Shows
Tokens of WisdomEpisode 66: Phil Graham, HarneysEpisode 66: Phil Graham, Harneys When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund. In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cover it all. So I’m going to bring in some friends to share their wisdom i...2025-07-0950 min
Piano LessonsTornado crescendo, Merge chords, and B-sharper on DAO disputesHost Philip Graham and “crypto wizard” Marc Piano return to discuss the latest endeavours in the world of digital assets. This week, (after musing on Bill Murray’s NFT mishap and the possible emergence of Trump-coin) Phil and Marc discuss a Coinbase-funded lawsuit against OFAC, the long-awaited Ethereum merger, and what happens if/when a DAO gets sued.Key takeaways: A lawsuit has been brought against OFAC alleging they have overstepped their authorities by sanctioning tech. By not taking a tech neutral approach, they have arguably overstepped their authority, as tech such as Tornado Cash has been u...2022-09-1414 min
Substance on SubstanceITA investigations and enforcement powers and new legislative developmentsIn the fourth episode of Substance on Substance season two, Philip Graham, our global head of Investment Funds and Regulatory, and Counsel Joshua Mangeot, our BVI economic substance specialist, consider the ITA’s investigation and enforcement powers under the Economic Substance (Companies and Limited Partnerships) Act 2018 and discuss some expected changes to the legislation, including limited partnerships registered in the BVI without legal personality being brought within the regime.
Key takeawaysCompanies and other legal entities which have not yet classified themselves or which have missed their first reporting deadline (which was 30 December 2020 for the majority of BVI companies incorporated before 2019) sh...2021-03-1813 min
Substance on SubstanceSOS Substance on Substance: Season two - Key points for directors as economic substance reporting deadlines approachIn the second episode of our Substance on Substance Season two, Philip Graham, our global head of Investment Funds and Regulatory, and Joshua Mangeot, our BVI Economic Substance specialist, give an update on points directors and operators of BVI entities should be aware of regarding the economic substance reporting deadlines.
Key takeaways
Directors need to first assess where they are in the compliance reporting cycle - most BVI companies incorporated before 2019 will have to file their first report by early December 2020
Obligations depend on the classification and greatly vary in what is required
Allowing a company to incur fines or...2020-11-2011 min
The Funds DownloadThe seven hottest questions in the crypto spaceIn our final episode of The Funds Download season one, our host and the Global Head of Funds and Regulatory, Philip Graham, is joined by Partners Lewis Chong and Matt Taber, and Associate Marc Piano, our in-house crypto experts. They consider the most frequently asked questions encountered in their extensive experience with guiding emerging managers in this industry.2020-11-1317 min
Substance on SubstanceThe Funds Download: The seven hottest questions in the crypto spaceIn our final episode of The Funds Download season one, our host and the Global Head of Funds and Regulatory, Philip Graham, is joined by Partners Lewis Chong and Matt Taber, and Associate Marc Piano, our in-house crypto experts. They consider the most frequently asked questions encountered in their extensive experience with guiding emerging managers in this industry.2020-11-1217 minThe Funds DownloadDisrupting the disrupters – The impact of distributed ledger technology and smart contracts in the Investment Funds industryIn the ninth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Partner Matt Taber and Associate Marc Piano, to focus on how the FinTech evolution continues to provide a platform for serious innovation in the industry.2020-09-1113 min
Substance on SubstanceThe Funds Download: Disrupting the disrupters – The impact of distributed ledger technology and smart contracts in the Investment Funds industryIn the ninth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Partner Matt Taber and Associate Marc Piano, to focus on how the FinTech evolution continues to provide a platform for serious innovation in the industry.2020-09-0913 min
Substance on SubstanceThe Funds Download: The meteoric rise of CryptocurrencyHost and the global head of Funds and Regulatory, Philip Graham is joined by Partner Lewis Chong and Associate Marc Piano, to discuss the hot topic of Cryptocurrency; how it has evolved, its recent resurgence and the essential role offshore jurisdictions play in supporting this dynamic industry. 2020-09-0333 minThe Funds DownloadThe meteoric rise of CryptocurrencyHost and the global head of Funds and Regulatory, Philip Graham is joined by Partner Lewis Chong and Associate Marc Piano, to discuss the hot topic of Cryptocurrency; how it has evolved, its recent resurgence and the essential role offshore jurisdictions play in supporting this dynamic industry. 2020-09-0333 minThe Funds DownloadUnnecessary red tape or essential global standards Regulation in the investment management industryIn the seventh episode of our Funds Download podcast series, our host and the Global Head of Funds, Philip Graham, is joined by the Head of our Regulatory and Tax Department, Aki Corsoni-Husain, to talk us through the global regulatory framework that all aspiring fund managers and service providers should be aware of.2020-08-1913 min
Substance on SubstanceThe Funds Download: Unnecessary red tape or essential global standards? Regulation in the investment management industryIn the seventh episode of our Funds Download podcast series, our host and the Global Head of Funds, Philip Graham, is joined by the Head of our Regulatory and Tax Department, Aki Corsoni-Husain, to talk us through the global regulatory framework that all aspiring fund managers and service providers should be aware of.
2020-08-1913 min
Substance on SubstanceThe Funds Download: Accessing the Asia marketIn the sixth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by head of Funds and Regulatory, Asia, Maggie Kwok, to share insights from the region.2020-07-2316 minThe Funds DownloadAccessing the Asia marketIn the sixth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by head of Funds and Regulatory, Asia, Maggie Kwok, to share insights from the region.2020-07-2316 min
Substance on SubstanceThe Funds Download - Boundless opportunities for the Latin America marketIn the fifth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Harneys Fiduciary Managing Director of the Americas, Maria Pia Buchi, to examine market trends originating from Latin America and how investment fund products are structurally so important in the plumbing of the region.2020-07-0921 minThe Funds DownloadBoundless opportunities for the Latin America marketIn the fifth episode of our Funds Download podcast series, our host and the global head of Funds and Regulatory, Philip Graham, is joined by Harneys Fiduciary Managing Director of the Americas, Maria Pia Buchi, to examine market trends originating from Latin America and how investment fund products are structurally so important in the plumbing of the region.2020-07-0921 minThe Funds DownloadLuxembourg: an Investment Funds giantIn the fourth episode of our Funds Download podcast series our host and global head of Funds and Regulatory, Philip Graham, is joined by the head of our Luxembourg Investment Funds team, Vanessa Molloy, to take a closer look at the reasons why Luxembourg is such a successful investment funds jurisdiction, and the main factors to consider if you are thinking of establishing a Luxembourg structure. 2020-06-1612 min
Substance on SubstanceThe Funds Download - Luxembourg: an Investment Funds giantIn the fourth episode of our Funds Download podcast series our host and global head of Funds and Regulatory, Philip Graham, is joined by the head of our Luxembourg Investment Funds team, Vanessa Molloy, to take a closer look at the reasons why Luxembourg is such a successful investment funds jurisdiction, and the main factors to consider if you are thinking of establishing a Luxembourg structure. 2020-06-1612 min
Practically SpeakingPrivate Investment FundsOur podcast series Practically Speaking was launched to provide our listeners with practical advice and insights on issues applicable to stakeholders of BVI entities. In our fifth episode, Director of Client Services Amy Roost and Global Head of Investment Funds, Philip Graham discuss the following: Private Investment Funds (PIFs), what they are and why they were introduced the various ways in which you can determine whether this new regime affects your BVI entity the need for PIFs to apply to be recognised by the Financial Services Commission in the BVI on or before the June 30, 2020 deadline the appl...2020-06-0808 min
Substance on SubstanceThe Funds Download - The Great Recession - when things go horribly wrongWhen things go horribly wrong; Lehman, Madoff and the global financial crisis of 2008/2009
In the third episode of our Funds Download podcast our host and the Global Head of Funds and Regulatory, Philip Graham, is joined by the Co-Head of Funds and Regulatory in the Cayman Islands, Matt Taber, the Global Head of Dispute Resolution, Phillip Kite and the Head of Dispute Resolution in the Cayman Islands, Nick Hoffman, to share their collective insights and knowledge acquired from the crash in 2008 and its aftermath.2020-06-0217 minThe Funds DownloadThe Great Recession - when things go horribly wrongWhen things go horribly wrong; Lehman, Madoff and the global financial crisis of 2008/2009In the third episode of our Funds Download podcast our host and the Global Head of Funds and Regulatory, Philip Graham, is joined by the Co-Head of Funds and Regulatory in the Cayman Islands, Matt Taber, the Global Head of Dispute Resolution, Phillip Kite and the Head of Dispute Resolution in the Cayman Islands, Nick Hoffman, to share their collective insights and knowledge acquired from the crash in 2008 and its aftermath.2020-06-0217 min
Substance on SubstanceThe Funds Download - A shadow over the global economyIn the second episode of our Funds Download podcast, our host and the global head of Funds and Regulatory, Philip Graham, is joined by the co-head of Funds and Regulatory in the Cayman Islands, Matt Taber, the global head of Dispute Resolution, Phillip Kite, and the head of Dispute Resolution in the Cayman Islands, Nick Hoffman. They relive the events of the financial crises of 2008/2009 and examine what valuable lessons were learnt by the Funds industry as a result.2020-05-2718 minThe Funds DownloadA shadow over the global economyIn the second episode of our Funds Download podcast, our host and the global head of Funds and Regulatory, Philip Graham, is joined by the co-head of Funds and Regulatory in the Cayman Islands, Matt Taber, the global head of Dispute Resolution, Phillip Kite, and the head of Dispute Resolution in the Cayman Islands, Nick Hoffman. They relive the events of the financial crises of 2008/2009 and examine what valuable lessons were learnt by the Funds industry as a result.2020-05-2618 minThe Funds DownloadA view from the AmericasIn our first episode Global Head of Investment Funds, Philip Graham, and Partner Matt Taber, examine the investment funds market in Q1 2020, and make projections of the emerging issues as we step into Q2. Key takeaways“Business as usual” in January and FebruaryRegulatory changes including the new private fund regimesBlacklists, volatility and distressed funds in MarchA loft is as good a place as any to record a podcast2020-05-1109 min
Substance on SubstanceThe Funds Download - A view from the AmericasIn our first episode Global Head of Investment Funds, Philip Graham, and Partner Matt Taber, examine the investment funds market in Q1 2020, and make projections of the emerging issues as we step into Q2. 2020-05-0709 min
Substance on SubstanceSOS Substance on Substance – Our final thoughtsIn the fifteenth and final episode of Harneys’ Substance on Substance series for 2019, Philip Graham and Joshua Mangeot (plus special guest George Weston) examine the journey of economic substance in the BVI to date, from the inception of the Act to the final ITA Rules and discuss how BVI entities are coming to terms with these developments.
Key takeaways
-We are seeing an increasing level of conversancy with the key concepts of economic substance, following the draft ITA Code being released in April and the final Rules being released in October
-We are seeing an increasing amount of entities cl...2020-01-2807 min
Substance on SubstanceSOS Substance on Substance - Timing of compliance and reporting obligationsSOS Substance on Substance: Episode fourteen – Timing of compliance and reporting obligations
In the fourteenth instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot discuss timing for compliance and reporting and address the ongoing obligation on BVI companies and other legal entities to identify “relevant activities”. This obligation came into effect from 1 October 2019 but is distinct from the reporting obligations which will generally commence in 2020 (except in the case of previously “exempt persons”, who now need to be reporting beneficial ownership information if they carry on any relevant activities).
Key Takeaways
• The amendments to the Beneficial Own...2020-01-2708 min
Substance on SubstanceSOS Substance on Substance - Economic substance legislation and liquidationsEconomic substance legislation and its impact on liquidations
In the twelfth instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot discuss how BVI entities currently in liquidation or considering this option should approach the BVI economic substance (ES) requirements. They also consider the position of liquidators and points they should be aware of in this regard.
Key takeaways:
• We are not seeing many clients move to liquidate BVI vehicles as, once they have classified themselves, many BVI entities find they are either (i) exempt from the ES requirements as they are not carrying on any “relevant activity” or are “...2020-01-2506 min
Substance on SubstanceSOS Substance on Substance - ITA guidance to BVI industry participantsIn the eleventh instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot summarise the presentation which representatives from the BVI Government, BVI Finance and the International Tax Authority (ITA) delivered to BVI industry participants on 16 October 2019.
Key takeaways:
• The ITA Rules were formally published on 9 October 2019. The rules with statutory effect under the BVI Beneficial Ownership (Secure Search System) Act 2017 (BOSS) will come into effect when a further amendment to BOSS is enacted. This is expected to be passed by the BVI House of Assembly in one sitting within the next few days, as the proposed chan...2020-01-2408 min
Substance on SubstanceSOS Substance on Substance - the RulesClassify, Classify, Classify
In the tenth instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the release of the final version of the guidance formerly known as the “Code”, which was published by the ITA on 9 October 2019 as its newly-titled Rules and explanatory notes (the Rules).
Key Takeaways
• With the certainty provided by the final Rules, it is vital that all directors and operators of BVI entities classify their entities as a matter of priority, if they have not already done so. There is an ongoing legal obligation on BVI entities under the Beneficial Ownership (Secure Search S...2020-01-2306 min
Substance on SubstanceSOS Substance on Substance - Intellectual Property BusinessIn the ninth instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss points to consider if your BVI entity may hold intellectual property (IP).
Key takeaways:
• A key focus of the EU and OECD has been on IP, as part of the base erosion and profit-shifting (BEPS) initiative.
• The BVI definition of IP rights includes the typical types of IP (eg, copyrights, patents, trademarks, brand and technical know-how) although the list is non-exhaustive. If you are in doubt as to whether an asset may be IP, we recommend that you take legal advice.
• It is importan...2020-01-2206 min
Substance on SubstanceSOS Substance on Substance – Substance Solutions in the BVIIn the eighth instalment of the Harneys Substance on Substance series, Philip Graham and Ross Munro discuss Substance Solutions in the BVI.
Episode Eight
Phil and Ross highlight the options available to BVI entities once they have classified themselves under the Economic Substance legislation and have determined that they need to put substance in place in the BVI.
Key takeaways:
• After the classification process is completed, BVI entities who have determined that they are conducting “holding business” will ask whether their current set up in the BVI is enough to meet their Economic Substance obligations.
• There are a large number o...2020-01-2107 min
Substance on SubstanceSOS Substance on Substance – Holding BusinessIn the seventh instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot give an update on timing of the ITA Code and consider some FAQs around the “holding business” and “finance and leasing business” definitions.
Episode Seven
Phil and Josh discuss the “holding business” and “finance and leasing business” definitions under the economic substance legislation and provide some practical examples of how Harneys considers the law will be applied in practice.
Key takeaways:
• We are waiting for the International Tax Authority (ITA) to publish its final Code. We understand the enabling legislation required for this to happen has been read...2020-01-2008 min
Substance on SubstanceSOS Substance on Substance - What should directors be doing now?In the sixth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot examine good governance principles for BVI entities in the context of the classification process and what entities should be doing now in light of their statutory obligations
Episode Six
Phil and Josh discuss the release of the BVI Economic Substance Code (the Code) and the responsibilities of directors of BVI companies.
Key takeaways:
• The House of Assembly postponed the second and third reading of the Beneficial Ownership Secure Search System (Amendment) No 2 Act, 2019 due to Hurricane Dorian; they will meet next week to pass the law...2020-01-1906 min
Substance on SubstanceSOS Substance on Substance - Common misunderstandings regarding the ES timetableIn the fifth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot confirm that the first economic substance (ES) compliance “financial period” has commenced for all BVI companies and other relevant legal entities and also address some common misunderstandings regarding the ES timetable.
Episode Five
Phil and Josh discuss the release of the finalised International Tax Authority (ITA) ES Code, confusion on classification and compliance deadlines, and to which types of entity the ES requirements apply.
Key takeaways:
• The final form of the ITA Code is known and it should be available for formal release to the p...2020-01-1804 min
Substance on SubstanceSOS Substance on Substance - Re-domiciliationIn the fourth episode of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the option of continuing a BVI entity out of the jurisdiction (sometimes called a “re-domiciliation” or “migration”) as a response to the economic substance legislation.
Episode Four
Phil and Josh discuss (a) the global trend towards adopting economic substance (ES) requirements, (b) the need to classify individual entities’ activities and tax status to determine whether they are subject to the BVI ES requirements at all, and (c) the importance of that classification and properly weighing the costs of compliance against the transaction costs and ongoing oper...2020-01-1707 min