It has been two years since the Cayman Islands Monetary Authority (CIMA) introduced its Rule on Corporate Governance for Regulated Entities (the “Corporate Governance Rule”), and a year and a half since it came into force....more
5/29/2025
/ Cayman Islands ,
CIMA ,
Compliance ,
Corporate Governance ,
Due Diligence ,
Fiduciary Duty ,
Investment Funds ,
Outsourcing ,
Policies and Procedures ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management
Welcome to the first 2025 edition of our Regulatory & Risk Advisory Review. In this instalment, we provide a comprehensive overview of the latest regulatory developments to ensure you have the most up-to-date insights into...more
4/25/2025
/ AML/CFT ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Compliance ,
Corporate Governance ,
FATF ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
General Licenses ,
New Regulations ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management
The Cayman Islands Government has taken a significant step in the regulation of virtual asset service providers (VASPs) with the commencement of the licensing regime under the Virtual Asset (Service Providers) Act (as...more
4/23/2025
/ Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Licensing Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Trading Platforms ,
Virtual Currency
The Beneficial Ownership Transparency (Access Restriction) Regulations, 2024 (the “Access Restriction Regulations”) commenced on 28 February 2025 and will supplement the Beneficial Ownership regime in the Cayman Islands. The...more
The Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024 commenced on 28 February 2025. Under these Regulations, the Cayman Islands Registrar (the “Registrar”) may provide access to the information...more
The VASP Act defines “Virtual Assets” as digital representations of value that can be digitally traded or transferred and can be used for payment or investment purposes. Digital representations of fiat currencies (which is...more
3/5/2025
/ Anti-Money Laundering ,
Blockchain ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Cryptocurrency ,
Digital Assets ,
FATF ,
FinTech ,
Licensing Rules ,
Popular ,
Regulatory Requirements ,
Risk Management ,
Sandbox ,
Stablecoins ,
Trading Platforms
In the First Edition of our Regulatory Disputes Series, digital assets and fintech topped our list of hot topics to watch for the future of offshore regulatory disputes. In this Fourth Edition, we provide an update on...more
1/24/2025
/ Cayman Islands ,
Compliance ,
Corporate Governance ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FinTech ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Technology Sector
The Cayman Islands Monetary Authority (“CIMA”) has issued a new Rule and Statement of Guidance on the obligations for the provision of virtual asset services – Virtual Asset Custodians and Trading Platforms (the “Rule”). With...more
1/13/2025
/ Cayman Islands ,
CIMA ,
Compliance ,
Corporate Governance ,
Cryptocurrency ,
Cybersecurity ,
Digital Assets ,
Enforcement Actions ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management
The Financial Services Institute in collaboration with Conyers, Grant Thornton and the Cayman Islands Monetary Authority (CIMA) hosted a comprehensive and in-depth seminar on “Corporate Governance & Risk Management for Cayman...more
What is the Travel Rule?
The virtual asset “Travel Rule”, formally known as the “Financial Action Task Force (FATF) Recommendation 16”, requires Virtual Asset Service Providers (VASPs) to share and hold specific customer...more
12/4/2024
/ Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Compliance ,
Corporate Governance ,
Digital Assets ,
FATF ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
Travel Rule
As we approach year-end, we remind all Cayman Islands investment funds registered with the Cayman Islands Monetary Authority (CIMA) of CIMA’s Rule on Corporate Governance for Regulated Entities and the Rule and Statement of...more
11/27/2024
/ Annual Meeting ,
Board Meetings ,
Board of Directors ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Internal Controls ,
Investment Funds ,
Policies and Procedures ,
Private Equity ,
Regulatory Agenda ,
Regulatory Requirements ,
Venture Capital
In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more
10/3/2024
/ Blockchain ,
Cayman Islands ,
Corporate Governance ,
Crisis Management ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Service Providers ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Internal Controls ,
Popular ,
Regulatory Oversight ,
Risk Management ,
Tokenization ,
Trading Platforms ,
Transparency ,
Virtual Currency
A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from...more
8/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Corporate Restructuring ,
Data Breach ,
Dispute Resolution ,
Economic Substance Doctrine ,
EU ,
Insurance Industry ,
NAIC ,
Personal Data ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance
It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more
8/27/2024
/ Business Entities ,
Cayman Islands ,
Compliance ,
Corporate Governance ,
Dispute Resolution ,
Economic Substance Doctrine ,
Enforcement Actions ,
Guidance Update ,
Insurance Industry ,
International Tax Authority ,
Penalties ,
Regulatory Requirements
Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more
7/23/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Common Reporting Standard (CRS) ,
Corporate Governance ,
Corporate Transparency Act ,
Digital Assets ,
Dispute Resolution ,
FATCA ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fund Managers ,
Insolvency ,
Investment Funds ,
Policies and Procedures ,
Popular ,
Private Equity ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Venture Capital
The Financial Services Institute in collaboration with Conyers, Grant Thornton and Cayman Finance hosted its fourth comprehensive training seminar on “Preparing for an Onsite Inspection from the Cayman Islands Monetary...more
5/24/2024
/ Business Entities ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Corporate Investigations ,
Corporate Management ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inspections ,
Policies and Procedures ,
Popular ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Management ,
Strategic Planning
Welcome to the first instalment of 2024 of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of updates in the first quarter of the year. Perhaps most notably is the...more
5/1/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Companies Act ,
Corporate Governance ,
EU ,
EU Transparency Directive ,
FATF ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
General Licenses ,
Legislative Agendas ,
Popular ,
Regulatory Agenda ,
Sanctions ,
UK
Since the enactment of the Monetary Authority (Administrative Fines) (Amendment) Regulations (2022 Revision) (the “Fines Regulations”), the Cayman Islands has witnessed a continuous increase in the number of administrative...more
4/24/2024
/ Administrative Fines ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Enforcement ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fines ,
Judicial Proceedings ,
Judicial Review ,
Regulatory Agenda ,
Regulatory Requirements
2023 was an active year for the Cayman Islands regulatory industry. While we have endeavoured to keep you updated throughout the year with our Regulatory & Risk Advisory Reviews, our team has highlighted below the key changes...more
2/15/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Companies Act ,
Corporate Governance ,
EU ,
EU Transparency Directive ,
FATF ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
General Licenses ,
Legislative Agendas ,
Regulatory Agenda ,
Sanctions ,
UK
Welcome to the third instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting developments, including the welcome news of the Financial Action Task...more
11/22/2023
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
EU ,
FATF ,
Financial Regulatory Reform ,
Internal Controls ,
Investment Funds ,
Legislative Agendas ,
Regulatory Reform
We are pleased to welcome you to Conyers' Cayman Islands Regulatory & Risk Advisory Review, keeping you apprised of the latest regulatory news and developments.
The past few months have been a particularly active time for...more
8/4/2023
/ Anti-Money Laundering ,
Audits ,
Beneficial Owner ,
Cayman Islands ,
Corporate Governance ,
Deadlines ,
Economic Sanctions ,
FATF ,
General Licenses ,
Judicial Review ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Russia ,
Stock Exchange
A very warm welcome to our eighth edition of Conyers Coverage. As we start to wind down on 2022 #TeamConyers is already reflecting on what a hectic and exciting year it’s been for the Cayman Islands (re)insurance industry –...more
12/2/2022
/ AML/CFT ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Counsel ,
Corporate Governance ,
Economic Substance Doctrine ,
Environmental Social & Governance (ESG) ,
EU ,
Insolvency ,
Insurance Industry ,
Investment ,
Mediation ,
Regulatory Agenda ,
Segregated Portfolio Companies ,
Taxation
It’s necessary from time to time to take a step back to review an insurer’s broader legal, regulatory and compliance landscape and reset and restructure its compliance procedures where required. We briefly set out below a...more