On 19 July 2024, the Grand Court ordered that Sigma Finance Corporation be wound up. The joint official liquidators will now take steps to distribute the Company’s final assets and dissolve the Company, bringing this particular chapter to a close.
What Steps Should a Cayman Fund Take to Comply with the New Cayman Beneficial Ownership Regime?
All Cayman Islands funds (other than unit trusts) are required to identify “required particulars” in relation to their investors and provide those particulars to the Cayman Islands Ministry of Financial Services under the Beneficial Ownership Transparency Act (the Act). Once identified the required particulars must be kept up to date and can be made available to certain government agencies in the Cayman Islands and the United Kingdom but not, as yet, to the public. Our general briefing on the Cayman Beneficial Ownership Regime can be found here
Podcast: The new frontier of Alternative Investing: Insights into Fund Financing
Join us to discuss fund financing fundamentals from both lenders' and borrowers' perspectives, and the key drivers behind the transformation of the latest global and regional trends that shaped the future of finance.
Incorporating in Cayman - Special purpose acquisition companies (SPACs)
In a recent webcast for her 'SPAC Notebook' series, Woodruff Sawyer Partner Yelena Dunaevsky and Appleby Senior Associate Alexandra Low discussed the Cayman incorporation process and the reasons why SPAC teams are considering moving away from Delaware to incorporate in the Cayman Islands.
In this publication, Appleby’s Regulatory Group answer the top questions on the REVISED beneficial ownership regime in the Cayman Islands.
The Virtual Asset Service Providers Bill, 2024 (the VASP Bill), sets a comprehensive legal framework regulating virtual asset service providers (VASPs) in Seychelles and awaits implementation. The Financial Services Authority (the Authority) has now produced a set of draft regulations, currently under public consultation, to supplement the legal requirements under the VASP Bill. A summary introducing each set of regulations are given as below.
Appleby Jersey recently welcomed MONEYVAL’s recognition of Jersey as a responsible finance centre that upholds international standards for combatting money laundering and countering the financing of terrorism. Now that the dust has settled, Nadia Lewis considers the results.
Directors liable for PIPA compliance failure in Bermuda
There are several aspects of an enterprise’s use of data that now must land on the boardroom table of Bermuda organisations, including cybersecurity oversight. Compliance with the island’s Personal Information Protection Act 2016 must be added to that list when it comes into full force on 1 January, 2025.
Bermuda: Trusts in an Employment Context
When one thinks of trusts, one tends to think of the private family trusts which enable wealthy families to manage the transfer of their assets efficiently down the generations. Yet in fact some of the largest trusts in the world are found in the employment context and many ordinary workers will be beneficiaries of colossal trusts. For example, the Universities Superannuation Scheme in the UK had around £75 billion of assets under management as at 31st March 2023 – more than the GDP of some countries.
Bermuda: Securing Regulatory Compliance
Regulatory compliance continues to be an area of significant development in Bermuda. While anti-money laundering (AML), anti-terrorist financing (ATF) and global financial sanctions have been in focus for some time, the regulatory compliance landscape has grown in recent years due to the implementation of economic substance requirements, the introduction of the Global Minimum Tax and the impending full implementation of Personal Information and Protection Act (PIPA).
