REGULATORY COMPLIANCE IN FOCUS

The multiplicity of laws to be complied with if trust and company service providers (TCSPs) operate in various jurisdictions, and the ever-changing regulatory landscape more generally can make it difficult for TCSPs to navigate and keep on top of their regulatory compliance obligations. Consistent with this, a clear majority of survey participants cited “general regulatory … Read more

GROWING BODY OF COMMON LAW DECISIONS THAT CRYPTOCURRENCIES CAN AMOUNT TO PROPERTY: RUSCOE v CRYPTOPIA LIMITED (IN LIQUIDATION) CIV-2019-409-000544 [2020] NZHC 728

On 8 April 2020, the High Court of New Zealand issued a judgment concluding that cryptocurrencies are a species of intangible personal property capable of being the subject matter of a trust. The judgment summarises recent case law from a number of jurisdictions on the proprietary status of cryptoassets and refers to the UK Jurisdiction … Read more

Beneficiary Disputes in focus

In our recent trust company risk and compliance survey we asked trust companies what are the greatest risk and compliance challenges they face. The respondents identified beneficiary disputes, (i.e. disputes between the trustee and one or more of the beneficiaries) as one of the significant challenges trustees face. They nevertheless ranked it as the least … Read more

APAC Monthly Private Wealth Legal Developments – April 2020

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten 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 update are Hong Kong, … Read more

APAC Monthly Private Wealth Legal Developments – March 2020

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten 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 update are Hong Kong, … Read more

Guernsey Court of Appeal allows a beneficiary to terminate a trust and receive the trust assets, despite there being a power to appoint further beneficiaries under the trust deed

The case of Rusnano Capital AG (in liquidation) v Molard International (PTC) Limited and Pullborough International Corp [2019] GRC 011 concerns a Guernsey trust, which was settled pursuant to a trust deed dated 25 July 2014 (the “Trust”). Under section 53(3) of the Trusts (Guernsey) Law, 2007 (the “2007 Law”), beneficiaries are able to require … Read more

PRIVATE WEALTH & CHARITIES PODCAST – EPISODE 5, PART 2

In the second part of our fifth episode of our Private Wealth & Charities podcast series Richard Norridge and Ben Pollard, Founder and CEO of charity Local Welcome continue to discuss the charity’s past, present and future. Local Welcome aims to make it fun and easy to cook and eat with refugees in various communities … Read more