What Are the Duties of the Anti-Money Laundering Officers of a Cayman Fund?
All Cayman Islands funds are required to designate a natural person at managerial level as their Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and Deputy MLRO (DMLRO). This publication outlines the primary duties of each of the AMLCO, MLRO and DMLRO (AML Officers) as they apply to hedge funds, private funds and unregulated funds in the Cayman Islands (Funds).
Bermuda: It’s Impressive How Mainstream Cat Bonds Have Become
Although Brad Adderley, Bermuda Managing partner at Appleby, doesn’t expect 2024 to be another record year for the catastrophe bond market, he’s impressed with how mainstream the asset class has become.
Jersey’s insolvency regime continues to develop
Our Jersey expert looks at the significant developments of the legislative framework applicable to insolvency and restructuring in Jersey. Find out more about the Companies Regulations No 8 2022.
Preparing for a Cayman Islands Monetary Authority Inspection
One of the most common ways in which CIMA assesses compliance with its regulatory framework is through inspections. CIMA conducts various forms of inspections ranging from AML-CFT specific inspections, prudential inspections and themed inspections. CIMA’s themed inspections focus on specific topics such as corporate governance, cybersecurity and outsourcing, (as opposed to a specific sector e.g., banking, insurance). Feedback from CIMA’s themed inspections is generally published on CIMA’s website in the form of a report setting out the key themes identified, good practices and bad practices. Themed inspections are useful reminders of CIMA’s regulatory expectations on specific topics.
Whilst the recent decision of Segal J in the Grand Court in relation to access to the Court file is welcome confirmation of the Cayman Court’s commitment to the general principles of open justice, it gives rise to uncertainty as to the scope of the documents to which the right to access the Court File applies, as it conflicts with previous decisions of the Grand Court. This uncertainty is unwelcome, and gives rise to a need for caution on the part of practitioners. A further decision clarifying the law in this area would be beneficial to the jurisdiction.
Important Update as to Filing of Annual Returns for BVI Companies
The deadline for the first filing of annual returns by companies incorporated or registered in the British Virgin Islands (BVI) is this Monday 30 September 2024.
Knowledge is key: Accessory Liability for a Strict Liability Offence Clarified
Why the UK Supreme Court’s clarification in Lifestyle Equities of accessory liability of directors for company wrongs is essential reading for Cayman office holders
Private Wealth and Private Client: Bermuda
In-Depth: Private Wealth and Private Client (formerly The Private Wealth & Private Client Review) provides an incisive global overview of the key legal and practical issues affecting the management of private client wealth. With a focus on recent developments, it examines the most consequential features of the regimes governing tax, succession and wealth structuring across major jurisdictions worldwide.
Augmented Advocacy Series (Bermuda): The Practice of Law in the Age of AI
As the world enters the age of artificial intelligence, the legal profession is once again faced with balancing two crucial elements of the administration of justice: efficiency v effectiveness.
Registration of foreign lasting or enduring powers of attorney in Guernsey
What does a Guernsey Service Provider need to do before they can rely on a foreign lasting or enduring power of attorney in relation to their non-Guernsey based client’s instructions?
