The issue which the General Licence addresses is where a Designated Person owns more than 50% of an investment fund which has hitherto meant that the fund is paralysed and all of its assets are frozen. This provides relief from aspects of the financial sanctions imposed in the Cayman Islands by the Russia (Sanctions) (Overseas Territories) Order 2020 (the “Order”).
With effect from 1 December 2022, all BVI entities that fall within the definition of a virtual asset service provider (a “VASP”), as set out in the recently amended BVI Anti-Money Laundering Regulations (the “AML Regulations”) and Anti-Money Laundering and Terrorist Financing Codes of Practice (the “Code”), will be required to comply in full with BVI anti-money laundering, counter-terrorist financing and anti-proliferation finance legislation (together the “BVI AML Laws”).
The British Virgin Islands (“BVI”) continues to demonstrate its commitment to ensuring that its financial services industry is aligned with international best practices, as set by bodies such as the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Financial Action Task Force. To this end, the BVI Business Companies Act and the BVI Business Companies Regulations were recently amended by the BVI Business Companies (Amendment) Act, 2022 (the “Amending Act”) and the BVI Business Companies (Amendment) Regulations, 2022 (the “Amending Regulations”).
The Courts of the Cayman Islands have introduced new measures concerning the judicial mediation of disputes, which continues a trend towards the increasing use of alternative dispute resolution methods.
This advisory discusses the judgment in the matter of Green Asia Restructure Fund SPC which provides further clarity regarding the relatively untested jurisdiction for creditors to appoint receivers to wind up a SP, and builds upon the judicial guidance provided last year in Re Obelisk Global Fund SPC, uncertainty still lingers.
This judgment reaffirms as a matter of Cayman law the orthodox view that the enforcing court has only a limited function aimed at promoting the finality of arbitral awards, and that awards will readily be enforced in the Cayman Islands in almost all cases.
This advisory discusses the recent judgment handed down by Justice Parker, which is an important recognition of the preservation of the function and benefits of the segregated portfolio company.
This advisory discusses the recent judgment of the Kuwait Ports Authority, where the Cayman Grand Court considered the scope of its jurisdiction under the Confidential Information Disclosure Act, 2016.
On 14 March 2022 the Privy Council handed down its decision in Day and others v The Governor of the Cayman Islands and another [2022] UKPC 6 dismissing the Appellants’ appeal for recognition of same sex marriage in the Cayman Islands.
Over the past 12-18 months we have seen a marked increase in the number of BVI statutory fair value appraisals as a result of minority shareholders exercising dissent rights to certain types of transactions, including take-private transactions and SPAC acquisitions.