FATCA is a USA and UK tax initiative with significant obligations imposed on Cayman Islands funds. All Cayman Islands funds will need to consider whether such are required to register under FATCA and undergo regular reporting. The following briefing paper provides a wide overview and guidance on registration and on-going reporting requirements.
The Cayman Islands Government announced, on 21 March 2014, its intention to introduce a regime for the registration and licensing of directors appointed to the boards of the following types of entities, known as “Covered Entities”: mutual funds regulated playuzu casino bonus under the Mutual Funds Law (Revised) (“Regulated Mutual Funds”); and companies to which paragraphs 1 and 4 of Schedule 4 of the Securities and Investments Business Law (Revised) apply (“Excluded Persons”), usually entities providing investment management or investment advisory services.
The Law was brought into force on 4 June 2014 along with the Directors Registration and Licensing (Registration and Licensing) Regulations, 2014 and is now in full force and effect in the Cayman Islands. This Law denotes the first time that directors of Regulated Mutual Funds and Excluded Persons have been regulated directly in the Cayman Islands and it gives to the Cayman Islands Monetary Authority the power to approve or deny a registration or a licence.
The new Contracts (Rights of Third Parties) Law (“Law”) was enacted on 21 May 2014 and is now in full force and effect in the Cayman Islands.
This briefing paper explains schemes of arrangement playuzu casino under Cayman Islands law. Under sections 86 and 87 of the Companies Law (2013 Revision) the Grand Court may sanction a compromise or arrangement between a company and its creditors or members or any class of them.
The new Exempted Limited Partnership Law, 2014 (the new “ELP Law”), which repeals and replaces the current law, is shortly expected to come into force in the Cayman Islands. The ELP Law recognises developments in commercial practice, clarifies certain matters in order to ensure consistency of advice and allows for greater contractual flexibility to accommodate developing trends in the formation, regulation and operation of exempted limited partnerships.
In a recent judgment, the Cayman Islands Court of Appeal has confirmed the scope of the jurisdiction playuzu casino no deposit bonus of the Grand Court, under sections 241 and 242 of the Companies Law (2013 Revision) (the “Law”), to assist foreign liquidators and trustees of foreign companies and other entities in foreign bankruptcy proceedings in their jurisdiction of incorporation by reversing pre-liquidation transactions under transaction avoidance legislation.
In an unreported judgment in ICP Strategic Credit Income Master Fund Ltd. delivered on 4 April 2014, Mr Justice Jones has helpfully confirmed and clarified Cayman Islands law and procedure in respect of applications by liquidators for approval to (i) bring proceedings in the name of the company, (ii) enter into litigation funding agreements with litigation funders, and (iii) enter into contingency fee agreements with the liquidators’ lawyers.
The Privy Council gave playuzu casino no deposit bonus its awaited judgment in Fairfield Sentry Limited (in liquidation) v Alfredo Migani and others [2014] UKPC 9, holding that certain documents issued by the fund’s administrator were binding certificates of the net asset value per share and redemption price, and that the fund’s claims to recover redemption payments on the ground of unjust enrichment failed since the redeeming shareholders received the amounts due under the governing documents.
The Cayman Islands Monetary Authority (CIMA) issued its Statement of Guidance of Corporate Governance for Regulated Mutual Funds (SOG) in January 2014. In response to the SOG it is clear that regulated mutual funds (Funds) should take some immediate steps to ensure continued compliance with the expectations of CIMA.
In June 2011, the Cayman Islands Government announced its intention to introduce legislation providing for the registration of master funds domiciled in the Cayman Islands.
playuzu casino Following months of consultation with industry and stakeholders, the Cayman Islands Government has, on 5 December 011, passed the Mutual Funds (Amendment) Bill, 2011 providing for the registration of master funds of the Cayman Islands. There remain certain procedural steps to bring this piece of legislation into effect, although it is expected that it
will happen in the coming days and weeks, and in any event before the end of 2011, following
which Cayman Islands master funds will be required to be registered with CIMA.