JD Supra (JD Supra Cayman Islands)

51 results for JD Supra (JD Supra Cayman Islands)

  • 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"

  • 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")...

  • 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,...

  • 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...

  • 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...

  • 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

  • Chambers Global Aviation Finance & Leasing Guide 2022: Cayman Islands

    In the 2022 Chambers and Partners Global Aviation Finance & Leasing Guide for the Cayman Islands, our aviation experts provide a comprehensive overview of the latest legal information regarding aircraft and engine purchase and sale, aircraft and engine leasing and aircraft debt finance. Please see full Article below for more information.

  • Grand Court warns investment managers that indemnity costs will loom large should they contest the identity of official liquidators in solvent liquidations

    Overview - In a recent decision of the Grand Court of the Cayman Islands (the "Court") concerning a supervision order in respect of a Cayman company in voluntary liquidation, Kawaley J considered the settled principles in a solvent Cayman Islands liquidation involving a dispute as to the identity of the official liquidators to be appointed. Please see full Article below for more...

  • 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 entities share similarities in circumstances. Doing so typically aligns with the Overriding Objective of...

  • 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 and a bespoke approach must be determined. Accordingly, the roadmap set out below is intended to...

  • 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 Islands have evolved into an increasingly popular place of residence for internationally mobile “rem

  • SPAC Litigation: What Happens if the “Blank Check” Bounces?

    The demand for Special Purpose Acquisition Company (SPAC) formations in the Cayman Islands increased through the first quarter of 2021 following robust performance in 2020. Whilst the second quarter of 2021 has seen a slowdown from this unprecedented frenetic pace, it is unlikely that the overall demand for this bespoke structure will subside in the near future...

  • Cayman Investor Notices Through the Ages (of Fund Finance)

    As anyone who has ever worked on a subscription-based fund finance facility involving Cayman vehicles can tell you, there will at some point be engagement on the “investor notices.”

  • Hard Deadline for Filing 2019 Economic Substance Return Upcoming on 30 April 2021

    Relevant entities carrying on all types of relevant activity (except for those carrying on intellectual property business) under the International Tax Co-operation (Economic Substance) Act (2021 Revision) (“ES Act”) with a financial year end between 31 December 2019 – 30 April 2020...

  • CIMA Announces Private Funds Filing Extension

    The Cayman Islands Monetary Authority (CIMA) recently announced that the deadline for filing audited accounts and the requisite Annual Return Form (“Form”) in accordance with the Private Funds (Annual Returns) Regulations, 2021 (the “Regulations”) has been extended to 30 September 2021.

  • The DITC Issues Timely Compliance Reminders

    The Cayman Islands Department for International Tax Cooperation (DITC) recently issued reminders to industry of compliance obligations in accordance with Common Reporting Standard (CRS) requirements and for the purposes of foreign account tax compliance (FATCA).

  • 10 Things You Need To Know About…Structuring a repackaging transaction using a Cayman Islands SPV

    Special purpose vehicles (SPVs) are commonly employed as a structuring tool in many cross-border and structured finance transactions, and repackaging transactions are no exception.

  • Private Client Bulletin - April 2021

    Welcome to the fourth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia.

  • Cayman Islands Private Client Legislative Update

    It’s trite to say that 2020 was a year marked by change. Having being bombarded with a variety of unsolicited adjustments to our daily lives, we could be forgiven for having developed a collective fear of change over the last 12 months.  Originally published in Trust Cayman magazine.

  • Conyers Coverage – Cayman Islands – Issue 4

    This issue focuses on the evolution of the Cayman Islands insurance industry. We share an interview with Nate Gemmiti, Chairperson of CIRCA, and introduce you to the Head of our Cayman office, Kevin Butler who, following time in Bermuda, has worked in the Cayman insurance industry for more than 17 years.

  • IP Companies and TROs Urged to Submit Outstanding Cayman Islands Economic Substance Filings

    The deadline set by the Cayman Islands Department for International Tax Cooperation (“DITC”) for filings by relevant entities that carry on intellectual property business (“IP Companies”) and entities claiming tax residency outside the Cayman Islands (“TROs”) with a financial year end between 31 December 2019 and 29 February 2020 was February 28, 2021, which has passed.

  • To BII or not to BII – a Cayman Islands perspective

    On 15 January 2021, the United Kingdom Supreme Court delivered its judgment on the appeals in the Business Interruption Insurance (BII) test cases between the UK’s Financial Conduct Authority and eight UK insurance companies. Please see full Publication below for more information.

  • Q & A with Nate Gemmiti Chairperson of CIRCA

    The Cayman International Reinsurance Companies Association (CIRCA) was founded earlier this year to promote the interests of commercial reinsurers in the Cayman Islands and to work collaboratively with all stakeholders in the expanding segment of the Cayman Islands financial industry. Conyers Coverage sat down with Nate Gemmiti, the Chief Operating Officer and General Counsel of Knighthead...

  • The Legal Services Act, 2020 and the Insurance Industry

    The Legal Services Act, 2020 (the “LSA”) was gazetted on 7 January 2021 and is expected to come into force once the Regulations have been finalised and a commencement order issued before the end of February this year. The LSA has been a long time in the making. The legislation seeks to repeal and replace the Legal Practitioners Act (2015 Revision); to regulate the practice of Cayman Islands law;...

  • 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 “blacklisting” of the Cayman Islands. We noted then that this blacklisting was…

  • 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.

  • 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 legislation, titled (DPL), has international implications much like those of its European counterpart.

  • New Cayman Islands Data Protection Law, 2017 Coming into Effect

    Investment advisers and managers of private investment funds organized in the Cayman Islands should take note that on September 30, 2019, the Data Protection Law, 2017 (the "DPL"), is set to come into effect.

  • Cayman AML Officers – Further Clarification from CIMA Regarding Deadlines

    Further to our recent Foley Adviser, the Cayman Islands Monetary Authority (CIMA) has clarified today that the deadline for the appointment by a Cayman unregulated fund of an Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and Deputy MLRO has been extended to December 31, 2018. However, any regulated fund still needs to appoint these officers by...

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