(CNS Business): The Financial Services Legislative Committee is currently working on a number of amendments to existing legislation and new bills that will boost the industry, the chair of the committee has revealed. Charles Jennings, who is president of the Law Society and chair of the specially created committee, said several major legislative projects were underway that would put the Cayman Islands back at the forefront of the offshore financial sector. He said revisions to the Companies and Exempted Limited Partnership laws and several brand new laws to establish vehicles such as portfolio insurance companies, limited liability partnerships, limited liability companies, foundations and others are all in the works.

Speaking at the opening of the Grand Court on Wednesday, Jennings pointed to the importance of the legal profession working with government to create the right kind of legislation to maintain the success of the jurisdiction’s prominence in the offshore world. He said there was an excellent working relationship between government and the private sector, which was one of the most important drivers of the success of the Cayman Islands.

The former partner at Maples and Calder said that the special legislative committee dealing with financial issues, which was established at the request of the premier, had enhanced that relationship.

The committee comprises several members of the legal profession as well as members from key government departments, such as the finance ministry, the attorney general’s office and the Cayman Islands Monetary Authority (CIMA). 

“The objective of the committee is to put the Cayman Islands back in the forefront of the offshore financial industry and keep it there. The committee works hard to achieve that objective, and I predict that at its present rate within two or three years it will have achieved it,” Jennings said.

He explained that the Law Society played an important role in advising government on legislation and a number of other issues. Last year it provided commentary and information to CIMA and the attorney general’s department on a diverse range of subjects, from strata titles legislation to the Trade and Business Licensing Law, Jennings said.

It also had input on the special economic zone legislation as well as alternative sentencing, arbitration, the Penal Code and criminal procedure, gender discrimination, charities, anti-corruption, mutual funds, data protection, dormant accounts, family law revision, insurance, judicature amendments, medical negligence, counter terrorism, tort reform legislation, the expansion of jury qualifications, and the codification of the duties of directors under Cayman Islands law.

“Over the past year we have energetically addressed such topics as the provision of statistics to the government’s Economics and Statistics Office and whether the profession favours the continuation of wigs and gowns in court,” he added.

He said that while everyone was dressed in their robes for the ceremonial opening of the court, it did not hide the fact that there was some significant opposition in the legal profession to the continued requirement for lawyers to wear the outfits in the Grand Court but he conceded it was not a majority.

Jennings also revealed that there are 520 practicing attorneys-at-law in the private sector of which 465 are members of the Cayman Islands Law Society.