global Head of Funds, Philip Graham, is joined by the Head of our Regulatory and Tax Department, Aki Corsoni-Husain, to talk us through the global regulatory framework that all aspiring fund managers and service providers should be aware of.

In the sixth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by head of Funds and Regulatory, Asia, Maggie Kwok, to share insights from the region.

Our podcast series Practically Speaking, was launched to provide our listeners with practical advice and insights on issues applicable to stakeholders of BVI entities. In our eighth episode, Transactional Partner Rachel Graham and Senior Associate within Harneys’ Private Wealth team, Matthew Howson discuss the following:

In the fifth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Harneys Fiduciary Managing Director of the Americas, Maria Pia Buchi, to examine market trends originating from Latin America and how investment fund products are structurally so important in the plumbing of the region.

Our podcast series Practically Speaking was launched to provide our listeners with practical advice and insights on issues applicable to stakeholders of BVI entities. In our seventh episode, Transactional Partner Rachel Graham and Director of Fiduciary & Custodial Kerry Graziola discuss how to establish substance for relevant in scope entities in the BVI, outlining: Find out more about the ITA’s updates regarding compliance and reporting in response to the COVID-19 outbreak here.

Our podcast series Practically Speaking, was launched to provide our listeners with practical advice and insights on issues applicable to stakeholders of BVI entities. In our sixth episode, Transactional Partner Rachel Graham and Transactional Counsel Thomas Dugdale discuss the following: here

In the fourth episode of our Funds Download podcast series our host and global head of Funds and Regulatory, Philip Graham, is joined by the head of our Luxembourg Investment Funds team, Vanessa Molloy, to take a closer look at the reasons why Luxembourg is such a successful investment funds jurisdiction, and the main factors to consider if you are thinking of establishing a Luxembourg structure.

Welcome to this season’s third episode of the Offshore Litigation Take 10 podcast. In this episode, Paula Kay joins Ian Mann to discuss privatisation, the process by which a company transfers from public to private ownership and control. Key Takeaways Why privatise? Options for privatisation for a Cayman Islands company

Our podcast series Practically Speaking was launched to provide our listeners with practical advice and insights on issues applicable to stakeholders of BVI entities. In our fifth episode, Director of Client Services Amy Roost and Global Head of Investment Funds, Philip Graham discuss the following: PIFsJune 30, 2020 deadline Read more about PIFs in our initial post published back in January 2020. To schedule an immediate formal assessment of your BVI vehicle and to discuss the exemptions...