Navigating the Future: A 2024 Guide to Fintech Laws and Regulations
Our fintech expert provides a broad overview of the key issues in fintech laws and regulations in the British Virgin Islands (BVI), exploring the evolving fintech landscape, funding challenges, and the regulatory frameworks that shape the industry. It also examines how fintech companies in the BVI navigate various regulatory regimes, the critical role of accessing talent and technology.
In a recent judgment in D’Aloia v Persons Unknown, the High Court of England and Wales provided valuable insight into potential liability by cryptoexchange providers in the context of crypto-fraud, addressing the developing legal framework on the nature of crypto-assets as property and the ability to trace or follow such assets.
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).
Limited liability companies in the Cayman Islands
Cayman Islands Limited Liability Companies (LLCs) became available in 2016. A Cayman Islands LLC is a hybrid form of business entity with characteristics of both a limited partnership and a company. The LLC is governed by an agreement among its members (LLC agreement), much like a limited partnership. However, like a company, its members enjoy limited liability. The Limited Liability Companies Act (2023 Revision), as amended (LLC Act) imposes few formalities and affords investors in a Cayman Islands LLC great flexibility in how they wish their LLC to be governed, with the LLC Act deferring in many instances to the LLC agreement.
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.
Mauritian Supreme Court disregards formality over substance under the New York Convention
On 24 September 2024, the Supreme Court of Mauritius, composed of three Designated Judges, delivered two judgments that once again highlight the non-interventionist approach of the Supreme Court in support of international arbitration and in the spirit of the New York Convention.
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.
Segregated portfolio companies in the Cayman Islands
This guide is a summary of the law and procedures relating to segregated portfolio companies in the Cayman Islands. It outlines how to establish and register a Cayman Islands segregated portfolio company, otherwise known as a Cayman SPC, and what they might be used for.
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
