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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.
Search News and Articles
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.
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.
Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), is providing advice and legal support to AFG National on raising up to RUB 9 bn from the Russian Direct Investment Fund and a number of Middle East investment funds. AFG National is a leader on the Russian agricultural product market.
A “Berliner Testament” is a popular form of will in Germany among spouses, as it enables them to provide each other with financial security and mutually appoint one another as sole heirs. However, it also entails disadvantages such as its strong binding effect.
At the end of March, the Bundeskartellamt, Germany’s Federal Cartel Office, imposed fines amounting to around 21 million euros against the so-called “Sanitär-Kartell” (cartel in the sanitary sector) on account of anti-competitive agreements.
Withdrawal can prove to be an extremely attractive proposition from a financial perspective, even for consumers whose loans have already been paid off. That being said, withdrawal should certainly be carried out before June 21, 2016.
Baker & Partners, a specialist litigation and dispute resolution practice based in Jersey, has been approved on-going by the Bar Standards Board to offer a pupillage each year.
Anyone who withdraws from a real estate loan concluded between 2002 and 2010 stands to potentially benefit from low interest rates and save a lot of money. Having said that, withdrawal only remains an option until June 21, 2016.
Attorney-at-law Alexander Stefanov, a Junior Partner in the Penkov, Markov & Partners law firm was awarded the first place in a contest organized by the Standard Daily newsletter under the name “The New Generation: The Lawyers” at the awards’ ceremony held in the Sofia University.
Tax investigators have apparently been sifting through the Panama Papers in the hope of rumbling suspected tax dodgers. There is still time to submit a voluntary declaration that can lead to immunity.
Recently, the Financial Times (“FT”) issued its FT Asia-Pacific Innovative Lawyers Report 2016. For the first time, Kim & Chang has broken into the top 5 ranking in the “FT Law 25 - Asia-Pacific Headquartered Firms” category, ranking 5th among the top 25.
Kim & Chang has been awarded "Korea Law Firm of the Year" by Who’s Who Legal Awards 2016 held by Who’s Who Legal, an international legal media affiliated with Law Business Research. This is the eleventh consecutive year that our firm has been honored for this recognition.