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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Clifford Chance gives green light to next distributions round

Clifford Chance is looking to resume distribution of its profits to the partnership, but will lower their amount for the foreseeable future. The Lawyer understands that the firm normally distributes profits in March, June, September and December. Sources say the March round was injected into the business, while the June round will be now distributed […]

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