Recent Regulatory Changes Issued in Respect of Cayman Funds Regulated Under the Mutual Funds Law August 2020

The Cayman Islands Monetary Authority (CIMA) has recently issued a number of Rules relating to regulated mutual funds including in respect of the segregation of assets, calculation of net asset value, and contents of offering documents.

Related briefings

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

Cayman Islands Updated Economic Substance Guidance

Version 3.0 of the Cayman Islands guidance notes (“Guidance”) on the Cayman Islands’ economic substance legislation provides additional assistance in interpreting the International Tax Co-operation (Economic Substance) Law (the “ES Law”).

Enforcement of share charges over Cayman Islands aircraft owning SPVs

The aviation industry has been severely impacted by the COVID-19 pandemic. Although flying has now resumed in a limited capacity, airlines which have already been severely weakened by months of enforced inactivity are now facing a long, slow recovery, and for many the worst is not over yet. We have already seen a number of airlines enter into bankruptcy protection, and more are likely to follow over the coming months as passengers and operators adjust to the realities of flying in the post-COVID era. As a result, financiers and lessors are considering their position and looking at ways that they can improve their rights or enforce their security in a default situation. In particular, there has been an increased focus on the security that a financier would typically take over the shares in a Cayman Islands aircraft owning SPV and how, in practice, a financier can enforce their rights under this share security to gain control of an aircraft from a defaulting owner.

Insurers first to be registered under New Bermuda ISAC Act

The first company and incorporated segregated account (ISA) to be registered in Bermuda under the Incorporated Segregated Accounts Company Act 2019 (ISAC Act) have been licensed as insurance companies. Conyers advised on the incorporation of both the ISAC and ISA and their registration as insurers, working closely with the Bermuda Monetary Authority and the Registrar of Companies.

Latest Briefings

Sending in the bailiffs… no longer an option for landlords

On 15 September 2020, the government announced further measures to protect commercial tenants from recovery action by restricting the ability of landlords to recover unpaid rent by utilising the Commercial Rent Arrears Recovery process (“CRAR”).

What price do you put on the environment?

The pandemic has challenged a lot of the ways we do things, and large scale on-site catering has been subject to more change than most. For some, this has meant the logistical challenge of delivering meals to residents at a distance from a central kitchen, and alongside the physical distribution, this has brought about the need to procure packaging for hot meals.

SMAs – a phoenix from the flames of Covid-19?

One of the consequences of the slowdown in fundraising caused by the recent pandemic seems to have been an increase in the use of Separately Managed Accounts as investment vehicles.

Recommended

Old Bailey

Withers brings back nearly half of furloughed employees

Withers has brought back 24 of its furloughed employees following the reopening of its London office. The firm furloughed 54 employees altogether, composed of three fee-earners and 51 non fee-earners. Six employees are returning from furlough this week (17 August) while 18 have have already been brought back (30 remain on furlough). Withers confirmed that […]

David Kerr

Bird & Bird profits dip for first time in three years

Profits at Bird & Bird went down by 3.4 per cent as the firm posted its 2019/20 financial results. Net profit decreased from £68.4m to an estimated £66m. It marks a fall for the first time in three years. The firm did not report its average profit per equity partner (PEP) figure for 2019/20. In the […]

Keystone reports Gunnercooke partner to SRA

A complaint against a Gunnercooke restructuring partner has been made to the Solicitors Regulation Authority by Keystone, in relation to an insolvency dispute involving the two firms. In 2018, Gunnercooke partner Séamas Gray was instructed by the liquidators of Grosvenor Property Developers, after the student accommodation company was wound up. The matter is the subject […]

Recruit legal talent

Get your role in front of over 300,000 legal professionals when you advertise with The Lawyer. Our team of experts provide bespoke solutions to help solve all your recruitment challenges.

Find out more