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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.
VEGAS LEX experts discuss Russian roads and PPP projects at the fifth international specialized exhiRoad 2014, the 5th international specialized exhibition and forum held in Moscow earlier this month and attended by VEGAS LEX, focused on effective development mechanisms for Russia's public road system and on legal aspects of public-private partnership projects
The VEGAS LEX law firm has held a seminar, Signing a Concession Agreement: an Insider's Insight , for the staff of Bank of Moscow legal department and business divisions.
Julia Tormagova, head of VEGAS LEX Commercial Group, will speak about trends in the law enforcement practice on the market for pharmaceuticals in 2014.
Popov & Partners Law Office was chosen by Ministry of Finance once again for consultant service of MPopov & Partners Law Office is finishing successfully and before the appointed time, its work on concluded in May 2013 contract with Ministry of Finance for conducting subsequent control of public procurements financed by Operational programme "Administrative capacity". As a result of the quality and effective implementation, in the beginning of September 2014, Ministry of Finance entrusted a second time team of the Law Office for implementing activity for subsequent control of public procurements financed by Operational programme "Administrative capacity", as choose Popov & Partners Law Office for executor of a public procurement. Term of the second contract concluded with Ministry of Finance is until the end October 2015. During its implementation, Popov & Partners Law Office will aim increasing transparency and efficiency in the field of implementation of projects, financed by European social fund, and will contribute for lawful utilizing of funds on Operational programme "Administrative capacity".
Goltsblat BLP , the Russian practice of the leading international law firm Berwin Leighton Paisner (BLP) , is providing the Italian clothing brand TWIN-SET Simona Barbieri with legal support for its entry on to the Russian market, including setting up a joint venture and opening a number of own-brand stores across Russia.
Leading Hungarian law firm, Lakatos, Köves and Partners, has been advising Bayerische Landesbank ("BLB") on the sale of its Hungarian subsidiary MKB Bank Zrt. which closed on Monday 29 September 2014.
Kyiv, 17 October 2014 - AstapovLawyers has advised Lexmark International Technology S.A. (Switzerland) on legal matters pertaining to the signing of distribution agreement with a Ukrainian company. The advice included review and adjustments of the wholesaler contract, drafting arbitration clause and on Ukrainian law matters applicable to the contract.
Zavadetskyi Advocates provided for tax clearance of the transaction for cross-border transfer of the loan portfolio from the balance sheet of the Ukrainian bank to the balance sheet of the UK bank of a Greek banking group. As a result of this work an official tax clarification has been obtained that allowed favorable conditions for the transaction.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Kyiv, 2 September 2014 – Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.