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Legal market overview
The offshore corporate and commercial market improved during the course of 2013, led in part by positive economic data from the US. The Cayman Islands (Cayman), increasingly important as an M&A jurisdiction, particularly benefited from the deal resurgence. Furthermore, with a renewed sense of optimism, new funds and start-ups are also upbeat again and the fund practices of offshore law firms are enjoying healthy workflows.
Significant news for Cayman's corporate and commercial legal teams included Walkers hiring Carey Olsen's former Cayman managing partner Jason Allison and David Collins returning to the firm's Cayman office after five years in the firm’s Singapore and London offices. Campbells welcomed Susan Lock as partner from Ogier; and Higgs & Johnson's former country managing partner Chris Narborough left to found CN Cayman Law.
Headline moves also affected the islands' dispute resolution groups. Christopher Harlowe joined Mourant Ozannes as partner from Speechly Bircham LLP, where he was head of corporate recovery and restructuring in London; Conyers Dill & Pearman's Paul Smith relocated to the firm's Cayman office from Bermuda; and Ogier's department head Richard de Lacy QC is dividing his time between the Cayman Islands and the British Virgin Islands (BVI). Furthermore, Harney Westwood & Riegels's former Cayman litigation head David Herbert left the firm and Marc Kish joined its London office from Maples and Calder as partner in August 2014.
Other key legal market developments included Appleby, in April 2014, becoming the first offshore law firm licensed to provide offshore legal advice in mainland China; and Ogier's management buy-out of Ogier Fiduciary Services in June 2014, the latter rebranding as Elian in September 2014.
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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.
The Cayman Islands legislature recently approved the Mutual Funds (Amendments) Bill 2012 which seeks to amend certain definitions within the Mutual Funds Law in order to clarify the regime relating to registration of master funds.
The IMF (International Monetary Fund) approved last Friday the disbursement of around 280 Million Euros to Cyprus. The IMF praised Cyprus for the economic recovery of the island and for implementing agreed reforms. The Deputy Managing Director of the IMF David Lipton said that Cyprus continues to produce positive results and that economic and fiscal outcomes have been better than expected. Public finances exceeded targets and growth turned positive in the first quarter of 2015.
Managing partner of VEGAS LEX Alexander Sitnikov has been re-elected to the Board of Directors of the TNS Energo power utility.
Stephen Baker, senior partner at Baker & Partners, was invited as a panelist to the International Bar Association (IBA)’s Annual Anti-Corruption conference, Paris, exploring how assets can be located, preserved and recovered in corruption cases.
HaoLiWen recently has helped clients to resolve several customs classification (HS code) cases, and the clients benefits a lot in terms of import duties saves or avoidance of administrative or even criminal penalties.
The participants of a workshop on fraud risks among senior management have discussed reasons of corporate fraud, potentially fraud-conducive environments and ways to fight it.
Danos & Associates has recently established a new office in Kiev, Ukraine. We are proud of our cooperation with Lex-Liga law firm. Lex-Liga is one of the leading law firms in Ukraine. The firm offers full services in all areas of law and is based in Kiev. Lex-Liga's lawyers and staff are highly experienced and professional.
The first translation of the report Airport Competition in Europe commissioned by Airports Council International Europe (ACI EUROPE) has been officially published in Russia. The translation was initiated by the Federal Air Transport Agency (Rosaviatsia) and was carried out by VEGAS LEX law firm and the First Infrastructure Company InfraONE.
On 2 June 2015, the Russian Constitutional Court announced its resolution concerning the claim of OOO Zapolyarneft stating that environmental charges imposed on this company were disproportionate. One of the rules of the Russian Forestry Code and the Russian Government's resolution based on it were recognised as inconsistent with the Constitution.
In the elegant atmosphere of Jugoslovenska Kinoteka in Belgrade, Karanović & Nikolić hosted a celebratoin marking two decades of business operations.
All the evidence indicates that the authorities no longer view mortgage brokers as the middle man, free from all blame. As a result, brokers are increasingly finding themselves in the dock along with people who made the fraudulent mortgage applications that aroused the interest of investigators.