Legal Updates

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Developments in law or practice in our jurisdictions

17 February 2016 - The BVI's new Legal Profession Act: What English QCs need to know

In late 2015, after nearly a decade of consultation and back-and-forth, the BVI passed into law a new Legal Profession Act (LPA) regulating inter alia admissions and practice. However, it quickly became apparent that much of the subsidiary legislation...

22 January 2016 - BVI Financial Services Commission recognises overseas stock and commodities exchanges

Background The BVI Financial Services Commission (FSC) has issued the Regulatory Code (Recognised Exchanges) Notice, 2015 (the Notice) under powers set out in the Regulatory Code, 2009 (the Code). The Notice is effective as of 15 January 2016. The...

15 January 2016 - What Lenders and Borrowers Need to Know: A Snapshot of Changes to BVI Law in 2015

The British Virgin Islands' (the BVI) reputation as the leading offshore jurisdiction is well earned and it is dedicated to maintaining its status as a jurisdiction which is creditor friendly and commercially flexible. The developments of 2015 are...

14 January 2016 - Latest amendments to BVI Business Companies Act take effect 15 January

The Government of the British Virgin Islands recently enacted the BVI Business Companies (Amendment) Act 2015 (the Amending Act). It is the thirteenth and most recent amendment to the successful BVI Business Companies Act 2004 (the Principal...

04 January 2016 - Amendments to the BVI's AML regime now in effect

Previously announced amendments to the BVI’s Anti-Money Laundering (AML) regime came into force on 1 January 2016. The changes update the BVI’s long standing AML regime to ensure continued compliance with developing international standards...

31 December 2015 - BVI adopts legislation to implement the OECD Common Reporting Standard

The BVI has passed legislation to implement the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003...

11 December 2015 - Update: Cayman Islands Financial Account Reporting for Investment Funds

In our previous alert on this topic, we gave the background to the implementation of the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The Tax Information Authority...

04 December 2015 - BVI Premium Service Transactions

As of 1 December 2015, the Registry of Corporate Affairs (the Registry) in the British Virgin Islands (BVI) is offering an option for Premium Services which will guarantee a four hour turnaround for certain transactions submitted to the Registry. ...

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.

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