Category: Corporate Governance
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Amendments to the BVI Business Companies Act: Changes to the Register of Members and Register of Directors Filing Requirements
Background to the Register of Members and Register of Directors Updates Recent legislative amendments to the Business Companies Act, effective 2 January 2025, have introduced several changes to the filing requirements and deadlines for companies within the BVI. Key updates include amendments to the Register of Members and the Register of Directors, alongside changes to…
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Amendments to the BVI Business Companies Act: Changes to Beneficial Ownership Regulations
Background to the beneficial ownership updates Recent amendments to the Business Companies Act have introduced several new requirements to align with international compliance standards. The Business Companies and Limited Partnerships (Beneficial Ownership) Regulations (the BO Regulations) aim to enhance transparency by mandating certain obligations for companies. The first of these changes is set to commence…
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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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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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Directors’ Duties: Payments made by Insolvent Shipping Company
Scrutiny faced by directors of companies for possible breaches of their fiduciary duties has been further clarified by the Privy Council in a case[1] involving actions of a director leading up to the insolvency of the company. Key takeaways regarding duties are: The Privy Council dealt with the following questions regarding the actions of the director…