Managers of Cayman Islands regulated funds who are reviewing whether to wind any funds down before the end of 2017 may want to act promptly to avoid or reduce the annual 2018 Cayman Islands Monetary Authority (CIMA) fees and related costs.
The United Kingdom served its Article 50 notice today, giving two years’ notice to leave the European Union. Managers of offshore funds, as well as everyone else here in the UK, now have more clarity on the Brexit timetable, with the UK scheduled to be out of the EU in March 2019. Much has been uncertain since the UK’s referendum in June last year, and that’s not likely to end until the final exit terms are agreed, but it’s clear that the...
The Cayman Islands recently published draft legislation to introduce the limited liability partnership (LLP) as a new partnership vehicle in the Cayman Islands. The new LLP is expected to be popular with professional services firms in the Cayman Islands as well as the private equity industry and is a welcome addition to the existing range of vehicles available in the Cayman Islands.
The Cayman Islands lie approximately 1,000 miles due west of the British Virgin Islands and the jurisdiction’s legal system shares many similarities with the BVI’s legal system. Both are English common law jurisdictions, which were formerly part of larger federated states before they split away.
Following an initial public consultation during 2016, the Cayman Islands government has published draft legislation which, when adopted, will require Cayman Islands companies to maintain beneficial ownership registers and for the information in the registers to be made automatically available to the Cayman Islands competent authority through a centralised beneficial ownership platform. The proposed amendments to the Companies Law, Limited...
The Cayman Islands’ commitment to international transparency standards has been reinforced by its adoption of amended Common Reporting Standards regulations in December 2016 to ensure effective implementation of the OECD’s Common Reporting Standards in the Cayman Islands.
The highly anticipated Limited Liability Companies Law, 2016 (LLC Law) was published in the Cayman Islands on 8 June 2016 and is expected to come into force by a separate commencement order in late June.