Legal Updates

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Developments in law or practice in our jurisdictions

30 November 2015 - US FATCA: Sponsoring and Sponsored Foreign Financial Institutions (FFIs)

FATCA requires sponsored entities (including those governed by an IGA) to have their own Global Intermediary Identification Number (GIIN) for FATCA reporting and withholding purposes by 31 December, 2016. Under a transitional rule, it is possible for one...

26 November 2015 - China Shanshui: a change of direction for company winding up petitions in the Cayman Islands

In an already widely-discussed decision of the Cayman Islands Grand Court, Mangatal J parted company this week with one of her fellow judges by declining to follow Jones J’s first instance judgment in the Cayman case of Re China Milk Products Group Ltd.

20 November 2015 - Rhone Holdings, LP: Cayman Court of Appeal upholds validity of non-petition clause

In an important decision for the Cayman Islands funds and insolvency industries, the Court of Appeal has confirmed that provisions in investment agreements contracting out of the right to present winding up petitions are enforceable and not contrary to...

12 November 2015 - No Loss of Substratum Finding in Case of Liquidating Fund

In a significant decision, the Cayman Islands Grand Court on 10 November 2015 handed down an important judgment in Re Harbinger Class PE Holdings (Cayman) Limited, dismissing a winding-up petition presented on grounds of loss of substratum.

10 November 2015 - English maritime case raises CPR and legal capacity issues for BVI litigants

The recent English decision Maritime Investment Holdings Inc v Underwriting Members of Syndicate 1183 Lloyd’s and Others involving a BVI claimant in an insurance claim for a motor yacht’s hull damage, raised a number of important issues...

05 November 2015 - Cayman Islands: Companies (Amendment) Law 2015

The Companies (Amendment) Law 2015 (the Law) has now come into effect in the Cayman Islands and will have potential application to all Cayman Islands companies. The Law amends sections 55 and 56 of the Companies...

05 November 2015 - Changes to the BVI Anti-Money Laundering Regime

The BVI has announced amendments to its Anti-Money Laundering (AML) regime in order to ensure continued compliance with developing international standards on transparency and AML regimes. Amendments to the legislation have recently been published (Code...

30 October 2015 - We have lift off: Cape Town Convention extended to the Cayman Islands

The ratification by the United Kingdom Government of the Convention on International Interests in Mobile Equipment and the Protocol thereto on matters specific to Aircraft Equipment (the Cape Town Convention) and its extension to the Cayman Islands has...

13 October 2015 - British Virgin Islands insurance legislation overhauled

The British Virgin Islands has gazetted the Virgin Islands Insurance (Amendment) Act 2015 and the Insurance Amendment Regulations 2015. These acts have been introduced to modernise the provision of insurance business in and from within the British...

08 October 2015 - Cyprus Tax Law: New Non Domiciled Rules and Notional Interest Deduction

This summer brought some very significant amendments to the Cyprus tax laws, further enhancing Cyprus’ favourable tax regime. On 17 July 2015, the following laws were amended: The Special Defense for Contribution law No. 117(I) of 2002 as...

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