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Given the Cayman Islands’ status as a leading offshore financial centre and home to a very significant number of corporate investment vehicles, as with all other financial centres (both on and offshore), it is perhaps inevitable that there will be some cases, from time to time, where investors in a Cayman company have been the victims of a fraud. And in some of those cases, the picture painted on the basis of the (then undiscovered) fraud is likely to have been what persuaded investors to subscribe.
Grand Court takes novel approach in crypto winding up proceedings brought by retail investors
On 7 July 2023, the Honourable Justice Kawaley issued a winding-up order in the Financial Services Division of the Cayman Islands' Grand Court against Atom Holdings Ltd, a cryptocurrency exchange. This followed the earlier appointment of provisional liquidators for the reasons set out in a judgment released in June 2023.
Blockchain 2023 Guide – Cayman Islands
The guide provides the latest legal information for the Cayman Islands on decentralised finance (DeFi), updates to tax systems to consider blockchain and cryptocurrencies, non-fungible tokens (NFTs), initial coin offerings (ICOs), smart contracts, data privacy and protection, and mining and staking.
Proposed Regulation of Consumer Credit in Jersey
Find out more about the Jersey Government’s suggested regulation of the consumer credit regime and how it affects consumer credit agreements, consumer hire agreements and mortgages on the island.
This article focuses on restructuring options and processes only, and will merely touch on formal insolvency where it is intended to aid a restructuring process.
Quick Glance at ESG Trends in Fund Financing
There is little doubt that ESG will continue to grow in fund financing, and we will expect relevant regulations and guidelines to be refined and market norms and practices to be developed.
Now that a date has been set for the coming into force of the Personal Information Protection Act 2016, employers need to be aware of how this important legislation will affect them.
Regulation of Financial Firm Business and Virtual Asset Service Providers
The Lending, Credit and Finance (Bailiwick of Guernsey) Law 2022, (LCF Law) came into effect on 1 July 2023. Businesses carrying out activities covered by the LCF Law must now obtain a licence (unless any of the exemptions apply).
Pricing Still Not Where It Needs To Be
In spite of climate impacts and some large insurers pulling out of certain markets, there’s been some talk of rate softening in the reinsurance market, which Brad Adderley, Bermuda Managing Partner at Appleby says, “makes little sense”.
Bermuda’s Pragmatic Regulations
Increasingly, onshore and offshore jurisdictions alike seek to ensure that international business is conducted through active businesses who have their ‘mind & management’ closely linked to the jurisdictions where they assert their domicile. For example, onshore tax authorities frequently prescribe complex rules associated with, among other facts, where the ‘mind & management’ of an enterprise is located, the criteria for what makes a business ‘active’ as opposed to ‘passive’, how to determine the jurisdiction of corporate control, or what the tests might be to determine if an entity has a real and substantial connection to a jurisdiction.