The RSOG builds upon and clarifies existing market conduct standards for TCSPs and Company Managers where the underlying requirements are generally the same but with some differences.
The RSOG implements market conduct...more
9/5/2024
/ Advertising ,
Business Assets ,
Cayman Islands ,
CIMA ,
Conflicts of Interest ,
Corporate Management ,
Enforcement ,
Integrity Policies ,
Licenses ,
New Rules ,
Policies and Procedures ,
Risk Mitigation ,
Trusts
Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025.
Many entities that previously had few or no obligations will have to...more
8/6/2024
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Enforcement ,
Foreign Corporations ,
Legal Entities ,
Licenses ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Money Laundering ,
Non-Public Information ,
Penalties ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Special Purpose Vehicles ,
UK
On 30 August 2023, following industry consultation, the Cayman Islands Monetary Authority ("CIMA") issued a new Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the...more
Approaches and developments -
The Cayman Islands has long been a leading offshore jurisdiction for investment funds, as well as a significant global financial centre overall. It is therefore not surprising that, reflecting...more
9/13/2023
/ AML/CFT ,
Cayman Islands ,
CIMA ,
Cross-Border Transactions ,
Customer Due Diligence (CDD) ,
Data Protection ,
Digital Assets ,
Economic Substance Doctrine ,
Enforcement ,
FATF ,
Financial Reporting ,
FinTech ,
Intellectual Property Protection ,
Investment Funds ,
Know Your Customers ,
Offshore Companies
The British Virgin Islands ("BVI") Data Protection Act, 2021 ("DPA") came into force on 9 July 2021. It was introduced so the BVI would have a data protection framework which is broadly similar to EU and UK standards. To...more
2/9/2023
/ BVI Business Companies ,
Data Breach ,
Data Integrity ,
Data Processors ,
Data Protection ,
Data Retention ,
Data Security ,
Disclosure Requirements ,
Enforcement ,
EU ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
New Regulations ,
Personal Data ,
UK