Bermuda issues final economic substance guidance notes for shipping sector

On 7 July 2020, Bermuda’s Minister of Finance issued the final Revised Guidance Notes in relation to the Economic Substance Act 2018. The Revised Guidance Notes provide sector-specific guidance for a number of relevant activities within scope of the Act.

Related briefings

New legislative regime for virtual asset service providers

The Virtual Asset (Service Providers) Law, 2020 was gazetted on 25 May 2020 and will come into force upon issue of a commencement order in due course. The Law represents Cayman’s first legal framework for the registration, licensing and supervision of virtual asset service providers conducting business in the Cayman Islands.

Cybersecurity requirements for licensees

Entities regulated under the Insurance Law will need to implement cybersecurity measures in proportion to their cyber risk profile by 27 November 2020 following the release of the Rule and Statement of Guidance on Cybersecurity for Regulated Entities by the Cayman Islands Monetary Authority on 27 May 2020.

Cayman Islands administrative fines regime for insurance licensees

By Rob Humphries The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 (the “Amendment Regulations”) came into force on 26 June 2020. The Amendment Regulations serve to amend Schedule 1 of the Monetary Authority (Administrative Fines) Regulations (2019 Revision) (the “Fines Regulations”) and extend the scope of the fines which may be levied by the Cayman […]

GDPR and the Cayman Data Protection Law for Insurance Managers (and clients)

The General Data Protection Regulation 2016/679, or GDPR, is a set of EU regulations aimed at the protection of personal data and privacy of natural persons (not corporations) based within the EU. The GDPR has extraterritorial effect in that it applies to the processing of personal data of persons who are situated in the EU […]

The Private Funds Law and the Cayman Islands’ Status with the EU

In February 2020 the EU included the Cayman Islands on its Annex 1 list of non-cooperative jurisdictions for tax purposes; the so-called “black list”. Whilst the Cayman Islands Government had endeavoured to address the EU’s concerns in respect of the regulation of collective investment vehicles through the passing of The Private Funds Law (the “PFL”) and The Mutual Funds (Amendment) Law on 31 January 2020, the laws were only enacted on 7 February.

Latest Briefings

Permission in principle – growth, renewal, protect

The biggest shake up of the planning system since 1947 continues apace with the announcement, on 2 August, of government plans to create an automatic green light for development within specifically designated areas of the country.

Setting aside company transactions involving Jersey, Guernsey and BVI companies

Financial pressure can change perspectives on transactions – whether through the lens of an insolvent winding up, in the context of a counterparty or related interested party exploring ways in which they might unravel a transaction, or a new board considering whether a company can extricate itself from contractual arrangements that appear to have been subject to a conflict of interest or which were for an improper purpose.

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Despite two successful convictions in the Unaoil bribery case, the Serious Fraud Office (SFO) will now conduct an internal review after its head Lisa Osofsky was criticised by the judge over dealings with an intermediary. In a ruling made public on Monday, Judge Martin Beddoe rebuked Osofsky for making herself vulnerable to flattery during the […]

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Court of Appeal rules on Kazakh claim in long-running award row

The Court of Appeal has refused permission to appeal after a challenge was brought by the Republic of Kazakhstan and its national bank, meaning the Belgian courts will have the final say on how to handle a $500m arbitration award being pursued by the parties. The case, which featured on The Lawyer’s Top 20 cases 2020, is […]

Eversheds boosts cybersecurity team with new hire

Eversheds Sutherland has boosted its UK data privacy cybersecurity clout with the hire of a new partner. Philip James joins the firm from media and tech firm Sheridans, where he was head of its data practice. James specialises in disruptive technology platforms, cloud computing, digital media, data and cybersecurity, as well as on the media […]

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The deals that closed last week: Bingo, Simon Cowell and law firm office moves

Last week saw a restructuring in the leisure industry, as opposed to retail, with Macfarlanes on call for Buzz Bingo. The UK’s biggest omni-channel bingo business, Buzz agreed a company voluntary arrangement (CVA), with Eversheds Sutherland advising on the real estate side. Buzz is owned by FTSE 250 investment company Caledonia Investments, which instructed Taylor […]

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