Finance
First retail debt listing for CSX
(CNS Business): Carey Olsen in the Cayman Islands has successfully advised on the first ever listing of retail debt on the Cayman Islands Stock Exchange (CSX). Led by partner Nick Bullmore and supported by Associate Alistair Russell, Carey Olsen acted both as legal counsel and as listing agent to Cyprotex PLC, an AIM-listed company, in […]
Cayman leads in offshore dealmaking
(CNS Business): The Cayman Islands remained the top target destination for offshore dealmaking in the second quarter of 2014, according to a report released by offshore law firm Appleby. In total, Cayman attracted 205 deals with a cumulative value of USD40.6bn, accounting for 32% of the total volume and half of all dollars spent on […]
Premier praises CIMA director’s diplomacy
(CNS Business): In the Cayman Islands Legislative Assembly this week, Premier Alden McLaughlin recognised the diplomacy of the Managing Director of the Cayman Islands Monetary Authority (CIMA) following the islands’ inclusion on the UK Financial Conduct Authority’s ‘High Risk Countries’ list in July. Calling this action by the FCA “unwarranted†and “arbitraryâ€, he commended both […]
MACI to collect own cash and offer registry deals
(CNS Business): The Marine Authority of the Cayman Islands will be able to offer discounts and package deals to clients as a result of an amendment to the merchant shipping law. A small change to the legislation which removes the shipping fees from government’s coercive revenue to entity revenue will allow the authority to keep […]
Cayman court gets power to issue interim orders in foreign cases
(CNS Business): An amendment to the Cayman Islands Grand Court rules has given local judges the power to make free standing interim orders regarding assets and resources in foreign cases that also touch this jurisdiction to help prevent abuse of those involved in legal proceedings around the world. Attorney General Samuel brought the amendment to […]
Minister cleans up problems in mutual funds law
(CNS Business): A requirement for non-resident mutual fund administrators on funds registered here to pay licensing fees and file returns has been removed from the 2012 Mutual Funds law. In what Financial Services Minister Wayne Panton described as a “clean-up exercise†he said that the requirement in the law was not feasible and the industry […]
CIMA announces regulatory policy revisions in effect
(CNS Business): Revisions to two Cayman Islands financial services regulatory policies, one relating to the licensing and approving of money services business and the other to the licensing of banks, are now in effect. The revisions were approved by the Board of Directors of the Cayman Islands Monetary Authority (CIMA) and came into effect Monday […]
Blacklisting brief but impact unknown
(CNS Business): Praising Financial Services Minister Wayne Panton for his urgent response to the brief blacklisting of the Cayman Islands by the UK’s Financial Conduct Authority (FCA), Cayman Finance CEO Gonzalo Jalles said the impact on the jurisdiction’s reputation may never be known. The list was published by the FCA on 18 July in response to […]
Jail sentence for Cayman-based money launderer
(CNS Business): An investment advisor based in the Cayman Islands was sentenced by a federal court in Virginia Friday to 30 months in prison for his part in a $2 million money-laundering conspiracy, the DOJ and Internal Revenue Service (IRS) said. US citizen Joshua VanDyk (34) pleaded guilty on June 12, having been arrested in […]
New deputy head of CIMA’s Insurance Supervision
(CNS Business): Ruwan Jayasekera was promoted to the Cayman Islands Monetary Authority’s deputy head of insurance on 1 September, having rejoined CIMA in January 2013 as a chief analyst. Reporting to the head of the insurance division, he now manages the day-to-day operations of the division, both on an on-site and off-site basis by providing […]
UK watchdog backtracks on blacklist
(CNS Business): In a complete about-face following its initial blacklisting of the Cayman Islands and subsequent refusal to remove the jurisdiction from its list a ‘High Risk Countries’, the Financial Conduct Authority, which regulates the UK’s financial services industry, has confirmed that the list has been removed from its website and that it does not […]
CIDA offers 3-day directors accreditation course
(CNS Business): The Cayman Islands Directors Association (CIDA) is offering the Directors Accreditation Course (DEAP) again on the 10, 11 and 12 September. The cost of the course for CIDA members is US$1,000. The Accreditation Course is delivered in a condensed period of time and focuses on four areas, Governance, Finance, Strategy and Risk Management. […]
Science takes centre stage at Captive Forum
(CNS Business): Japanese-American theoretical physicist and best-selling author Michio Kaku is confirmed as the keynote speaker for the 2014 Cayman Captive Forum. One of the most widely recognized figures in science in the world today, Kaku, the Henry Semat Professor of Theoretical Physics at the City College of New York, is a futurist, and a […]
AIMA updates DDQ for hedge fund managers
(CNS Business): The Alternative Investment Management Association (AIMA), the global hedge fund industry body, has published an updated edition of its due diligence questionnaire (DDQ), the AIMA DDQ for Hedge Fund Managers. Used by prospective investors when assessing hedge fund managers, the AIMA DDQ is considered to be the industry-standard template. By having a standardised […]
Breaking up because of Basel III: It was good while it lasted
Across the global financial sector, Basel III’s capital and liquidity requirements are forcing banks to forgo low-return capital consumptive activities and, in the process, they are dumping some customers, including hedge funds. Where can hedge funds turn to find new and meaningful relationships? writes Jazeb Jones, the Managing Director of DMS Bank & Trust Ltd.
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