JD Supra Cayman Islands

JD Supra
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Latest documents

  • Update on the beneficial ownership regime in the Cayman Islands - New Technical Guidance for corporate services providers

    On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition to a new CSV file format used to report beneficial ownership information via the corporate administration platform ("CAP")...

  • Cayman Islands - Company Law Amendments

    The Companies (Amendment) Act, 2024 (the "Amendment Act") has been passed by the Cayman Islands Parliament. The Amendment Act is not yet in force. It will come into force by the making of a subsequent Cabinet order. When in force, the Amendment Act will amend the Companies Act (2023 revision) (the "Companies Act").

  • Revamped Cayman Islands Restructuring Regime Takes Shape

    Recent amendments to Part V of the Cayman Islands Companies Act have updated the domestic restructuring regime and introduced the new role of a court appointed restructuring officer and a dedicated restructuring petition. This new restructuring regime, distinguishing between winding up and recovery paths, gives multinationals another option, write Partners Alex Davies and Spencer Vickers. Originally published in Recovery Magazine - Summer 2023. Please see full Publication below for more information.

  • Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

    Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 23 June 2023, the FATF has announced that it has made the initial determination that the Cayman Islands has substantively completed the one remaining item on its action plan. Accordingly, the Cayman Islands is eligible to be removed from the FATF's list of "jurisdictions under increased monitoring" (the "FATF Monitoring List"), subject to successful completion of an onsite visit by the FATF, which is part of the FATF's standard process for removal from the FATF Monitoring List. Please see full Advisory below for more information.

  • Cayman Update: Transfers of insurance business without approval by CIMA in breach of Section 31 of the Insurance Act, 2010 are void ab initio

    On 17 May 2023, the Honourable Justice Sir Anthony Smellie KC held in Premier Assurance Group SPC Ltd. (in Official Liquidation) v Providence Insurance Company I.I (for and on behalf of Premier Assurance Segregated Portfolio Puerto Rico SAP) and others that a transfer of insurance business made in breach of the requirement to obtain approval from the Cayman Islands Monetary Authority ("CIMA") pursuant to Section 31 of the Insurance Act, 2010 (the "Insurance Act") was void ab initio and of no legal effect. Please see full Update below for more information.

  • Grand Court grants leave to enforce a foreign interim arbitration award

    On 3 February 2023 the Grand Court of the Cayman Islands delivered a judgment in the matter of Nasser Sulaiman HM Al Haidar v Jetty Venkata Uma Mahewshawara Rao (FSD 328 OF 2022 (IKJ)) explaining its decision to grant leave to enforce an interim award made in the course of a foreign arbitration. Whilst the application was made ex parte, and dealt with on the papers without an oral hearing, Kawaley J nevertheless issued a full ruling setting out his reasons for the decision, there having been no published Cayman Islands case dealing with the enforceability of interim awards. The Court reiterated that the general approach of the Court to arbitral awards was pro-enforcement in keeping with the policy underlying the New York Convention, the expectation being that the majority of applications for leave to enforce would be straightforward and that the limited grounds upon which enforcement might be refused would be construed narrowly. Please see full Alert below for more information.

  • Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

    The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population of Southeast Asia, with more than 8 million registered users. The Group's performance was significantly affected by the impact of the COVID-19 pandemic on the Southeast Asian economy and the platforms' users, which resulted in a substantial increase in non-performing (consumer) loans, as well as other factors impacting the global capital markets and investor community including, but not limited to, US-China tensions, the Russia-Ukraine war and interest rate increases by central banks. Please see full Alert below for more information.

  • Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)

    Where a company’s liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall of assets in an insolvency will highlight jurisdictional differences in approach as to questions of priority, frequently territorial rather than universalist. Please see full Advisory below for more information.

  • Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

    On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the Cayman Islands. The revised Procedures represent the outcome of a consultation process that CIMA has undertaken in order to simplify and standardise the de-registration process for regulated funds, so that mutual funds and private funds can terminate their registrations on a consistent basis. Please see full Article below for more information.

  • Cayman Islands: When are relevant documents in the “power” of a litigant and therefore discoverable?

    Under Order 24, rule 1 of the Grand Court Rules (“GCR”), a party is required to give discovery of “documents which are or have been in his possession, custody or power”. Given the importance of “power” to determine - and potentially significantly to expand - the scope of a party’s discovery obligations, it is perhaps surprising that there has, until recently, been a dearth of Cayman Islands case law regarding this aspect of GCR O.24, r.1. Practitioners will no doubt therefore welcome the elucidation of the test for establishing “power” now provided in two separate (unreported) decisions of the Grand Court, in (1) Abdulhameed Dhia Jafar v Abraaj Holdings and others (19 July 2022; Cause Nos: FSD 150, 158 and 203 of 2020); and (2) In the Matter of Investar General Partner Limited and others (27 July 2022; Cause Nos: FSD 146, 147, 148 and 196 of 2018). Please see full Article below for more information.

Featured documents

  • Cayman Insurance Law Amendments Enhance Captive Flexibility

    On January 16, 2015, the Cayman Islands published new insurance regulations affecting portfolio insurance companies (PICs). The regulations are designed to provide more flexibility to insurance companies incorporated as segregated portfolio companies (SPCs) and to enhance the prospect of favorable...

  • What Funds Should Know About The New Cayman Islands Data Protection Law

    The Cayman Islands recently implemented data protection legislation similar to that adopted elsewhere in the world, including the EU’s General Data Protection Regulation (GDPR). The GDPR forced many businesses outside its immediate jurisdiction to adopt new privacy practices, and the Cayman...

  • Moving to the Cayman Islands

    Boasting an enviable lifestyle, modern infrastructure and a highly sophisticated financial services industry and all within a short flight of Miami and other US cities, the Cayman Islands check all the boxes for individuals seeking to relocate to a tax-neutral jurisdiction. As a result, the Cayman ...

  • FATCA Compliance Deadline Reminder – Cayman Islands

    Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial Institutions” for purposes of FATCA should make every effort to enroll with the Cayman government by the April 30, 2015 deadline in order to comply with their obligations under FATCA, regardless of...

  • EU Adds Cayman Islands to Tax 'Blacklist'

    The European Union has updated its list of non-cooperative tax jurisdictions to include the Cayman Islands. This addition could have certain repercussions for fund managers, sponsors, and investors operating through the Cayman Islands....

  • Appointing liquidators in the Cayman Islands

    Executive Summary - Where multiple Cayman Islands entities in the same corporate structure become subject to insolvency proceedings (e.g. Cayman Islands master/ feeder fund structures), the Cayman Islands Courts will typically seek to appoint the same liquidators at each level where such...

  • Cayman Islands Extend FATCA Compliance Deadlines

    On May 11, 2015, the Cayman Islands announced the extension of its FATCA registration and reporting deadlines, as follows......

  • Cayman Islands Removed from EU “Non-Cooperative Tax Jurisdiction” Blacklist

    In late March 2020, we published a note regarding the de-facto “downgrade” of the Cayman Islands by the European Union’s Economic and Financial Affairs Council (ECOFIN) as a “non-cooperative jurisdiction” for tax purposes. This was regarded by the international investment community as a “blacklistin...

  • Walkers’ Guide to Token Issuances, DAOs and Foundation Companies in the Cayman Islands

    Roadmap - As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no ‘cookie cutter’ approach that can be applied. Each project will be unique...

  • Cayman Islands FATCA Compliance Deadlines Extended Again

    The Cayman Islands announced the further extension of its FATCA registration and reporting deadlines, as follows... ...Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial Institutions” for purposes of FATCA (or their “sponsoring entities,” if...

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