Category: Cayman
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Mitigation of Risks of Sanctions and other Violations by Directors, Trustees and Beneficiaries
Scrutiny on offshore transactions and their participants is at an all-time high. Through an ever growing number of regulations and laws, parties to transactions and third party providers from banks to corporate service providers are required to gather and, in some circumstances, share information with governments and regulatory authorities. For the underlying officers and…
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CIMA Rules and Guidance for Corporate Governance for Regulated Entities
The Cayman Islands Monetary Authority’s (CIMA’s) Rule on Corporate Governance for Regulated Entities (Rule) and Statement of Guidance on Internal Controls for Regulated Entities (Guidance) comes into effect on 14 October 2023. The Rule and Guidance will replace the existing corporate governance regulatory measures. All CIMA regulated entities will be required to take action to ensure…
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Disclosure of directors’ conflicts of interest
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A director is appointed by company shareholders to manage the day-to-day affairs of a company. With such management comes certain legal and fiduciary duties, and a director must act in the best interests of that company and its shareholders. Amongst these duties, is the ‘disclosure of interest’, which is the focus of this article with…
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CIMA CIRCULAR: 2023 Internal Audit Plans
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Issued to all Licenced Full and Restricted Securities Investment Business Licensees and Registered Persons, dated 3 January 2022 The Cayman Islands Monetary Authority (CIMA) has issued a circular reminding entities to undertake regular internal audits of their controls and infrastructure to ensure that they are suitably robust in consideration of the nature and scale of…
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Termination of Cayman vehicles and CIMA director registration renewals and cancellations
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As the end of the calendar year approaches, if you have any Cayman vehicles that you are considering terminating, there are several steps to be taken before the end of the calendar year to minimise 2023 annual fees. For funds regulated by Cayman Islands Monetary Authority (CIMA), the timing of de-registration submissions of the regulatory…
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Updated De-registration rules for Cayman Islands Regulated Funds
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With effect from 17 August 2022 With the aim of streamlining the process for de-registering mutual funds and private funds, the Cayman Islands Monetary Authority (CIMA) has recently announced a list of updated Rules and Regulatory Procedures (the Rules) on the Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private…
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Cayman Islands Voluntary Liquidations
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If you have a Cayman company which you no longer require and would like to dissolve before 31 December 2022 in order to avoid paying the annual fees next year, on the basis that the company is not a regulated entity and is solvent, the voluntary liquidation process should commence by 31 August 2022. We…
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Cayman Islands CRS FATCA upcoming filing deadlines, compliance dates and CRS Enforcement Guidelines
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A key requirement related to the Automatic Exchange of Information (AEOI) regime which includes CRS and FATCA, is the annual reporting requirement of reportable accounts. Entities that are classified as FIs under CRS and FATCA must file their annual report before the 31 July 2022 deadline.
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Are your entities compliant?
The Cayman Islands Monetary Authority (CIMA) has recently imposed USD365,000 in administrative fines on an asset manager for breaches of the AML Regulations, serving as a timely reminder on the value of effective compliance and the importance of registered entities having effective anti-money laundering policies and procedures in place.
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Cayman Islands Private Funds Law – Expanded Scope
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On 7 July 2020, the Private Funds Law, 2020 (PF Law) was amended to vary the definition of a “private fund” by clarifying the definitions of certain entity types and extending the scope of the PF Law to additional entities. The deadline for registration under the PF Law remains 7 August 2020. We recommend that…