Related briefings

BVI economic substance requirements 2020 update

The framework that the British Virgin Islands (“BVI”) government has created to enable BVI ‘legal entities’ to report prescribed economic substance information’ is now operational. New reporting and (in some cases) economic substance requirements now apply for BVI ‘legal entities’ that conduct certain defined ‘relevant activities’ under the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the Rules on Economic Substance (together the “Economic Substance regime”).

Amendments to the Cayman Islands private funds law 2020

On 7 July, the Private Funds Law, 2020 was amended changing the definition of a ‘private fund’ to both clarify the position for certain entity types and to extend its scope to additional entities.

SEOs declared invalid – key issues for employers in Ireland

The recent decision of the Irish High Court in National Electrical Contractors of Ireland v the Labour Court, the Minister for Business Enterprise and Innovation Ireland and the Attorney General (2019 No. 280 JR) will have a significant impact on employers and employees currently bound by Sectoral Employment Orders (SEO) in the electrical contracting, mechanical engineering, building and construction sectors.

Latest Briefings

Cayman Islands Court of Appeal re-examines master-feeder redemption procedures

Introduction In the matter of Ardon Maroon Asia Master Fund (in Official Liquidation), CICA, 20 May 2020, the Cayman Islands Court of Appeal has reiterated the importance of following the natural and ordinary meaning of a fund’s articles, in order to ensure that redemptions are effective. This is particularly important in the context of a master-feeder […]

Cayman Islands bank regulatory update – July 2020

The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 (the Amendment) came into force in the Cayman Islands on 26 June 2020. The Amendment amends Schedule 1 of the Monetary Authority (Administrative Fines) Regulations (the Regulations) to extend the administrative fines regime beyond breaches of the Anti-Money Laundering Regulations to a much broader spectrum of breaches under various Cayman regulatory laws, including the Banks and Trust Companies Law (collectively, the Regulatory Laws).

Three cases on contempt of court and what they mean for commercial fraud litigation

By Shantanu Majumdar QC Recent weeks have seen a spate of decisions on contempt of court. Most are sentencing cases and thus of little general interest since they turn on their facts. However, three cases do raise issues of general principle which not infrequently arise in the commercial fraud context. In this article, Shantanu Majumdar […]

Challenges faced by banks and the financial implications of lockdown

Many would be forgiven for comparing the current economic impacts of the Coronavirus (COVID-19) pandemic to that of the credit crunch over a decade ago. At the time it was suggested that the permanent damage done to the productive potential of nations across the world was a staggering $200 trillion of which £7.4 trillion was estimated in the UK. The longer the lockdown continues, intuitively, it feels like the financial implications may not be wildly different this time round. However, the challenges faced by the UK Government today are surely greater than those of 2008.

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