Law
Cayman copies Delaware for limited liability law
(CNS Business): Cayman has taken the blueprint from Delaware for the introduction of its new Limited Liability Company (LLC) legislation. Combining the key features of a company and a partnership, when the new LLC vehicle becomes law, it will increase the structuring options for investment funds, meeting demand from US fund sponsors and promoters for […]
Cayman trust law must evolve to stem flight to Bermuda
(CNS Business): Cayman trust practitioners have again highlighted their concerns over a “flight to Bermuda” in a key area of trust restructuring work, where they say statutory Cayman trust law has failed to evolve.
Chamber leader accuses CIG of appeasing minorities
(CNS Business): The Labour Relations bill is an example of legislation drafted to appease the concerns of a small minority and not the fix needed to grow the economy, the Chamber of Commerce president said in his address at the Legislative Lunch last week. Barry Bodden made it clear that the Chamber does not support […]
Legislative amendments establish AIFMD opt-in framework
(CNS Business): Some key amendments to financial services legislation have taken the Cayman Islands a step further towards participating in the EU’s Alternative Investment Fund Managers Directive (AIFMD), while Cayman awaits confirmation from European regulators that it will receive its AIFMD passport for full future access to the EU market.
MLA presses lawyers to hire and train locals
(CNS Business): George Town C4C backbencher, Winston Connolly, is asking members of the legal profession to sign a document committing them to increasing the participation of locals in their profession and to double the number of Caymanians that reach equity partner by 2020. As the government works towards finalising its draft legal practitioners law, Connolly […]
Novel court case sets fair value in statutory merger dissention
(CNS Business): A recent case before the Cayman Islands Grand Court has provided highly anticipated guidance on calculating the fair value of a dissenting investor’s shares, following the successful completion of a statutory merger. Statutory mergers have been part of the Companies Law since 2009, allowing a faster, more efficient route for many corporate transactions, such […]
Companies get two month waiver to abide by new law
(CNS Business): The Companies (Amendment) Law 2015 will commence on Monday 2 November and requires companies to notify the registrar of any changes to their directors and officers within 60 days of the change. It establishes a CI$500 penalty per company for a breach of that obligation, up to a CI$2,500 fine for five or […]
LA passes laws for financial services sector
(CNS Business): Several bills relating to the Cayman Islands’ offshore financial services sector were passed in the Legislative Assembly last week, when parliament members convened for the second meeting of the budget year. Minister of Financial Services Wayne Panton highlighted four bills he said were critical for the financial future and the investment firms of this country.
Cayman to introduce new opt-in AIFMD Regime
(CNS Business:) The Cayman Islands Government is setting up new regimes that will allow managers to opt-in to reporting consistent with the European AIFMD requirements. On Friday two draft bills were published which make certain amendments to the Mutual Funds Law (MFL) and Securities Investment Business Law (SIBL).
Unethical businesses must adjust to new copyright laws
(CNS Business): Modernising Cayman’s copyright laws will bring financial benefit to the islands but it will impact some local businesses and they will have to adjust or find another line of business, according to Commerce Minister Wayne Panton. He said, “You can’t have your cake and eat it too.”
Cayman gives bootlegs the boot
(CNS Business): Big changes are coming to Cayman’s current copyright laws, change that will not only offer better intellectual property protection, but also increase government revenue by multiples of $5 to $10 million in direct benefits. On Thursday government officials and cabinet members held a press conference to discuss the details of the current laws […]
Walkers announces 3 new attorneys
(CNS Business): Walkers Cayman Finance Group has announced three new Caymanian attorneys. Having successfully completed the firm’s Articled Clerk Training Programme, Patrick McConvey, Arikka Ebanks and Nane Erb were admitted as attorneys-at-law before Justice Charles Quin. The admissions were moved on 17, 18 and 19 March by Walkers Partner, Colette Wilkins, at the Grand Court of the […]
Offshore lawyers shape laws to boost earnings
(CNS Business): The Cayman Islands Law Society has continued its “constructive engagement†with government and has had a particularly busy year in 2014, the president said last week. Although lawyers are involved pro bono in reviewing and contributing to laws across the board, Alasdair Robertson said the work of the Financial Services Legislative Committee (FSLC) […]
Jersey lawyer joins Cayman Stock Exchange
(CNS Business): A former offshore lawyer from Walkers’ Jersey office has joined the Cayman Islands Stock Exchange Exchange as deputy head of listings and compliance, effective 5 January 2015.  In this role, Eva Holt assumes responsibility for supervising and processing listing applications and ensuring compliance among existing participants with the Exchange’s listing rules and procedures.
Failure over lawyer’s bill “a mysteryâ€
(CNS): After ten years of lobbying for and trying to secure a modern Legal Practitioners Law to cover the profession, Caymanian Bar Association (CBA) President Abraham Thoppil said it was an “inexplicable mystery†why the repeated calls had failed to get the much need law. The proposed legislation has been a topic of endless debate […]
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