The Legal 500

Legal Developments worldwide

• Economic Substance Requirements - Fund Managers

  The International Tax Co-operation (Economic Substance) Law, 2018 (the “ES Law”) came into effect in the Cayman Islands on 1 January 2019, requiring in-scope entities that carry on particular activities to have demonstrable economic substance in the Cayman Islands.
  - Stuarts Walker Hersant Humphries

• Shipping at the spotlight of terrorism

  Is terrorism the new norm for shipping?
  - Michael Kyprianou & Co

• Adidas three stripe Trademark Revocation

  In a judgment of the General Court of the European Union of the 19th June 2019, Adidas saw their hopes of extending their three stripes trademark dashed, as the court ruled that there was no distinctiveness in the three stripes trademark. Furthermore, the court held that the Adidas had failed to prove that the mark had acquired distinctive character through use throughout the member states of the EU.
  - Michael Kyprianou & Co

• David against Goliath – Libra vs Central Banks: Who will win?

  Working in the crypto and DLT space is like being on an emotional rollercoaster with feelings which range from curiosity, excitement, euphoria, revelation, shock, disappointment, hope, wonder and determination – did I miss any?
  - Michael Kyprianou & Co

• UK Telecoms company fined £100K over unsolicited marketing messages

  The Information Commissioner’s Office (‘ICO’) which is the UK’s data protection supervisory authority, recently issued a fine of £100,000 to EE Limited, a telecoms company operating in the UK. The fine was issued in response to EE Limited having sent two and a half million unsolicited direct marketing messages to its customers, back in early 2018. The direct marketing messages were sent without EE Limited having first obtained the required consent to send them to its clients.
  - Michael Kyprianou & Co

• British Airways and Marriott International Inc. face huge fines from UK data protection authority

  British Airways (‘BA’) may be hit with what will be the highest-ever penalty which the Information Commissioner’s Office (‘ICO’), the UK’s data protection supervisory authority, has handed out.
  - Michael Kyprianou & Co

• UAE Tax domicile certificate

  Issued by the Ministry of Finance in the United Arab Emirates (‘UAE’), the Tax Domicile Certificate (also referred to as the Tax Residency Certificate) enables eligible government entities, companies and individuals to take advantage of double taxation avoidance agreements on income signed by the UAE.
  - Michael Kyprianou & Co

• The Cayman Islands Data Protection Law, 2017

  The following information relates to the enactment of The Cayman Islands Data Protection Law, 2017 (" DPL "), which was expected to come into force on 29 January 2019, will now come into force in September 2019. The DPL will regulate the future processing of all personal data in the Cayman Islands.
  - Stuarts Walker Hersant Humphries

• The Mutual Funds Law (2019 Revision)

  The following information relates to the enactment of The Mutual Funds Law (2019 Revision) and the subsequent commencement of related sections of The Mutual Funds (Amendment) Law 2015. The changes require certain funds to notify the Cayman Islands Monetary Authority if they are active in EU jurisdictions.
  - Stuarts Walker Hersant Humphries

• Stuarts Success - Case Review: Toby -v- Allianz Global Risks US Insurance Company

  Toby –v- Allianz Global Risks US Insurance Company, FSD 152 of 2013 (IMJ), Judgment delivered on 29 August 2018
  - Stuarts Walker Hersant Humphries