Category: Cayman
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Data Protection in the Cayman Islands
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On 30 September 2019, the Cayman Islands Data Protection Law (DPL) comes into force, introducing globally recognised standards regarding the protection, processing, and access to, an individual’s personal data. The DPL applies to ‘data controllers’ established in the Cayman Islands, regardless of whether they have a physical presence in Cayman. Where a data controller engages…
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The Companies (Amendment) Law, 2019
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Cayman Islands – Legislative changes in the Cayman Islands for Companies, LLCs and LLPs. Following the March 2019 assessment by the Caribbean Financial Action Task Force of the Cayman Islands’ anti-money laundering and counter-financing of terrorism regime, recent legislative amendments have come into force in the Cayman Islands. The amendments introduce new requirements on how…
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Important regulatory changes for SIBL Excluded Persons
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Following the recently enacted Anti-Money Laundering (Amendment) Regulations, 2019, the Cayman Islands Monetary Authority (CIMA) now has enhanced regulatory powers to obtain information from the person or entity carrying out relevant financial business, a person connected to the relevant financial business, or a person reasonably believed to have relevant information. Entities registered with CIMA as…
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Economic Substance Requirements in the Cayman Islands
This summary replaces our previous releases of 21 December 2018 and 11 March 2019 and provides an updated overview of the key aspects of the legislation by outlining steps to identify which Cayman entities are in scope and how to achieve compliance.
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Economic Substance – an overview and comparison summary of requirements
In response to increasing pressure from the EU and the OECD, and to avoid being placed on the EU Council’s list of non-cooperative jurisdictions for tax purposes, each of Bermuda, BVI and Cayman have introduced economic substance legislation (ES Legislation) effective 1 January 2019 to satisfy such requirements. The ES Legislation varies slightly by jurisdiction…
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Segregated portfolio companies in the Cayman Islands
Segregated Portfolio Company or Protected Cell legislation exists in the laws of several countries. The most commonly used jurisdictions are the Cayman Islands, British Virgin Islands and Bermuda (all of which are offered within the Marbury group). This memo deals specifically with the Cayman Islands, although concepts are mostly valid across all three jurisdictions.
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Extensions to deadline regarding AML officer appointments
The Cayman Islands Monetary Authority (CIMA) issued a notice on 24 September 2018 extending certain deadlines regarding the appointment and notification of Anti-Money Laundering Compliance Officers (AMLCOs), Money Laundering Reporting Officers (MLROs) and Deputy Money Laundering Reporting Officers (DMLROs).
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REMINDER: 30 September Deadline for appointment of AML Officers under the Cayman Islands Anti-Money Laundering Regulations
FUNDS, PRIVATE EQUITY AND INVESTMENT VEHICLES Cayman Islands entities conducting relevant financial business are reminded they must appoint individuals as their AML Officers by 30 September 2018 under the AML Regulations (2018 Revision).
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Cayman Islands beneficial ownership regime
Under the Cayman Islands beneficial ownership legislation and regulations, certain Cayman Islands companies are required to maintain details of each qualifying beneficial owner in a beneficial ownership register. Each company that falls within the scope of the legislation is required to complete and maintain a register at its Cayman Islands registered office with a licensed corporate services…
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Redomiciliation into the Cayman Islands
Moving a business from one country to another could help alleviate overly onerous operational requirements under the current companies’ laws, reflect the changing nature of the business, offer administrative simplification for a business, or deal with unexpected regulatory or tax consequences arising from changes in law or the growth of the business.