Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey a number of Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the updates are … Read more
On 4 September 2017, seven major regulators governing the finance and technology sectors in China (collectively, the Chinese Regulators), jointly published an announcement prohibiting initial coin offerings (ICOs) in China. The following day, the Hong Kong Securities and Futures Commission (SFC) also made a statement on existing regulations which could be applicable to ICOs and … Read more
We are delighted to announce that Richard Norridge, our Head of Trust & Estates Disputes and Head of Private Wealth – Asia, has been named as a leading lawyer in the Citywealth Leaders List. Read more
The IFC Awards 2018 has announced the finalists. We are thrilled to have been shortlisted in Law firm of the Year – Asia. There are many other trustees and firms who have been shortlisted across different categories. If you wish to vote for any of the finalists, click here: https://www.citywealthmag.com/awards/ifc-awards/voting Read more
A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to coincide with Singapore’s Prime Minister Lee Hsien Loong’s state visit to the United States, announcing … Read more
On Wednesday (12 June 2013) the UK Supreme Court handed down its much anticipated judgment in Prest v Petrodel Resources Limited and others [2013] UKSC 34, in which it held that seven properties purchased by the husband through off-shore companies should be made subject of an ancillary relief order and should be transferred to the … Read more
Where trustees have undertaken transactions with unintended consequences (usually unwanted or unexpected tax consequences), they have been able to make use of the “Hastings Bass rule” to set those transactions aside. The Hastings Bass principle allows transactions to be set aside, where it can be shown that the trustees’ error is based on the trustees’ taking … Read more
