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Unravelling Complexity

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Technology investment and legal changes
Investment Funds

Technology investment and legal changes

“This year we’ve seen more changes than ever before. The pace and ferocity with which new legislation is coming is unlikely to change any time soon,” comments Ian Gobin, joint global head of our Investment Funds and Regulatory group at Harneys. “It’s our job to digest these new laws and distil them so that we can advise of their impact to our clients in the most practical of ways. To do this we have a global regulatory team, built of senior partners, professional support lawyers, paralegals, law clerks, research specialists as well as IT support/coders.
Chambers Global - BVI International Arbitration

Chambers Global - BVI International Arbitration

Harneys contributed the British Virgin Islands chapter in the Chambers 2019 International Arbitration Global Practice Guide. Litigation is more favoured than arbitration in the BVI however, the BVI wishes to promote the growth of arbitration and thereto adopts a strongly pro-arbitration approach. It is hoped that the BVI’s legal framework and stable political environment, as well as its central and neutral location, will enable it to rapidly become a leading arbitration hub for disputes involving Latin-American counterparties.
Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships
Investment Funds

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related amendments to the Beneficial Ownership Secure Search System Act, 2017 will implement an economic substance reporting regime. Harneys has issued this guide to assist directors and operators of BVI companies and limited partnerships.
Important updates to the BVI Regulatory Code 2009
Regulatory and Tax

Important updates to the BVI Regulatory Code 2009

The BVI Regulatory Code 2009 (the RC09) was amended by the Regulatory (Amendment) Code 2019 (the Amendment). The Amendment was issued and Gazetted on 11 November 2019 and comes into force on 13 November 2019. There are a number of important points to note from the Amendment.
Keep Calm and Be a (Black) Swan – Standalone injunctive relief
Litigation, Insolvency and Restructuring

Keep Calm and Be a (Black) Swan – Standalone injunctive relief

The British Virgin Islands sets itself apart from other offshore and onshore centres through the speed, efficiency and flexibility with which it deals with matters, especially those arising from fraud. Absent a statutory gateway for standalone injunctive relief, the Courts in the BVI have long grappled with extending relief to an aggrieved party who has, after suffering a fraud, commenced proceedings in a foreign jurisdiction and pending judgment wished to prevent the wrongdoer from dissipating assets.
SOS Substance on Substance: Episode thirteen – What should directors and fiduciary service providers be considering?
Economic Substance

SOS Substance on Substance: Episode thirteen – What should directors and fiduciary service providers be considering?

In the thirteenth instalment of Harneys’ Substance on Substance series, Joshua Mangeot and special guest George Weston discuss BVI directors’ duties in the context of the Economic Substance (Companies and Limited Partnerships) Act 2018 (the ES Act) and provide an update on amendments to the Beneficial Ownership Secure Search System Act 2017 (the BOSS Act).