Tuesday, February 19, 2019

Ghost in the machine – wills and digital assets

We live in a world where technology is increasingly interwoven into our daily lives to the extent that losing a smartphone now ranks as a major life trauma; but what becomes of our digital assets and online presence after we die? 

Where there’s no will – there’s a way

Most people know that making a will is the “adult thing” to do, especially when children and other dependents are involved. However, like most unpleasant things in life, we tend to put it off for as long as possible.

Regulating cryptocurrencies

Cryptocurrencies like bitcoin, blockchain technology and initial coin offerings (ICOs) have been the buzzwords in the tech sphere for the past couple of years.

Secular market cycles: What’s your strategy for your portfolio?

Global financial markets have revelled in somewhat of a sweet spot over the last eight years. Most striking are the significant positive returns across major asset classes that historically exhibit strong negative correlation.

From war-torn Liberia to Cayman, and beyond

The Cayman Islands has been linked to many cross-border legal disputes, but few span the number of jurisdictions or the amount of time as an ongoing case in the United States that is pitting a British Virgin Islands-based attorney against a U.S. district court.

No escaping risk

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.

Money problems: the global currency system needs reform

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.

Data protection coming to Cayman in 2019

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.

Cayman’s new nonprofits legislation aims to prevent terrorist financing

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.

The Rolls-Royce of reminders for Cayman’s regulated entities

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.

UK Lord Chief Justice: Commercial courts must meet business needs

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.

OECD’s reporting standard: Collateral damage

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.

Court of Appeal restores developers’ power to amend strata by-laws

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.

Legally Speaking: Proposed amendments to the Trusts and Property laws

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.

Legally Speaking: The Confidential Information Disclosure Law is in force

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.

Residency vs. domicile for UK citizens: What’s the difference?

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.

Legal ruling could impact strata developments

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 law brings Cayman copyright into the digital age

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.

Cayman disposes of bearer shares

The Companies Law was recently amended by The Companies (Amendment) Law, 2016 (the “Amended Law”), published in the Cayman Islands gazette on May 13.

When modern technology far outpaces the law

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.
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