Articles

At present, there is no specific regulation in relation to cryptocurrencies, and it is not possible to regulate their issuance or extraction given their decentralised nature. However, the conversion service can be regulated, and this is precisely where the new regulations have an impact. 

Switzerland is well known for its strong and stable democratic system. Its citizens are more aware of the resulting long-lasting law-making process.

Indeed, the revision of the Swiss inheritance law to enter into force on 1st January 2023 was initiated some 15 years ago. Its main objective was to adapt to the new social realities, notably the apparition of more and more “blended families” or “unregistered” intimate relationships. 

The Financial Conduct Authority (FCA) is looking to attract growth firms by potentially eliminating the choice of two segments (Premium or Standard). They recently published feedback on the ongoing Primary Markets Effectiveness Review which will impact both listed companies, and those looking to list, who will need to pay particular attention.

There are many reasons why someone might choose to leave money to charity in their will. Tax planning may be a key incentive, or it could be due to a lack of close family members. Some may simply wish to create a longer-lasting personal legacy or they might have strong feelings about a certain cause.

‘Last year, Fisherman’s Friend heiress Doreen Lofthouse hit the headlines when she left £41.4 million from her family’s fortune to the Lofthouse Foundation.’ Mary Shaw, a Partner in the wills and probate team with Warners Solicitors in Tonbridge, explains ‘Doreen contributed generously to causes close to her heart throughout her lifetime and leaving such a significant sum on her death was designed to allow the foundation to continue her philanthropic work.’

Mary explores the key motivations for charitable legacies and highlights the benefits.

UK - In the second installment of a three article series, Benjamin Lomer of Druces LLP examines the legal complexities around pet-ownership by tenants and landlords. This time looking at revised model tenancy agreements.

In this note we will be looking at the recent revisions made to the Government’s model tenancy agreement by the Department for Levelling Up, Housing and Communities (DLUHC).

The revisions aim to stop landlords being able to impose a blanket ban on pets. The standard ‘no pet’ clauses (as discussed in part 1) have been amended in the model tenancy agreement so that the tenant can now request consent from the landlord to keep a pet.

Fund annual return form – deadline extended
A reminder that all private funds registered with the Cayman Islands Monetary Authority (CIMA) must submit a fund annual return (FAR) form.

For all private funds with a financial year end up to 31 March 2021 the date for filing the FAR form has been extended to 31 October 2021. Thereafter it will be due annually within six months of the private fund’s financial year end. For more information about the private funds FAR form please see our earlier client alert and our regulatory blog.

BRAZIL | Legal Framework of Startups is Sanctioned and Enters into Force on September 1st, 2021

On June 1st, 2021, Supplementary Law No. 182 was sanctioned, which instituted the ‘Legal Framework for startups and innovative entrepreneurship’. The novelties brought by said law create better conditions for the development and consolidation of startups in the country, also stimulating initiatives for integration between the public and private sectors.

The new Legal Framework provides for some requirements for qualifying a company as a Startup, including: (i) having an annual gross revenue of up to R$16,000,000.00 (sixteen million reais); (ii) not exceed 10 (ten) years of registration in the National Register of Legal Entities (CNPJ); and (iii) that declare, in their articles of incorporation, the use of innovative models or that fall under the special regime Inova Simples – regulated by CGSIM Resolution No. 55, of March 23, 2020.

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Harneys recently partnered with Preqin on their first ever Preqin Markets in Focus: Alternative Assets in Asia Pacific report, which focuses on investment opportunities, trends, fundraising and deal statistics in a region, which has seen assets under management expand more than eight-fold, over the past decade, to US$1.6 trillion.

The report features an article by Maggie Kwok, Harneys' Asia Head of Funds and Regulatory, titled “Why The Future of Private Capital Lies in the East”.

Maggie’s article will outline:
• What are some of the key themes that have emerged?
• A closer look at the competing regulators/jurisdictions.
• How to create the right legal platform.

India | The Model Tenancy Act, 2021 (“Model Act”) was recently approved by the Cabinet and circulated to all the States and Union Territories for their adoption. The Model Act aims to establish a Rent Authority to regulate renting of premises and to protect the interests of landlords and tenants and to provide speedy adjudication mechanisms for resolution of disputes and connected matters. On the political front, the Model Act seeks to fulfil its objective of housing for all under the Pradhan Mantri Awas Yojana. This piece analyses the scheme of the Model Act.

The new Chinese Civil Code is an event not only from a legal point of view, but also in terms of social significance. The protection of civil rights and the rights of individuals is explicitly mentioned in Article 1.

In this article, Franzosi Dal Negro Setti lawyers Ombretta Dal Negro and Carolina Stefanetti highlight the most significant parts.