Tag: Wayne Panton

Lawyers’ law delayed as small firms ask for time

Lawyers’ law delayed as small firms ask for time

| 18/10/2016 | 38 Comments
(CNS Business): The financial services minister has postponed the debate on the still controversial Legal Practitioners bill until the next meeting of the Legislative Assembly because of a request by some small and sole practitioners who want more time to submit suggestions that specifically impact [...]

Continue Reading

Minister to make case for lawyers’ law

Minister to make case for lawyers’ law

| 12/10/2016 | 18 Comments
(CNS Business): After almost 15 years of wrangling over a law to regulate the legal profession, the current financial services minister, a former offshore lawyer himself, is hoping he can finally steer through new legislation. But despite getting backing from the Cayman Islands Law Society and the C [...]

Continue Reading

Minister presents revamped lawyers law

Minister presents revamped lawyers law

| 14/09/2016 | 59 Comments
(CNS Business): After almost fifteen years and half a dozen attempts to pass the legislation, Financial Services Minister Wayne Panton has come up with a legal practitioners bill that has the support of the legal profession in Cayman and provides for the development and protection of local attorneys [...]

Continue Reading

Notes on BO exchange details published

Notes on BO exchange details published

| 30/08/2016 | 8 Comments
(CNS Business): The arrangements under which the UK law enforcement authorities will be able to access information on the beneficial owners of offshore companies registered in Cayman have been posted on the FCO website for several months, though local officials say that the technical aspects of how [...]

Continue Reading

Commerce ministry signs deal to support small businesses

Commerce ministry signs deal to support small businesses

| 28/07/2016 | 0 Comments
(CNS Business): Government is aiming to produce an action plan within the next eight months to help make small and micro businesses in Cayman more viable. Following the signing of an MOU with Cayman Islands Small Business Association and the local Chamber of Commerce, Wayne Panton, the minister with [...]

Continue Reading

Cayman snubbed by ESMA over funds passport

Cayman snubbed by ESMA over funds passport

| 20/07/2016 | 4 Comments
(CNS Business): The Cayman Islands is facing yet another challenge to its financial services sector after the long anticipated decision from the European Securities and Markets Authority Tuesday not to recommend that the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alter [...]

Continue Reading

Cayman passes new copyright law

Cayman passes new copyright law

| 29/06/2016 | 0 Comments
(CNS Business): New copyright legislation comes into effect in Cayman Thursday that will provide greater legal rights to Cayman’s musicians, visual artists and others in the creative fields, and is the first step in modernising intellectual property (IP) legislation. Commerce Minister Wayne Panton [...]

Continue Reading

Cayman’s ‘secrecy law’ gets overhaul

Cayman’s ‘secrecy law’ gets overhaul

| 29/06/2016 | 6 Comments
(CNS Business): The controversial piece of legislation that has been considered Cayman’s ‘secrecy law’ for many years and fueled the jurisdiction’s tax haven label has been repealed and replaced to help detract unwanted and unfair criticism, Financial Services Minister Wayne Panton h [...]

Continue Reading

CIG and Cayman Finance sign another deal

CIG and Cayman Finance sign another deal

| 01/06/2016 | 2 Comments
(CNS Business): The offshore industry body, Cayman Finance, has signed a new memorandum of understanding with the Cayman Islands Government to further cement their improved working relationship. When the first MOU between Cayman Finance and the financial services ministry was signed in 2013, both pa [...]

Continue Reading

UK chancellor backs Cayman’s position on beneficial ownership

UK chancellor backs Cayman’s position on beneficial ownership

| 19/05/2016 | 7 Comments
(CNS Business): The government has released the response it received from Britain’s Chancellor of the Exchequer, George Osborne, to the letter sent to him by Financial Services Minister Wayne Panton about the Cayman government’s position on the sharing of beneficial ownership information [...]

Continue Reading

Cayman changes perception of offshore centres

Cayman changes perception of offshore centres

| 18/05/2016 | 0 Comments
(CNS Business): The narrative that the Cayman Islands and other offshore jurisdictions are to blame for the world’s corruption, financial crime and tax evasion is finally changing, Premier Alden McLaughlin and Financial Services Minister Wayne Panton believe. Having openly agreed to sign up to any [...]

Continue Reading

Banks under pressure to shift to electronic clearance

Banks under pressure to shift to electronic clearance

| 11/05/2016 | 4 Comments
(CNS Business): The government is engaged in talks with local banks to introduce electronic transfers and clearing systems in the first quarter of next year, Financial Services Minister Wayne Panton has stated. He told legislators last week that the six local clearing banks have entered into an MOU [...]

Continue Reading

Cayman to extend BO info exchange and repeal secrecy law

Cayman to extend BO info exchange and repeal secrecy law

| 11/05/2016 | 22 Comments
(CNS Business): After just two days in London, the Cayman Islands Government has announced plans to enter into deals, similar to the one it has with the UK, over the exchange of beneficial ownership information with other jurisdictions and to amend the notorious secrecy law. On the eve of the UK’s [...]

Continue Reading

UK-Cayman beneficial ownership deal more secure than register

UK-Cayman beneficial ownership deal more secure than register

| 02/05/2016 | 1 Comment
(CNS Business): The system agreed by the UK and the Cayman Islands over how beneficial ownership information will be shared with the relevant authorities is safer than a centralised public register because the new platform for access will not require information to be aggregated in one place, which [...]

Continue Reading

Law paves way for new offshore business

Law paves way for new offshore business

| 28/04/2016 | 0 Comments
(CNS Business): The financial services minister steered a piece of legislation through the Legislative Assembly Wednesday that he said paves the way for a new type of business vehicle in the Cayman Islands, which has been driven by industry demand. The Limited Liability Company Bill, 2015, which was [...]

Continue Reading