On 23 March 2022, CAY CIMA issued consolidated ownership rules for companies, LLPs. CAY CIMA issued Beneficial Ownership (Companies) regulations (2022 revision). Also Beneficial Ownership (Limited Liability Partnerships) regulations (2022 revision). Gazette dated 14 January 2022, received 23 March 2022 , and summarized on 30 March 2022. Beneficial Ownership (Companies) Regulations 2017 as amended by…
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U.S. – SEC Proposed Changes to 13D and 13 G Reporting
On Feb. 10, SEC proposed to amend beneficial ownership reporting. SEC proposed to amend certain rules that govern beneficial ownership reporting. Modernize filing deadlines for beneficial ownership reports filed on Schedule 13D, 13G. Accelerate the filing deadlines for Schedules 13D beneficial ownership reports from 10 days to five days and require that amendments be filed…
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Isle of Man – FSA Beneficial Ownership Rules
On 1 February 2022, IOM FSA, IOM GVT issued beneficial ownership proposals. IOM GVT published a consultation on the proposed new Civil Penalties Regulations. Overview Feedback sought on measures to encourage compliance with beneficial ownership law. Broadens scope of Beneficial Ownership Act 2017 contraventions for which civil penalty can be considered, including where currently only…
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U.K. – BAILLI Beneficial Ownership Shares
On 14 June 2021, UK BAILLI issued judgment in Pleshakov v Sky Stream. UK BAILLI issued Privy Council judgment in Pleshakov v Sky Stream [2021] UKPC 15. Case concerned with questions of trust law regarding beneficial ownership of shares. Appeal from decision of Court of Appeal which allowed an appeal against the decision of Bannister…
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Ireland – GVT Beneficial Owner Regulations
On 27 April 2021, IRE GVT issued beneficial ownership regulations. IRE GVT issued EU (anti-money laundering: beneficial ownership of trusts) regulations. Follows 30 June 2021 IRE GVT issue of rules on certain financial vehicles. Summary The regulations implement the rules in article 31 of directive 2015/849 of European Parliament and Council of 20 May 2015,…
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Isle of Man – GVT Consultation on Beneficial Ownership
On 10 September 2020, IOM GVT issued notice on beneficial ownership law. Key Points The consultation seeks feedback on the Beneficial Ownership (Amendment) Bill 2020. Follows IOM FSA September 2020 draft bill to improve accuracy of database. The amendments would ensure Isle of Man is compliant with international standards. The bill aims to bolster the…
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