85 results found

The Cayman Islands have become the leading offshore jurisdiction in the funds industry and are currently home to more than 6,500 registered open-ended funds and many unregulated closed-ended or exempted funds.

In a modern discretionary trust, in particular those which are set up in complex commercial structures, there is a concern is to ensure that the trust can be efficiently and effectively administered without undue interference.

On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.

Good morning. I hope you all had a good long weekend, and thanks for jumping right into work this morning by attending this press conference.

The motto on the Cayman Islands flag has profound meaning for all residents, whether indigenous or not.

Statistics published by the Cayman Islands Monetary Authority show that the Cayman jurisdiction remains the preferred jurisdiction for managers looking to establish offshore alternative investment funds.

In the wake of the global financial crisis, an unprecedented wave of regulation has swept through the financial services industry, impacting market participants at every level.

During the last twenty-five years the Cayman Islands have developed into one of the world’s largest international financial centers, with more than 300 hundred active licences for banks and trust companies, 700 insurance companies and over 7,000 mutual funds. The stock exchange has approximately 1,000 listed entities with a market capitalization of over US$77 Billion.

On 29 November 2013, the Cayman Islands government signed a Model 1B (i.e. non- reciprocal) intergovernmental agreement with the United States of America.

The contentious trusts practitioner in the Cayman Islands often finds him or her self occupied in defending the trust at the offshore frontier against challenges from disgruntled heirs, spouses and creditors including foreign revenue authorities and a great deal of time and attention has been spent in developing a statutory framework which incorporates comprehensive foreign element provisions designed to allow for certainty for those settling Cayman trusts.

Some of the many advantages of registering a company, exempted trust or limited partnership in Cayman are: tax neutrality, which means investors and their corporate activities are not subject to additional layers of taxation over and above those of their home country; a well established legal regime, reasonable reporting requirements, flexible corporate structures and an expedited registration process (using the General Registry’s (the "Registry") express service, new companies, trusts and partn

In a recent interview with HFM Week, Harneys Partner Ian Gobin compared Cayman and US funds and discusses how Cayman continues to lead the market.

On 6 December 2013, after a period of consultation with industry practitioners, the Cayman Islands Monetary Authority – the Islands’ financial regulator – released its Statement of Guidance for Regulated Mutual Funds.

Pursuant to the Regulations adopted by the Cayman Islands to implement the AEOI regimes, each Cayman Islands entity that is a Reporting Financial Institution (a "FI") is required to:

The year 2011 was undoubtedly an eventful one, and for trusts and estates practitioners the uncertain economic conditions came at a time of numerous legislative developments offshore.

At its most basic level a partnership requires no formalities or registration and is the simplest manner in which to carry on a business. Partnerships have been used for many centuries and were initially governed by common law rules that evolved to regulate both the dealings of the partnership with third parties, and the dealings of the partners with one another.

Many sophisticated fraudsters use offshore bank accounts and corporate vehicles to conceal their proceeds of fraud.