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Cayman Islands > Law firm and leading lawyer rankings
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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.
It is possible for a works council to push through the dismissal of an employee, as demonstrated by a recent ruling of the Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, from March 28, 2017 (Az.: 2 AZR 551/16).
Aziz Rahman explains what those trading internationally need to do to ensure they are not targeted by money launderers.
Health claims in relation to mineral water need to be consistent with the Health Claims Regulation. This was confirmed by the Bundesgerichtshof (BGH), Germany’s Federal Supreme Court, in its ruling of January 30, 2017 (Az.: I ZR 257/15).
On April 25, 2017, American Chamber of Commerce in Serbia and Law office Stankovic and Partners organize a Briefing Session on Data Protection in Arbitration Cases. This event is intended for all the peers interested in finding our more about the challenges with document discovery in arbitration procedure, from the standpoint of data protection issues, local laws and regulations, including international practice. Also, this opportunity will be used to explain data protection during discovery process, including the best international practices. Special emphasis will be placed on the framework of Article 48 of the new EU law (applicable as of May 2018), as well as other relevant issues. The speakers will be Andrej Savin, Associate Professor, Copenhagen Business School, Philip Punwar, Partner at Baker Botts LLP, expert in international arbitration, and Nenad Stankovic, Attorney at Law, Stankovic and Partners.
VEGAS LEX discusses opportunities and problems of Special Investment Contracts at Northern DimensionVEGAS LEX Partner Evgeniy Rodin and Commercial group associate Anastasia Cheredova spoke about the use of various investment options in the energy and pharmaceutical sectors at the Northern Dimension Forum in St. Petersburg.
With the government looking at how to change the law when it comes to prosecuting companies, Aziz Rahman considers the possibilities.
Ben Ticehurst explains why new regulations regarding company payment practices are a sharp reminder of the need to be legally compliant.
With the housing market facing further scrutiny regarding money laundering, Aziz Rahman outlines what those working in the property sector must do to stay within the law.
Post-contractual prohibitions on competition that do not provide for compensation for this period, i.e. a waiting allowance, are null and void. That was the verdict of the Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, in its ruling of March 22, 2017 (Az.: 10 AZR 448/15).
VEGAS LEX has been recognized in seven categories and four of VEGAS LEX experts has been ranked on the Chambers Europe 2017 international ranking of the best law firms and lawyers around the world.