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Legal market overview
The Cayman Islands legal market continues to see new entrants. In 2012, Huw Moses OBE, formerly managing partner of Appleby’s Cayman office, and Derek Jones, formerly regional managing partner of Higgs & Johnson, launched HSM Chambers.
Other significant news included Thorp Alberga remoulding as Travers Thorp Alberga after former Maples and Calder chief Anthony Travers joined the firm as senior partner. The practice also recruited Nicole Pineda, previously responsible for the management of Walkers’ Latin American finance practice.
Carey Olsen, which launched in Cayman in 2012, furthered its expansion by welcoming Michael Makridakis from Ogier as a new partner and head of litigation in its Cayman office. Appleby hired Ian Gobin from Walkers’ Jersey office, and senior associate Jonathan Bernstein joined the firm from Ogier; Richard Addlestone, Sherice Arman and Sabrina Leacock meanwhile left for Solomon Harris, Maples and Calder and Paget-Brown & Company respectively.
Ogier also saw departures, with Andrew Morehouse and counsel Colin Berryman both joining Harney Westwood & Riegels as partners in 2013. At Walkers, recent developments include Melissa Lim joining from Maples and Calder in 2012 as senior counsel and being promoted to partner in July 2013; and Rod Palmer and Diarmad Murray leaving the firm.
Search News and Articles
The revised law applicable to Exempted Limited Partnerships (" ELPs "), the Exempted Limited Partnership Law (2014 Revision) (the " Law "), came into force on 2 July 2014.
The Cayman Islands Monetary Authority (the "Authority") has recently issued a new Statement of Guidance for Regulated Mutual Funds, in which it sets out the Authority's expectations regarding the corporate governance regime of regulated mutual funds. We set out details of the Authority's guidance and expectations. Read more...
On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund. The judgment will be of significant interest to directors and managers of investment funds, as it provides helpful clarification as to what steps they will need to take to ensure that in specie distributions are effective and what their duties are when valuing assets to be used in these distributions. Read more ...
AB Jnr & Another v MB & Others was a significant decision of the Financial Services Division of the Grand Court of the Cayman Islands, relating to a Trust Deed, dated 21 November 1985. The weighty judgment of Hon. Anthony Smellie, CJ, at some 204 pages, follows an In Camera hearing taking place over the course of a 9 week period, between April and June 2012.
On 10 January 2013, the Mutual Funds (Amendment) Law 2012 came into effect requiring Cayman Islands master funds which have a single CIMA-regulated feeder to register with CIMA.
Following the hearing of a preliminary issue in the case of Cesar Hotelco (Cayman) Ltd and others -v- Michael Ryan and others  (unreported at present) the Cayman Islands Grand Court on 19 December 2012 handed down an important and welcome judgment clarifying the relationship between the Cayman Island Registered Land Law (2004 Revision) (the "RLL") and unregistered contractual debentures. This judgment is also important in relation to the issue of acquiescence in the appointment of receivers.
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.