Legal Updates

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Developments in law or practice in our jurisdictions

29 June 2017 - Cayman Islands AEOI – notification deadline extended to 31 July 2017 and further updates

The Cayman Islands Tax Information Authority (TIA) recently confirmed an extension of the deadline for Cayman financial institutions to comply with their notification obligations under Cayman's automatic exchange of information (AEOI...

20 June 2017 - BVI's new beneficial ownership regime to take effect on 1 July 2017

The BVI has enacted legislation to implement a networked database of beneficial ownership interests in companies incorporated or domiciled in the jurisdiction. The database, known as the Beneficial Ownership Secure Search (BOSS) System, is being...

06 June 2017 - New revision of Trusts legislation in Cayman

The Trusts Law (2017 Revision) (2017 Revision) was gazetted on 31 May 2017. The 2017 Revision is the first full revision of the Cayman Islands Trusts Law since its 2011 Revision (2011 Revision) and incorporates the Trusts (Amendment) Law 2016...

18 May 2017 - Getting financial services licensees in shape for the Caribbean FATF inspection

The BVI is expected to undergo its fourth round of mutual evaluation by the Caribbean Financial Action Task Force (CFATF) in 2018 based on the Financial Action Task Force’s (FATF) international standards on combating money laundering and the...

12 May 2017 - CRS update: BVI publishes its list of Reportable Jurisdictions

On 11 May 2017, the British Virgin Islands (BVI) published its list of Reportable Jurisdictions for the Common Reporting Standards (CRS). A link to the list can be found here. 40 countries / territories are recognised as Reportable Jurisdictions...

12 May 2017 - BVI signs multilateral memorandum with Group of International Financial Centre Supervisors

The British Virgin Islands Financial Services Commission (BVI FSC) has signed a multilateral Memorandum of Understanding (MoU) between members of the Group of International Financial Centre Supervisors. The objective of the MoU is to ensure clarity and...

11 May 2017 - Cayman Islands automatic exchange of information – further update for Cayman Islands investment funds

The Cayman Islands Tax Information Authority recently issued further updates on the compliance obligations of Cayman financial institutions under the Cayman Islands legislation implementing the Common Reporting Standard (CRS), US FATCA, UK CDOT and the...

11 May 2017 - BVI adopts guidelines for communication and cooperation between courts

The BVI today adopted new guidelines for communication and cooperation between courts in cross-border insolvency matters. The initiative, which was the result of work by the Judicial Insolvency Network[1], has proved very popular. The BVI is the...

05 May 2017 - Cayman's new beneficial ownership regime to take effect on 1 July 2017

Following lengthy discussions with the UK authorities, the Cayman Islands Government has now approved new legislation to introduce beneficial ownership registers for certain Cayman Islands companies or limited liability companies (each a Company and...

02 May 2017 - New law gives BVI FSC discretion to restrict publication of enforcement actions

The Financial Services Commission Act 2001 was amended by the Financial Services Commission (Amendment) Act 2017 (the Amendment) on 1 May 2017. The key provisions in the Amendment are new sections which relate to the routine publication, on the Financial...

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