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Legal market overview
The Cayman Islands (Cayman) has a longstanding reputation as a leading international financial centre and the jurisdiction continues to perform strongly as an investment funds domicile. In early 2016, the Cayman Islands Monetary Authority showed nearly 11,000 mutual funds were registered with or licensed by it.
Significant overseas expansion for the islands’ law firms included Cayman-headquartered Walkers Cayman opening an office in Bermuda in early 2016, operating under the name of Taylors in association with Walkers.
Caribbean law firms also continue to expand in Asia. Harneys opened a Shanghai office in November 2015 and Campbells launched a Hong Kong office in early 2016. The latter launch was in direct response to demand from its clients in the region for advice on BVI and Cayman law in the Asian Pacific time zone. Former Cayman managing partner and litigation, insolvency and restructuring group head Ross McDonough relocated to lead the new office.
Noteworthy movement within Cayman included Carey Olsen’s recruitment of litigator Sam Dawson from Solomon Harris, while Alex Brainis and Sailaja Alla joined Appleby’s corporate and commercial group from Intertrust Group and Harneys, respectively. Funds expert Andrew Morehouse and contentious trust expert David Butler left Harneys.
Appleby also experienced departures as Julian Black, its former global structured finance and derivatives head, exited to become group director of the firm’s fiduciary business, Estera, and litigator Christopher Russell retired. Elsewhere, Mourant Ozannes’ former Cayman investment funds co-head James Wauchope retired from the firm, funds specialist Julian Fletcher joined Carne Group and former real estate department head Sonia Starvis joined Forbes Hare.
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The Cayman Islands is a transparent International Financial Centre which complies with all global standards on tax transparency and information exchange.
The Government published The Confidential Information Disclosure Bill (“CIDB ”) on 11 May 2016 which will come into force by September 2016.
It is proposed that a new law (the “Law”) be enacted, to permit the formation of a new type of vehicle in the Cayman Islands – a Cayman Islands limited liability company (an "LLC").
The following information relates to the enactment of The Insurance (Portfolio Insurance Companies) Regulations, 2015 and the commencement of related sections of The Insurance (Amendment) Law 2013. The changes permit licensed insurers established as segregated portfolio companies to incorporate one or more of their cells as “portfolio insurance companies”.
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...
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.
KHASK is a Ukrainian major producer and exporter of self-adhesive tapes and packaging materials. The loan facility is used to finance the purchase and installation of a solvent recuperation system, related general construction and energy efficiency capital investments.
In light of the European Commission’s ruling, those that have suffered as a result of the truck cartel are now able to claim damages. That being said, it is important for them to not lose sight of the statute of limitations.
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of Aaron Roi B. Riturban and Franco Aristotle G. Larcina to the partnership.
The Limay, Bataan power project was recognized by IJGlobal as the “Best Power Deal in the Asia Pacific Region”. SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. Read more information on this transaction .
SyCip Salazar Hernandez & Gatmaitan hosted the Pacific Rim Advisory Council (PRAC) 60th International Conference last September 24-27, 2016. The Conference gathered 43 delegates from PRAC member firms in Australia, Brazil, Canada, China, Hong Kong, India, Indonesia, Malaysia, Mexico, New Zealand, Panama, Philippines, Singapore, South Korea, Spain, Taiwan, The Netherlands, and the United States of America. The conference program provided delegates with various learning and networking opportunities.
Bogus applicants who do not actually intend to take up a post cannot subsequently invoke anti-discrimination legislation. This comes from a ruling of the Court of Justice of the European Union (CJEU).
If the works council no longer indicates a willingness to continue negotiations to prevent collective redundancies, the employer can consider the consultation process pursuant to sec 17(2) of the Kündigungsschutzgesetz (KSchG) [German Employment Protection Act] to have come to an end.
The Singapore International Arbitration Centre (SIAC) held “The User’s Guide to the SIAC Rules 2016” last November 24, 2016 and the Young SIAC (YSIAC) Advocacy Workshop last November 25, 2016.
The Serious Fraud Office (SFO) has decided not to prosecute Soma Oil and Gas regarding corruption in Somalia, due to insufficient evidence. Aziz Rahman looks at what insufficient evidence means and how to challenge prosecution allegations.
JP Morgan is paying $264M to settle allegations of bribery over its hiring of children of key Chinese decision makers to try and secure business. Aziz Rahman explains what constitutes bribery and how to prevent it.