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6 Jan 2022, 1:22 pm by Kevin LaCroix
That is that Judge Borrock, the judge that granted the dismissal motion in the Bayer case, was also the judge in the Renren derivative litigation, in which he denied the dismissal motion in a derivative suit brought in New York court against Renren, a Cayman Islands company based in China, as discussed here. [read post]
5 Jan 2022, 2:01 pm by Kevin LaCroix
” Indeed, in analyzing the plaintiffs’ claims, Vice Chancellor Will noted that “it is rare that a court will dismiss a fiduciary duty claim … when entire fairness is the governing standard of review. [read post]
3 Jan 2022, 12:39 pm by Kevin LaCroix
The directors’ and officers’ liability environment is always changing, but 2021 was a particularly eventful year, with important consequences for the D&O insurance marketplace. [read post]
9 Dec 2021, 1:50 am by Kevin Kaufman
The government is also considering increasing the tax exemption threshold on profits up to €30,000 from 13 percent to 15 percent.[5] In France, the standard statutory corporate income tax rate was lowered to 32.02 percent (including the 3.3 percent social surcharge) in 2020. [read post]
8 Dec 2021, 11:27 am by CFM Admin
Clients, Friends, Associates: As we near the end of 2021, we have developed a checklist to help managers effectively oversee the business and regulatory landscape for the coming year. [read post]
8 Dec 2021, 7:27 am by CFM Admin
Clients, Friends, Associates: As we near the end of 2021, we have developed a checklist to help managers effectively oversee the business and regulatory landscape for the coming year. [read post]
6 Dec 2021, 1:43 pm by Kevin LaCroix
A SPAC governed by directors who have ties to the sponsor or who are compensated in this way is “the epitome of bad governance. [read post]
30 Nov 2021, 11:42 am
Guide to Law Online: Cameroon Guide to Law Online: Canada Guide to Law Online: Cayman Islands Guide to Law Online: Central African Republic Guide to Law Online: Chad Guide to Law Online: Chile Guide to Law Online: China Guide to Law Online: Colombia Guide to Law Online: Comoros In November, we published 20 posts to our blog, In Custodia Legis. [read post]
21 Nov 2021, 4:48 pm by Race to the Bottom
While many U.S. states have continued to transform into tax havens, most of the world has focused on reigning in “traditional” offshore havens such as the Bahamas, the Caymans, and other island nations. [read post]
14 Nov 2021, 7:10 am
The Renren plaintiffs asserted derivative claims under Cayman Islands law and New York law in connection with the spin-off. [read post]
15 Oct 2021, 5:42 am by John Jascob
Kohl would expect that the Commission will come up with the list of identified issuers in 2022 once the 2021 annual reports are filed.On VIEs, given the importance of the VIE structure and attendant risks, the SEC is looking for prominent disclosure earlier in the document.The disclosure should allow investors to understand that oftentimes they are investing in a shell company incorporated often in the Cayman or British Virgin Islands, and that this shell company listed company… [read post]
14 Oct 2021, 1:32 pm by Brian Liu, Raquel Leslie
The plan calls on companies and government entities to develop algorithm governance rules that promote transparency, security and “core values of socialism. [read post]
10 Oct 2021, 7:29 am by Kevin LaCroix
”   The October 8, 2021 Law360 article discussing the settlement (here) quotes another of the plaintiffs’ lawyers as saying of the settlement that “In addition to providing a rare direct payment to minority stockholders, the Renren settlement is unique because the team succeeded in prosecuting derivative claims on behalf of a Cayman Islands corporation, headquartered in China, that were governed by Cayman Islands law, in state court… [read post]
7 Oct 2021, 6:37 am by CFM Admin
Secretary of the Treasury, spoke to regulators in late July, stating the U.S. government needs to establish rules for stablecoins, a rapidly growing class of cryptocurrencies that peg their value to an asset, often fiat currencies. [read post]
23 Aug 2021, 4:26 pm
Many Chinese VIEs are incorporated in tax havens such as the Cayman Islands. [read post]
3 Aug 2021, 7:35 am by John Jascob
This arrangement involves a China-based operating company establishing an offshore shell company in another jurisdiction such as the Cayman Islands, Gensler explained. [read post]
31 Jul 2021, 8:44 am
In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands, to issue stock to public shareholders. [read post]
20 Jul 2021, 8:48 am by Sophia Tang
Didi Global Inc. is incorporated in the state of Cayman Islands, and a foreign company under the Chinese law. [read post]
15 Jul 2021, 11:21 am by Abby Lemert, Eleanor Runde
The Chinese-owned company (Didi) then assigns control and profits to the Cayman Islands shell, giving the U.S. [read post]