The European Securities and Markets Authority ("ESMA") announced 11 December 2020 that Euroclear UK & Ireland Limited ("EUI"), the central securities depository ("CSD").
On 16 December 2020, the Central Bank of Ireland
(
Letter ) highlighting anti-money
laundering (
AML ) compliance issues
that Irish SPVs that are Schedule 2 Firms (so-called because they
carry out one or more of the activities specified in Schedule 2 of
the Criminal Justice Act 2010) should be monitoring with care.
Schedule 2 Firms would include, for example, Irish SPVs that are
involved in activities such as lending, debt factoring or finance
leasing.
Appendix A to the Letter sets out the CBI s findings, as
well as its expectations, in various categories.
Board Oversight and Governance
Firms should be able to demonstrate that AML is a regular agenda
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Originally Published in Chambers Insurance & Reinsurance
Guide 2021: Bermuda
This guide provides the latest information on sources of
insurance and reinsurance law, insurance and reinsurance regulatory
bodies and legislative guidance, overseas-based insurers or
reinsurers, M&A activity relating to insurance companies,
alternative risk transfer (ART) transactions and insurtech
developments.
1. BASIS OF INSURANCE AND REINSURANCE
LAW
1.1 SOURCES OF
INSURANCE AND REINSURANCE LAW
The principal legislation governing companies in Bermuda is the
Companies Act 1981, as amended (Companies Act), under which the
majority of companies in Bermuda are incorporated by
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Managing Director, Richard Gordon and Managing Partner, Kendra Foster talk to Global Fund Media Ltd for its Cayman Islands
Fund Services report, highlighting how Cayman s enhanced
private funds regulatory regime is providing investors with greater
comfort and fuelling growth.
The number of private funds being established in the Cayman
Islands has continued to rise. This sector proved to be resilient
and flexible as it swiftly adapted to a new regulatory regime and
turned the additional oversight into an advantage. The growth of private funds is a function of the Cayman
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On February 1, 2021, Canada Gypsum Management and Supply, Inc.,
a subsidiary of GMS Inc. (NYSE: GMS) and operator of WSB Titan in
Canada, completed its acquisition of D.L. Building Materials Inc.
( DL ).
Headquartered in Vaughan, Ontario, WSB Titan is the largest
wallboard distributor in Canada and operates from a network of over
30 distribution locations across six Canadian provinces.
DL is a leading supplier of wallboard, acoustical ceilings,
steel framing, insulation and related building products serving
Eastern Ontario and Western Quebec markets through two locations in