While there is no ‘one size fits all’ solution as to how boards of directors should regulate their business and conduct their meetings, directors must pay regard to applicable law, the fund’s memorandum and articles of...more
Directors of Cayman Islands hedge funds must conduct a fund’s affairs in a transparent and honest manner, always disclosing to the Cayman Islands Monetary Authority's ("CIMA") any substantive issues which could materially...more
The vast majority of Cayman Islands hedge funds, i.e. open-ended vehicles that pool capital and hold multiple investments, are regulated by the Cayman Islands Monetary Authority ("CIMA") under the Mutual Funds Act (the...more
While standard governance principles continue to apply (and should be followed) throughout the lifetime of a fund, the board of directors must be prepared to adapt governance practices and, for example, revisit discussions...more
8/3/2023
/ Board of Directors ,
Cayman Islands ,
Conflicts of Interest ,
Creditors ,
Economic Downturn ,
Governance Standards ,
Insolvency ,
Investment Management ,
Investors ,
Liquidity ,
Restructuring ,
Risk Management ,
Safe Harbors
Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 23 June 2023, the FATF has announced that it has made the initial determination that the Cayman Islands has substantively...more
The Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British...more
The British Virgin Islands (BVI) government has succeeded in its request for a supplementary review to more accurately reflect its current legislative status following the EU's decision last month to add the BVI to its list...more
The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more
2/20/2023
/ AML/CFT ,
Anti-Money Laundering ,
British Virgin Islands ,
BVI Business Companies ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
New Legislation ,
Recordkeeping Requirements ,
Terrorism Funding
The EU has announced it is has added the British Virgin Islands (BVI) to its list of non-cooperative jurisdictions for tax purposes. The BVI Government has since issued a statement highlighting that it has already introduced...more
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
As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more
The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act (“MLA Act”) and the International Tax Authority Act (“ITA Act”) were gazetted on 13 June 2022:
The Mutual Legal Assistance (Tax...more
10/18/2022
/ BVI Business Companies ,
Common Reporting Standard (CRS) ,
Compliance ,
Duty to Cooperate ,
Enforcement Actions ,
FATCA ,
Inspections ,
International Tax Authority ,
Ministry of Finance ,
Mutual Legal Assistance Treaties (MLAT) ,
Request For Information
The Beneficial Ownership Secure Search System (Amendment) (No.2) Act, 2021 (“Amendment Act”) was gazetted in the BVI on 31 December 2021 and came into force on 1 January 2022. The Amendment Act amends the BVI’s Beneficial...more
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more