Bermuda trust law: stronger “firewall” provisions and restored settlors’ freedom of disposition with regard to illegitimate children

Bermuda has amended the Trusts (Special Provisions) Act 1989 to modernise its ‘firewall’ provisions and to introduce flexibility and clarity with respect to excluding illegitimate children from benefiting from a trust.

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

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.

Trustees – finding certainty in uncertain times

There is an old saying, attributed to the French Philosopher Voltaire, that ‘doubt is not a pleasant condition but certainty is an absurd one’. For trustees of trusts governed by the laws of the Cayman Islands (Cayman), and indeed for trustees worldwide, doubt as to the future value of trust assets (and as to the future needs or actions of beneficiaries) may be their new default condition as they deal with the upheaval brought on by recent global events.

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Virtual Events launch with IHFS 2020

The first of The Lawyer’s fully virtual events, the 2020 In-house Financial Services Virtual Conference, was held across three days on 30th June – 2nd July. Watch our case study video to see what we did, and to hear what our participants and sponsors had to say about their experience. The In-house Financial Services Virtual […]

FRC names new general counsel

The UK Financial Reporting Counsel (FRC) has recruited Financial Services Compensation Scheme veteran Alex Kuczynski as its new general counsel. Kuczynski previously served as chief corporate affairs officer at The Financial Services Compensation Scheme’s (FSCS), where he was also director of corporate affairs and a board director, before leaving the company earlier this year. At […]

Osborne Clarke brings back over 80 employees from furlough

Osborne Clarke is to end its use of the furlough scheme this month, after signing up to the UK Government initiative at the start of the pandemic. The firm plans to bring back the remaining 83 professionals that are still on the government scheme at the beginning of August. The Lawyer recently reported that, at […]

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