Cayman Islands Funds and Regulatory Update: Q2 2021

The second quarter of 2021 has been relatively quiet on the regulatory front in the Cayman Islands. As the year progresses we are approaching a number of key deadlines for investment funds and this briefing serves as a useful reference guide for upcoming deadlines, as well as an update of certain regulations and guidance issued over the last quarter.

Related briefings

Snapshot: management meetings confirmed as being integral in section 238 proceedings

The Grand Court of the Cayman Islands has again emphasised the central role that experts play in section 238 proceedings and that it is integral to the process to allow them to meet with management to gather information that they consider to be relevant. In a recent decision in eHi Car Services Limited, Justice Parker ordered the Company to convene a management meeting at the request of the Dissenters’ expert, despite the Company’s protestations that it was not reasonable, proportionate or necessary to do so.

Loan origination – CSSF guidance on private lending

On 15 June 2021, the Luxembourg Financial Sector Supervisory Authority updated its FAQs on the statuses of the Professionals of the Financial Sector by issuing clarifications on lending activities falling out of scope of the authorisation requirement, laid down by article 28-4 of the Law on Financial Sector.

Structuring from the foundations to the stars: Cayman foundation companies and STAR trusts

Cayman boasts a variety of innovative and flexible vehicles and structures beyond the basic trust instrument, which can meet the structuring requirements of a range of entities, from charities to commercial ventures. Foundations and STAR trusts are among the structuring options available, and while similar in terms of the flexibility they afford, both vehicles have distinct properties which may make one more suitable than the other depending on circumstances and requirements.

Economic substance for the British Virgin Islands

The Act did not originally apply to limited partnerships without a legal personality. However, on 29 June 2021 the Economic Substance (Companies and Limited Partnerships) (Amendment) Act 2021 (the Amendment Act) came into force and this extended the scope of the Act to limited partnerships without a legal personality.

Latest Briefings

Our future town and city centres

Post-Covid, how do we revive our urban centres, now and in the future? What does the future hold for work, retail, entertainment and living? These were some of the issues discussed when Birmingham real estate partner, Beth McArdle, chaired a session at the Big Tent Festival 2021 in Coventry. Joining Beth on the panel were: Siraj Ahmed Shaikh, Director of Research at Institute of Future Transport & Cities, Coventry University; Trish Willetts, Coventry BID Director; and Cllr Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, Coventry City Council.

Modernisation of the British Virgin Islands trust legislation

Legislative amendments to the British Virgin Islands trust legislation took effect on 9 July 2021 under the Trustee (Amendment) Act, 2021. The reforms introduce welcome improvements to the BVI’s Trustee Act and ensure that the BVI remains a leading offshore jurisdiction for the establishment, administration, and maintenance of trusts.

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For sophisticated investors looking for the next opportunity, decentralized finance (DeFi) offers a new way to invest in crypto assets in an on-demand digital world. However, before jumping in with both feet it’s critical to understand what DeFi is, how it works, its potential return on investment and its inherent risks. In this session we explore the burgeoning DeFi landscape, outline key legal considerations and highlight strategies that are currently being offered on various platforms.

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