Every day, highly experienced investors and thought leaders are sounding the alarm about an impending market crash. Since the 30-year anniversary of Black Monday less than two months ago, the sirens are blaring progressively louder. With an eight-year U.S. equity bull market behind us, coupled with positive GDP growth, the sustained market rally seems too good to be true. On the surface the economy appears to be plodding along, but according to the bears, something is brewing in the depths below.
For a country like Cayman whose currency is tied to the U.S. dollar and therefore to the whims of the U.S. Federal Reserve’s monetary policy actions, the Cayman Investment Summit had a decidedly gloomy message: the U.S. dollar-led global currency system is in urgent need of reform and central banks have essentially no power to affect monetary or economic goals.
At an unspecified date in 2019, the Cayman Islands will introduce far stricter privacy protection rules affecting every business that processes customers’ or clients’ personal information.
The idea that people in the Cayman Islands could attempt to finance terrorist organizations may seem strange to some, but the risk is very real.
On Jan. 17, 2017, Brian Leveson, QC, approved the entry by Rolls-Royce and the Serious Fraud Office into the largest deferred prosecution agreement of its kind. In what is a timely reminder for all regulated entities – including those in the Cayman Islands – Rolls-Royce’s cooperation with the regulator was considered to be an important factor in determining that the DPA was appropriate.
In an increasingly competitive market for dispute resolution across jurisdictions, commercial courts still need to work together to uphold the rule of law and support international economic cooperation and prosperity. To do so requires the courts to meet the needs of the business community, said Lord John Thomas of Cwmgiedd, the Lord Chief Justice of England and Wales in a guest lecture at the Grand Court of the Cayman Islands.
The elimination of tax evasion is a laudable objective. Governments miss out on revenue if assets are moved to other jurisdictions to evade taxes, and the impact is greater in poorer countries.
The Cayman Islands Court of Appeal has recently confirmed that the proprietors of a strata corporation registered under the Strata Titles Registration Law (STRL) have the power to govern, control and manage the strata through by-laws adopted in accordance with the STRL.
The proposed amendments to the Trusts Law (2011 Revision) and the Property (Miscellaneous Provisions) Law (2011 Revision) are part of a tidying up exercise to correct long-standing deficiencies in both statutes.
The Confidential Information Disclosure Law, 2016 was gazetted on July 22 and is in effect. The law has been under consultation in the Cayman Islands for a number of years and has been enacted to dispel the misconception that the Cayman Islands is a secrecy jurisdiction.
Many people confuse tax residence and domicile. In particular, it is common for individuals to assume that because they have ceased to be tax resident in the U.K., it must follow that they have also ceased to be U.K. domiciled. But is this necessarily the case? In short, the answer is definitely no.
Several developers, including Chamber of Commerce President Paul Pearson, say a change in the law to regulate how and when they hand over control of strata developments to owners is unnecessary and would hamper their ability to build and sell.
New copyright legislation came into effect June 30, replacing legislation from 1956, with the copyright protections coming from the United Kingdom’s 1988 Copyright Act, which has been updated several times to keep up with digital innovations over the past 28 years.
The Companies Law was recently amended by The Companies (Amendment) Law, 2016 (the “Amended Law”), published in the Cayman Islands gazette on May 13.
It’s common knowledge that most modern Western governments can be exceedingly slow when it comes to implementing new legislation. This is particularly true in the Cayman Islands, and especially as of late.
A Panamanian company set up by Canover Watson that was allegedly used to receive a $1.1 million bribe payment from Traffic Sports to Jeffrey Webb is the same entity that had a controversial $600,000 loan agreement with the Cayman Islands Football Association, documents reveal.
Documents submitted by the U.S. Securities and Exchange Commission to a U.S. court in February have shed new light on the involvement of Caledonian executives and clients in trading securities used in four penny stock manipulation fraud schemes.
Kevin Mitnick, who once was on the FBI’s Most Wanted list and is now a computer security consultant, took to the stage at the Cayman Alternative Investment Summit to show off some of the newest ways hackers are breaking into computer systems.
Beneficial owners are distinct from legal owners. For example, service providers that act as nominee directors, who may appear on legal documents as the representatives of the company.
The headline writes itself for corporate law as it heads out of 2015 and into 2016: Costs and competition abound, with the former sparking concerns and the latter innovation.