Author Info for Walkers

Rajah Abusrewil

The future of family offices: Evolving needs, enduring structures

Across the globe, second and third generations are inheriting significant wealth and with it, the opportunity to professionalise how their family manages, governs and grows that wealth. Many are establishing dynamic,…more

Business Entities, Corporate Governance, Estate Planning, Family Offices, Investment Management

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Adeola Adeyemi

A new cryptocurrency remedy against software developers?

There has been an increase in claims relating to misappropriated cryptoassets in offshore jurisdictions. The Courts of the Cayman Islands, BVI and Bermuda are guided by the decisions of the Courts of England and Wales. To…more

Appeals, Bitcoin, British Virgin Islands, Cayman Islands, Cryptocurrency

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Donna Ager

EU sanctions update: Guidance published on the 'No Russia Clause'

The EU has continued to tighten economic sanctions against Russia in recent months with the introduction of the 12th sanctions package on 18 December 2023 and the 13th sanctions package on 24 February 2024. Of particular…more

Aviation Industry, Breach of Duty, Economic Sanctions, EU, Export Bans

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Seyed Ahlesaadat

Growth in European Fund Finance: A Channel Islands perspective

Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many of…more

Capital Markets, Financial Institutions, Financial Services Industry, Fund Managers, Investment

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Florence Allan

The use of AI tools in Cayman Islands legal proceedings – warnings for litigants and attorneys

On 28 January 2025, Justice Asif KC ("Asif J") handed down his judgment in Bradley and Another v Frye-Chaikin [2025] CIGC (Civ) 5 in which the Grand Court of the Cayman Islands (the "Court") commented for the first time in a…more

Artificial Intelligence, Cayman Islands, Evidence, Judges, Legal Ethics

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Jason Allison

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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Antonia Ament

Economic Substance for Jersey Funds

Jersey's economic substance regime has been in existence for four years now. On the one hand its scope has expanded to include partnerships as well as self-managed corporate funds; but on the other hand certain exemptions apply…more

CIGA, Economic Substance Doctrine, Enforcement, Investors, UK

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Dina Anastas

The use of Cayman Islands structures in Islamic real estate financings in the UK

The growth of Islamic finance globally during the past decade has been significant with a recent UN report citing research showing that Islamic finance assets had almost doubled between 2014 and 2020 to US$ 3.374 trillion and…more

Cayman Islands, Financial Transactions, Muslims, Real Estate Financing, Real Estate Market

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Hugh Anderson

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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Izabella Arnold

Cayman Court stands firms against delay tactics in insolvency dispute

The petition debt must be disputed on substantial grounds. It is an abuse of process to use the winding up court as a debt collection agency. If the Court is to accede to an application to restrain a winding-up petition, the…more

Abuse of Process, British Virgin Islands, Business Litigation, Cayman Islands, Commercial Bankruptcy

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Sarah Ash

Proposals to introduce age discrimination in Guernsey key points for employers

The States of Guernsey is being asked to approve the introduction of legislation preventing age discrimination. These proposals will be voted upon in the April 2025 meeting…more

Age Discrimination, Employee Benefits, Employee Rights, Employer Responsibilities, Employment Policies

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Meenaa Azmayesh

BVI Court grants anti-suit injunction

In what is believed to be one of the first ever such orders made in the BVI, the BVI Court has granted an urgent anti-suit injunction on American Cyanamid principles to prohibit a Maltese entity ("Malta Co") from pursuing…more

Anti-Suit Injunctions, British Virgin Islands, Commercial Court, Discontinuance, Documentation

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Sarah Ball

The importance of Alternative Dispute Resolution – Churchill v Merthyr Tydfil County Borough Council

In England & Wales proceedings are subject to a series of "Pre-Action Protocols" which set out the steps a Court would expect parties to take prior to commencing proceedings. The Pre-Action Conduct and Protocols applies to…more

Appeals, Arbitration, Dispute Resolution, Mediation, Negotiations

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Harriet Ter-Berg

Enforcement of foreign arbitral awards by the Grand Court of the Cayman Islands

The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run…more

Books & Records, Cayman Islands, DIFC, Enforcement, Estoppel

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Cate Barbour

Shareholders' relief for unfair prejudice in the BVI and the Cayman Islands

The BVI and the Cayman Islands both have regimes in place to address unfair prejudice suffered by shareholders, although each jurisdiction approaches the issue differently. The threshold for successfully bringing an unfair…more

British Virgin Islands, Business Entities, Cayman Islands, Companies Act, Corporate Dissolution

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Andrew Barker

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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Damien Barnaville

Central Bank UCITS Q&A – 42nd Edition

On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")…more

Asset Management, Central Bank of Ireland, Disclosure Requirements, ETFs, Financial Services Industry

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Aylin Barry

AIFMD II: Timeline to Implementation

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in a…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Deadlines, EU, European Commission

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Brett Basdeo

Cayman Islands Schemes of Arrangement now available for Exempted Limited Partnerships using the Restructuring Officer Regime

A Cayman Islands scheme of arrangement is a court approved compromise or arrangement between a company and its creditors or shareholders (or classes thereof). A scheme of arrangement is frequently used to implement a financial…more

British Virgin Islands, Cayman Islands, Companies Act, Creditors, Debt Restructuring

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Jennifer Bassett

New statutory guidance on protected disclosures published

This Act requires in scope employers to take appropriate steps to establish, operate and maintain secure and confidential reporting channels and procedures for reporting persons to make protected disclosures, appoint impartial…more

Confidential Information, Ireland, Protected Disclosures, Reporting Requirements, Whistleblowers

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Adam Bathgate

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

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

AML/CFT, Anti-Money Laundering, Cayman Islands, Collateralized Loan Obligations, EU

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Susan Battye

New statutory guidance on protected disclosures published

This Act requires in scope employers to take appropriate steps to establish, operate and maintain secure and confidential reporting channels and procedures for reporting persons to make protected disclosures, appoint impartial…more

Confidential Information, Ireland, Protected Disclosures, Reporting Requirements, Whistleblowers

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Rupert Bell

Analysing the Changyou.com decision: What it means for appraisal rights in short-form mergers

A short-form statutory merger can be effected under the Cayman Islands' Companies Act (as revised) (the "Act") between a parent company and a Cayman Islands incorporated subsidiary. The short-form statutory merger takes…more

Appeals, Appraisal, Cayman Islands, Constitutional Challenges, Corporate Governance

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Renell Benjamin

Schemes of Arrangement – any interest?

In its recent judgment in Tristan Oil Ltd v The Scheme Creditors (BVIHCM 2023/0120) the BVI Commercial Court (the Hon. Justice Paul Webster (Ag.)) has considered the question of when a party not bound by a scheme of arrangement…more

British Virgin Islands, BVI Business Companies, Commercial Court, Enforcement, Fraud

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Aaron Bennett

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Matt Bernardo

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Jonathan Betts

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

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

AML/CFT, Anti-Money Laundering, Cayman Islands, Collateralized Loan Obligations, EU

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Monique Bhullar

Jurisdiction Shall we make this exclusive?

Jurisdiction clauses in trust deeds are critical in determining the forum for resolving disputes. These clauses can be either exclusive, conferring jurisdiction to a specific court, or non-exclusive, allowing for flexibility in…more

Arbitration, Bermuda, Breach of Contract, British Virgin Islands, Cayman Islands

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Nicholas Blake-Knox

Central Bank UCITS Q&A – 42nd Edition

On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")…more

Asset Management, Central Bank of Ireland, Disclosure Requirements, ETFs, Financial Services Industry

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Matthew Bloomfield

CIMA guidance on business as usual operations – update 2023

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

Board of Directors, Cayman Islands, CIMA, Mutual Funds, New Guidance

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Ciaran Bohnacker

Cayman Islands – Merchant Shipping Act

Introduction - The Merchant Shipping Act, 2024 (the "2024 Act") came into force on 11 March 2024 and replaced the previous legislation, the Merchant Shipping Act (as amended) (the "Old Act"). The 2024 Act has updated the Old…more

Cayman Islands, Change of Ownership, Compensation, Liability, Merchants

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Jack Boldarin

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

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Jamie Bookless

Channel Islands Regulatory Update: April 2025

This update provides an overview of the recent key publications, findings and reports issued during the last quarter…more

AML/CFT, Beneficial Owner, Competition, Consumer Credit Protection, Data Protection

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Daniel Booth

Update on changes to the beneficial ownership regime in the Cayman Islands

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 take…more

Beneficial Owner, Cayman Islands, CIMA, Enforcement, Foreign Corporations

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Daisy Boulter

Hostile parties, prospective costs orders and confidentiality: The Cayman Islands Courts’ approach to trust proceedings

For the purposes of determining the incidence of costs under Buckton, the fact that the relief sought is strenuously opposed by a party and comments are traded that some might perceive as "hostile" does not mean that a Category…more

Beneficiaries, Cayman Islands, Confidentiality Policies, Fiduciary Duty, Jurisdiction

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Jennifer Brady

Department of Finance public consultation on exercise of AIFMD II national discretions

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Central Bank of Ireland, Department of Finance

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David Braithwaite

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds April – June 2023

In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and 2.2…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Beneficial Owner, Central Bank of Ireland, Disclosure Requirements

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Sarah Brehaut

Restoring a struck off Guernsey Company to the Register of Companies

Guernsey companies that have been struck off can often be restored to the Register. A Court application is required in almost all cases. This guide sets out the procedure, limitations, costs and effect of a restoration…more

Acquisitions, Applications, Company Law, Creditors, Fees

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Christopher Brett Young

Cayman Islands - Company Law Amendments

The Companies (Amendment) Act, 2024 (the "Amendment Act") has been passed by the Cayman Islands Parliament. The Amendment Act is not yet in force. It will come into force by the making of a subsequent Cabinet order. When…more

Cayman Islands, Companies Act, Financial Services Industry, Financial Solvency, Foreign Entities

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Danielle Brouard

Proposals to introduce age discrimination in Guernsey key points for employers

The States of Guernsey is being asked to approve the introduction of legislation preventing age discrimination. These proposals will be voted upon in the April 2025 meeting…more

Age Discrimination, Employee Benefits, Employee Rights, Employer Responsibilities, Employment Policies

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Jenny Brunton

Guernsey’s new secondary pensions law - key points and FAQs

Guernsey’s new secondary pension law will be coming into force on 1 July 2024. It will be implemented on a phased basis over a 15 month period, beginning with the largest employers (those with 26 or more employees). The minimum…more

Contractors, Employer Contributions, Employment Contract, Income Taxes, Opt-Outs

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Amman Bulchandani

Channel Islands Regulatory Update: April 2025

This update provides an overview of the recent key publications, findings and reports issued during the last quarter…more

AML/CFT, Beneficial Owner, Competition, Consumer Credit Protection, Data Protection

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Eimear Burbridge

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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James Burch

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

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Aisling Burke

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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Nicola Byrne

The Challenges and Opportunities Facing the Aviation Sector

The Challenges and Opportunities Facing the Aviation Sector - Challenges face the aviation industry but its economic fundamentals remain strong, argues Walkers partner Matt Hedigan, in this thought leadership piece originally…more

Aviation Industry, Capital Raising, Economic Growth, Lessor, Ukraine

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Marco Carossa

Reform of Jersey Limited Partnerships - Summary of the Key Benefits

Introduction - On 27 April 2022, the States of Jersey adopted the Limited Partnerships (Amendment No. 2) (Jersey) Law (the “Amendment Law”) in relation to the amendments to the Limited Partnerships (Jersey) Law 1994 (the “LP…more

Business Expansion, Flexibility Clauses, International Regulatory Standards, Limited Partnerships, Reporting Requirements

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Cian Carton

AIFMD II: Timeline to Implementation

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in a…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Deadlines, EU, European Commission

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John Cartwright

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Andrew Chissick

Appointment of receivers over English property held by Jersey, Guernsey and British Virgin Islands entities

We are seeing an increasing number of enquiries from lenders and their advisors in respect of the practicalities of enforcement by receivers of English security granted by overseas entities. Real estate property transactions are…more

British Virgin Islands, English Common Law, Foreign Entities, Island of Guernsey, Receivership

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Oliver Clifton

How appealing: Privy Council clarifies BVI test for appeal as of right to the Board

There are two approaches for determining whether a decision is final or interlocutory: the "application test" or the "order test". For the purpose of an application for permission to appeal from the Court of Appeal of the…more

Appeals, British Virgin Islands, Rules of Civil Procedure, UK Privy Council

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Tom Cochrane

The use of Cayman Islands structures in Islamic real estate financings in the UK

The growth of Islamic finance globally during the past decade has been significant with a recent UN report citing research showing that Islamic finance assets had almost doubled between 2014 and 2020 to US$ 3.374 trillion and…more

Cayman Islands, Financial Transactions, Muslims, Real Estate Financing, Real Estate Market

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Adam Cole

Schemes of Arrangement under Guernsey Company Law – a vastly flexible mechanism

Schemes of arrangement are a vastly flexible mechanism to implement take private transactions and other restructuring in respect of Guernsey companies. Schemes are, in effect, a legally enforceable arrangement or compromise…more

Acquisitions, Companies Law, Corporate Restructuring, Documentation, Enforcement

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Joanne Collett

‘What say ye?’: The importance of creditors’ views in restructurings – an offshore perspective

Introduction - In two relatively recent offshore cases, the differing views of creditors and shareholders (and management) have been considered in the context of winding up pro- ceedings, including the criteria for the…more

Appeals, Cayman Islands, Corporate Restructuring, Creditors, Liquidation

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Tatiana Collins

Setting up shop: A new manager's guide to establishing an investment management firm in Jersey

Looking to establish an investment management firm in the Channel Islands? This guide, the second in our series, sets out the key steps and considerations for setting up your business in Jersey - a world-class financial…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Channel Islands, Financial Institutions, Fund Managers

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Lucy Le Cornu

Agreed Security Principles – Guernsey and Jersey Law Considerations

It is not uncommon for local counsel to be instructed on deals after Agreed Security Principles (ASPs) have been agreed between our onshore counterparts and underlying clients. Whilst we are adept at conforming local security…more

Bank Accounts, Documentation, Escrow Accounts, Grantors, Offshore Companies

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David Cooney

Intergenerational wealth transfer part 2: Execution

The best plan is worthless if not properly executed. This article follows on from our earlier discussion on issues clients may need to consider before passing assets to their intended heirs. Here, we highlight some offshore…more

Asset Protection, Beneficiaries, Estate Planning, Family Limited Partnerships, High Net-Worth

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Craig Cordle

Thinking ahead: Key considerations for winding up Guernsey investment funds

The process of winding up a Guernsey fund involves several important considerations that boards, fund managers, investment advisers and administrators must navigate carefully. This article explores six aspects which we consider…more

Board of Directors, Fund Managers, Investment Funds, Investment Management, Liquidation

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Matthew Cowman

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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John Crook

Analysing the Changyou.com decision: What it means for appraisal rights in short-form mergers

A short-form statutory merger can be effected under the Cayman Islands' Companies Act (as revised) (the "Act") between a parent company and a Cayman Islands incorporated subsidiary. The short-form statutory merger takes…more

Appeals, Appraisal, Cayman Islands, Constitutional Challenges, Corporate Governance

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Dawn Cummings

Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the Business of Company Management in the Cayman Islands

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

Books & Records, Cayman Islands, CIMA, Data Protection, Due Diligence

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Grace Cummings

Retiring trustee – reasonable security and retention of assets

Under section 43(b) of the Trusts (Guernsey) Law, 2007, when a trustee resigns or is removed it may require that it be provided with reasonable security for liabilities before surrendering trust property…more

Asset Management, Beneficiaries, Breach of Duty, Contract Disputes, Fees

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Mark Cummings

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

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Natalie Curtis

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

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Stuart D'Addona

Grand Court grants leave to enforce a foreign interim arbitration award

On 3 February 2023 the Grand Court of the Cayman Islands delivered a judgment in the matter of Nasser Sulaiman HM Al Haidar v Jetty Venkata Uma Mahewshawara Rao (FSD 328 OF 2022 (IKJ)) explaining its decision to grant leave to…more

Arbitration, Cayman Islands, Enforcement, Foreign Arbitral Awards

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Conor Daly

Transposition of Credit Servicers Directive in Ireland – Overview

On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit…more

Borrowers, Central Bank of Ireland, Consumers, Credit Agreements, Creditors

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Bicrom Das

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Nicholas Davies

BVI Annual Return

The BVI Business Companies Act (as amended) (the "Act") introduced the requirement for BVI companies to file an annual return (otherwise known as a financial return) with its registered agent, with effect from 1 January 2023. …more

British Virgin Islands, BVI Business Companies, Liquidation, Tax Returns

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Colm Dawson

Understanding the changes to the Proceeds of Crime Act: Insights from our conversation with the FRA

Businesses must be aware of the three core money laundering offences: concealing, arranging and acquiring (use and possession) criminal property. The FRA has issued a seven-day working period to consider all defence against…more

Anti-Money Laundering, Banking Sector, Cayman Islands, Financial Crimes, Popular

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Sarah Demerling

Bermuda Corporate Income Tax Considerations for Captive Insurers

The operating provisions of the corporate income tax regime for Bermuda legislation will be effective for fiscal years beginning on or after 1 January 2025. This will apply to "Bermuda Constituent Entities" of an "In Scope MNE…more

Bermuda, Captive Insurance Company, Compliance, Corporate Taxes, Income Taxes

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Éire Dempsey

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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James Denham

Appointment of receivers over English property held by Jersey, Guernsey and British Virgin Islands entities

We are seeing an increasing number of enquiries from lenders and their advisors in respect of the practicalities of enforcement by receivers of English security granted by overseas entities. Real estate property transactions are…more

British Virgin Islands, English Common Law, Foreign Entities, Island of Guernsey, Receivership

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Louise Denman

Cayman Islands Regulatory Update - Q4 2024

Update to the Cayman Islands beneficial ownership reporting regime - Following industry consultation, the Beneficial Ownership Transparency Act ("BOTA") was gazetted on 15 December 2023 and commenced on 31 July 2024, updating…more

Anti-Corruption, Beneficial Owner, Cayman Islands, CIMA, Mutual Funds

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Muireann Nic Dhonncha

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

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Tania Diab

Enforcing debts in the Cayman Islands and BVI which are subject to an arbitration clause

Where a debt is due under an agreement (and assuming there is no binding non-petition clause in effect), it is possible to take steps to wind up the company without first proceeding to arbitration, in accordance with the…more

Arbitration, British Virgin Islands, Cayman Islands, Debt, Enforcement

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Erin Diachkoff

Looking ahead: enhancements to the Bermuda regulatory regime

Further to the Bermuda Monetary Authority's ("BMA") consultations with respect to proposed enhancements to the regulatory regime for commercial insurers and insurance groups, the following legislation will become operative on 31…more

Amended Rules, Bermuda, Insurance Industry, Prudential Regulation Authority (PRA), Regulatory Agenda

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Lucy Diggle

Jurisdiction Shall we make this exclusive?

Jurisdiction clauses in trust deeds are critical in determining the forum for resolving disputes. These clauses can be either exclusive, conferring jurisdiction to a specific court, or non-exclusive, allowing for flexibility in…more

Arbitration, Bermuda, Breach of Contract, British Virgin Islands, Cayman Islands

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Ruth Donnellan

Jersey joint ventures and nominee directors: A deep dive into Pender v CGH

Jersey companies are widely used for setting up joint ventures, particularly in a private equity context – further information on why Jersey entities are popular for private equity structures can be found here . It is a common…more

Confidentiality Agreements, Corporate Governance, Good Faith, Jurisdiction, Shareholders

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Nitrisha Doorasamy

Issues and Strategies: Trustees, Digital Assets and Fiduciary Duties

Notwithstanding the turbulent past few months, which have seen roughly $2 trillion worth of value disappear from the digital asset ecosystem, we are still seeing an increase in enquiries by high net worth individuals (“HNWIs”)…more

Cryptoassets, Cryptocurrency, Digital Assets, Fiduciary Duty, High Net-Worth

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Christine Ballantyne-Drewe

CIMA guidance on business as usual operations – update 2023

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

Board of Directors, Cayman Islands, CIMA, Mutual Funds, New Guidance

See all updates »

McKay Drigo

Schemes of Arrangement – any interest?

In its recent judgment in Tristan Oil Ltd v The Scheme Creditors (BVIHCM 2023/0120) the BVI Commercial Court (the Hon. Justice Paul Webster (Ag.)) has considered the question of when a party not bound by a scheme of arrangement…more

British Virgin Islands, BVI Business Companies, Commercial Court, Enforcement, Fraud

See all updates »

Alex Drysdale

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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Peter Dunlop

Looking ahead: The Bermuda insurance M&A horizon in 2024

2023 was a fairly gloomy year for global M&A activity and the insurance sector did not emerge unscathed, recording its lowest deals count since 20201. The good news, however, is that insurance M&A activity appears poised for a…more

Acquisitions, Bermuda, Insurance Acts, Insurance Industry, Mergers

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Nick Dunne

New Rules for Privy Council Appeals

The New Rules and accompanying Practice Directions of the JCPC are now in force. All JCPC appeals filed on or after 2 December 2024 will be subject to the New Rules…more

Appeals, Appellate Review, Compliance, Judicial Authority, Judicial Committee of the Privy Council (the JCPC)

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Michael Dyulgerov

Department of Finance public consultation on exercise of AIFMD II national discretions

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Central Bank of Ireland, Department of Finance

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Blake Egelton

Grand Court clarifies requirements for leave to proceed with a counterclaim against a company in official liquidation

The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true…more

Banking Sector, Business Litigation, Cayman Islands, Commercial Litigation, Companies Act

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Lisa Ellefsen

Practical overview of offshore legal opinions in financing transactions

It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set…more

British Virgin Islands, Cayman Islands, Enforcement, Financial Transactions, Island of Guernsey

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Jack Ellison

Constructs in Industry Loss Cat Bonds

Catastrophe bonds using industry-loss triggers have become increasingly popular among ILS investors and cedant sponsors. Industry loss catastrophe bonds pose less adverse selection risk from the point of view of investors,…more

Bermuda, Business Losses, Catastrophe Bonds, Indemnity, Insurance Industry

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Niall Esler

The Central Bank proposes changes to the Fitness and Probity Regime

Revised Guidance on F&P Standards: The Central Bank proposes consolidated and enhanced guidance, including details around objective measures for PCF roles, conflicts of interest, suitability within boards, and a 10-year lookback…more

Banking Sector, Central Bank of Ireland, Corporate Governance, Financial Institutions, Financial Regulatory Reform

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Alicia Evans

BVI ITA and Ministry of Finance requires entities to establish and maintain adequate systems and controls including a compliance manual

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

BVI Business Companies, Common Reporting Standard (CRS), Compliance, Duty to Cooperate, Enforcement Actions

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Kirsten Faichnie

Setting up shop: A new manager's guide to establishing an investment management firm in Jersey

Looking to establish an investment management firm in the Channel Islands? This guide, the second in our series, sets out the key steps and considerations for setting up your business in Jersey - a world-class financial…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Channel Islands, Financial Institutions, Fund Managers

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Chaowei Fan

Non-Compliant Transfers of Cayman Islands Insurance Business: To Void, or Not to Void, That Is the Question

Since the introduction of the Insurance Act in 1979, the Cayman Islands has established itself as one of the largest, and most sophisticated, centres for international insurance business. As of the first quarter of 2023, the…more

Beneficial Owner, Beneficiaries, Business Plans, Cayman Islands, Insurance Acts

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Dianne Farjallah

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

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

AML/CFT, Anti-Money Laundering, Cayman Islands, Collateralized Loan Obligations, EU

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Colleen Farrington

Walkers succeeds on Privy Council appeal concerning concurrent findings of fact

The Privy Council has handed down judgment on appeal from the British Virgin Islands (the "BVI") in Sancus Financial Holdings Ltd and others (Appellants) v Holm and another (Respondents). This judgment provides important…more

Appeals, British Virgin Islands, BVI Business Companies, Dismissals, Judicial Proceedings

See all updates »

Adam Fellows

Beneficial ownership registers: Jersey’s latest consultation paper on access to information

Jersey: Consultation paper on access to information - On 26 April 2024, the States of Jersey published its latest consultation paper on "Access to information on Jersey's Central Register of Companies and legal persons". This…more

Anti-Money Laundering, Beneficial Owner, Customer Due Diligence (CDD), European Court of Justice (ECJ), FATF

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Ken Foley

Revised Central Bank of Ireland’s Prospectus Regulatory Framework Q&A | Expansion of Euronext’s GEM to retail debt

Revised Prospectus Regulatory Framework Q&A - On 7 March 2024, the Central Bank of Ireland (the "Central Bank") published its Prospectus Regulatory Framework – Questions & Answers 2nd Edition (the "Revised Q&A"). This…more

Banking Sector, Central Bank of Ireland, Commission Delegated Regulation, EU, Euronext

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Allison Forte-Holloway

June 30 filing deadlines approaching: Noting the amendments made to the Bermuda Investment Funds Act 2006

Read the full advisory All authorised and registered Bermuda investments funds having a financial year end at December 31 should be finalising their annual filings with the Bermuda Monetary Authority, which are due by June 30…more

Bermuda, Filing Deadlines, Investment, Late Fees, Penalties

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Tom Fothergill

AML update: regulatory expectations in respect of beneficial ownership & control

The Jersey Financial Services Commission (the "JFSC") recently published feedback from its 2022 thematic examination on the extent to which supervised persons complied with their regulatory obligations with respect to beneficial…more

AML/CFT, Anti-Money Laundering, Beneficial Owner, Compliance, Corporate Governance

See all updates »

Adrian Fourie

Enforcement of foreign arbitral awards by the Grand Court of the Cayman Islands

The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run…more

Books & Records, Cayman Islands, DIFC, Enforcement, Estoppel

See all updates »

Christine Fox

Appointment of receivers over English property held by Jersey, Guernsey and British Virgin Islands entities

We are seeing an increasing number of enquiries from lenders and their advisors in respect of the practicalities of enforcement by receivers of English security granted by overseas entities. Real estate property transactions are…more

British Virgin Islands, English Common Law, Foreign Entities, Island of Guernsey, Receivership

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Sam Francis

Trends in Cayman Islands Companies listing on the NYSE and Nasdaq

The Cayman Islands is the most common non-US jurisdiction for listed entities - Entities established in 47 different jurisdictions are currently listed on the NYSE and Nasdaq. Of these different jurisdictions, outside of the…more

Cayman Islands, Foreign Entities, Governance Standards, Initial Public Offering (IPO), Jurisdiction

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Alexandra Franklin

Chambers Global Aviation Finance & Leasing Guide 2022: Cayman Islands

In the 2022 Chambers and Partners Global Aviation Finance & Leasing Guide for the Cayman Islands, our aviation experts provide a comprehensive overview of the latest legal information regarding aircraft and engine purchase and…more

Aviation Industry, Borrowers, Cayman Islands, Duties, Enforcement

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Lucy Frew

Update on the beneficial ownership reporting regime in the Cayman Islands - ongoing obligations and developments

Entities have ongoing obligations to keep beneficial ownership information up to date. Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners…more

Beneficial Owner, Cayman Islands, CIMA, Compliance, Disclosure Requirements

See all updates »

Caitlín Friel

The Challenges and Opportunities Facing the Aviation Sector

The Challenges and Opportunities Facing the Aviation Sector - Challenges face the aviation industry but its economic fundamentals remain strong, argues Walkers partner Matt Hedigan, in this thought leadership piece originally…more

Aviation Industry, Capital Raising, Economic Growth, Lessor, Ukraine

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Melanie Fullerton

Personal Information Protection Amendment Bill 2023

On 15 June 2023, the Minister of Tourism and the Cabinet Office, Vance Campbell, announced the tabling of the Bill, which is scheduled to be debated in the House of Assembly today, 16 June 2023. Once passed, the remaining…more

Personal Information, Privacy Laws, Proposed Legislation, Risk Management

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James Gaden

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

See all updates »

Mark Galazzi

Cayman Islands – Merchant Shipping Act

Introduction - The Merchant Shipping Act, 2024 (the "2024 Act") came into force on 11 March 2024 and replaced the previous legislation, the Merchant Shipping Act (as amended) (the "Old Act"). The 2024 Act has updated the Old…more

Cayman Islands, Change of Ownership, Compensation, Liability, Merchants

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Michael Gallagher

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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James Glover

Trusts & transparency: Key considerations for trustees in an evolving legal landscape

The Cayman Islands is a leading jurisdiction in the establishment and management of trusts; this is highlighted by the variety of structures that can be utilised, including the flexible discretionary trust and STAR trusts, which…more

Beneficiaries, Cayman Islands, Estate Planning, Trustees, Trusts

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Jan Golaszewski

Enforcement of foreign arbitral awards by the Grand Court of the Cayman Islands

The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run…more

Books & Records, Cayman Islands, DIFC, Enforcement, Estoppel

See all updates »

Charlotte Goncalves

Thinking ahead: Key considerations for winding up Guernsey investment funds

The process of winding up a Guernsey fund involves several important considerations that boards, fund managers, investment advisers and administrators must navigate carefully. This article explores six aspects which we consider…more

Board of Directors, Fund Managers, Investment Funds, Investment Management, Liquidation

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Aengus Gormley

AIFMD II: Timeline to Implementation

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in a…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Deadlines, EU, European Commission

See all updates »

Sinéad Gormley

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

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Matthew Goucke

Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands

The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population of…more

Cayman Islands, Companies Act, Insolvency, Restructuring

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Devan Gounden

Six Key Steps For Trustees as Recession Looms

“It is only when the tide goes out that you learn who has been swimming naked”. This quote – usually attributed to Warren Buffett – resurfaces when economic conditions worsen, but what does it mean? In the context of the…more

Beneficiaries, Divorce, Financial Services Industry, Investment, Irrevocable Trusts

See all updates »

Barnaby Gowrie

Grand Court clarifies requirements for leave to proceed with a counterclaim against a company in official liquidation

The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true…more

Banking Sector, Business Litigation, Cayman Islands, Commercial Litigation, Companies Act

See all updates »

Thomas Granger

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

See all updates »

William Greensmyth

Central Bank of Ireland imposes its first fine on an investment fund

On 30 November 2023, the Central Bank of Ireland (the "Central Bank") published a public statement relating to an enforcement action against an Irish-authorised UCITS ICAV (the "ICAV") which has been reprimanded and fined…more

Central Bank of Ireland, Compliance, Data Breach, EMIR, EU

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Charlie Griffiths

Caymans come off AML risk lists, signaling robust controls

Associating the Cayman Islands with money laundering has been a staple of film and television, from "The Firm" in the 1990s to, more recently, "Better Call Saul." However, scriptwriters may need to find another location to…more

AML/CFT, Anti-Money Laundering, Cayman Islands, EU, FATF

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Yegâne Güley

Walkers succeeds on Privy Council appeal concerning concurrent findings of fact

The Privy Council has handed down judgment on appeal from the British Virgin Islands (the "BVI") in Sancus Financial Holdings Ltd and others (Appellants) v Holm and another (Respondents). This judgment provides important…more

Appeals, British Virgin Islands, BVI Business Companies, Dismissals, Judicial Proceedings

See all updates »

Chloe Haddow

Trusts & transparency: Key considerations for trustees in an evolving legal landscape

The Cayman Islands is a leading jurisdiction in the establishment and management of trusts; this is highlighted by the variety of structures that can be utilised, including the flexible discretionary trust and STAR trusts, which…more

Beneficiaries, Cayman Islands, Estate Planning, Trustees, Trusts

See all updates »

Tom Hagger

Walkers’ Guide to Token Issuances, DAOs and Foundation Companies in the Cayman Islands

Roadmap - As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no…more

Blockchain, Cayman Islands, Cryptocurrency, Decentralized Finance (DeFi), Digital Assets

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Sam Hall

Restructuring officers appointed over troubled segregated portfolios

The Grand Court of the Cayman Islands recently confirmed expressly for the first time that it has jurisdiction to wind up a segregated portfolio company ("SPC") on the insolvency of one or more, but not all, of its segregated…more

Cayman Islands, Companies Act, Debt, Debt Restructuring, Investment Funds

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Sara Hall

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

See all updates »

Zoë Hallam

Growth in European Fund Finance: A Channel Islands perspective

Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many of…more

Capital Markets, Financial Institutions, Financial Services Industry, Fund Managers, Investment

See all updates »

Louise Hamilton

Agreed Security Principles – Guernsey and Jersey Law Considerations

It is not uncommon for local counsel to be instructed on deals after Agreed Security Principles (ASPs) have been agreed between our onshore counterparts and underlying clients. Whilst we are adept at conforming local security…more

Bank Accounts, Documentation, Escrow Accounts, Grantors, Offshore Companies

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Niall Hanna

Grand Court of the Cayman Islands reconfirms Flexible Balance Sheet Insolvency Test for Segregated Portfolios

The Grand Court of the Cayman Islands (Kawaley J) handed down a recent decision appointing receivers over a segregated portfolio, in the case of In the Matter of Green Asia Restructure Fund SPC...…more

Business Litigation, Cayman Islands, Creditors, Dispute Resolution, Insolvency

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Joe Healey

Practical overview of offshore legal opinions in financing transactions

It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set…more

British Virgin Islands, Cayman Islands, Enforcement, Financial Transactions, Island of Guernsey

See all updates »

Jonathan Heaney

Jersey Company Law Series: Migration / Continuation – Moving companies to and from Jersey

Effects of a company migration into - Jersey Steps to migrate a company out of Jersey…more

Civil Liability, Commercial Bankruptcy, Contract Terms, Creditors, Criminal Liability

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Matt Hedigan

EU sanctions update: Guidance published on the 'No Russia Clause'

The EU has continued to tighten economic sanctions against Russia in recent months with the introduction of the 12th sanctions package on 18 December 2023 and the 13th sanctions package on 24 February 2024. Of particular…more

Aviation Industry, Breach of Duty, Economic Sanctions, EU, Export Bans

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Fraser Hern

Jersey's Royal Court holds that property of invalid non-charitable trusts can go to charity

Jersey's Royal Court has confirmed the existence of rules in Jersey law that: Where a trust seeks to provide for mixed charitable and non-charitable purposes, the non-charitable purpose can invalidate the charitable…more

Charitable Donations, Estate Planning, Tax Planning, Trusts

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Johanna Hendry

The use of Cayman Islands structures in Islamic real estate financings in the UK

The growth of Islamic finance globally during the past decade has been significant with a recent UN report citing research showing that Islamic finance assets had almost doubled between 2014 and 2020 to US$ 3.374 trillion and…more

Cayman Islands, Financial Transactions, Muslims, Real Estate Financing, Real Estate Market

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Adam Hinks

Enforcement of foreign arbitral awards by the Grand Court of the Cayman Islands

The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run…more

Books & Records, Cayman Islands, DIFC, Enforcement, Estoppel

See all updates »

Kevin Ho

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

See all updates »

Richard Holden

Jersey – Creditor-Driven Winding up Regime in Jersey

Changes to the Companies Law in 2022 have increased the options available to creditors of insolvent Jersey companies - A creditor is now able to apply to the Jersey Court to wind up a company a liquidated claim against a…more

Bankruptcy Code, Bankruptcy Court, Business Entities, Companies Law, Compliance

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Aleisha Hollis

Bermuda Corporate Income Tax Considerations for Captive Insurers

The operating provisions of the corporate income tax regime for Bermuda legislation will be effective for fiscal years beginning on or after 1 January 2025. This will apply to "Bermuda Constituent Entities" of an "In Scope MNE…more

Bermuda, Captive Insurance Company, Compliance, Corporate Taxes, Income Taxes

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Nicholas Howard

Bermuda introduces guidance on independent contractors

The continuing development of the gig economy and the increased use of remote working following the pandemic has presented challenges for determining the true nature of working relationships. This determination is critical for…more

Bermuda, Contract Terms, Gig Economy, Independent Contractors, Jurisdiction

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Andrew Howarth

Update on the beneficial ownership reporting regime in the Cayman Islands - ongoing obligations and developments

Entities have ongoing obligations to keep beneficial ownership information up to date. Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners…more

Beneficial Owner, Cayman Islands, CIMA, Compliance, Disclosure Requirements

See all updates »

Sarah Humpleby

Amendments To Air Navigation (Overseas Territories) Orders 2024

Two key UK statutory instruments which apply to Bermuda, the British Virgin Islands and the Cayman Islands are amended. The Air Navigation (Overseas Territories) Order 2013 is amended to, among other things, bring the…more

Aviation Industry, Cape Town Convention, Climate Change, Compliance, Environmental Policies

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Jason Hung

Cayman Islands Regulatory Update - Q4 2024

Update to the Cayman Islands beneficial ownership reporting regime - Following industry consultation, the Beneficial Ownership Transparency Act ("BOTA") was gazetted on 15 December 2023 and commenced on 31 July 2024, updating…more

Anti-Corruption, Beneficial Owner, Cayman Islands, CIMA, Mutual Funds

See all updates »

Chris Hutley-Hurst

Changes in fundraising trends: Considerations for Guernsey funds

Fundraising in the global investment space has undergone a significant shift in recent years driven by a range of factors, among them: evolving investor preferences as new generations of investors come through, technological…more

Capital Raising, Crowdfunding, Digital Assets, Environmental Social & Governance (ESG), FinTech

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Keith Hyland

Overview of a Members Voluntary Liquidation

A Members Voluntary Liquidation ("MVL") is a process undertaken by a solvent company to wind up its affairs in an orderly manner when the company has concluded its activities and the shareholders wish to distribute the remaining…more

Dissolution, Liability, Liquidation, Shareholders, Solvency II

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Lauren James

Significant changes proposed for Jersey employment law regime

Mandatory written reasons for dismissal: New day one employment right for employees to be provided with the written reasons for their dismissal within seven days of their employment ending. Increase to discrimination awards:…more

Compensation & Benefits, Discrimination, Employee Rights, Employer Responsibilities, Employment Discrimination

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Ellen Jarvis

Jersey Company Law Series – Demergers

The Companies (Demerger) (Jersey) Regulations 2018 (the “Regulations”) provides a flexible demerger regime for relevant Jersey companies, whilst simultaneously protecting shareholder, creditor and employee interests. In…more

Banking Sector, Creditors, Employee Rights, Income Taxes, Insurance Industry

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Devon Jenkins

Service providers' duties under CI discrimination law - minimising legal risk

Guernsey's discrimination law landscape will change on 1 October 2023, with the introduction of the Prevention of Discrimination (Guernsey) Ordinance, 2022. Local employers are currently preparing for the new law by training…more

Anti-Discrimination Policies, Disability Discrimination, Employment Policies, Policies and Procedures, Privately Held Corporations

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Katherine Jensen

Judgment on Declaratory Relief in Cayman Islands Insolvent Liquidation Proceedings

A recent decision of Kawaley J sitting in the Grand Court of the Cayman Islands (the “Grand Court”) has provided helpful clarification on what he described as a “legally significant” and “important jurisdictional point”. The…more

Cayman Islands, Companies Act, Declaratory Relief, Jurisdiction, Liquidation

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Sevyn Kalsi

Six Key Steps For Trustees as Recession Looms

“It is only when the tide goes out that you learn who has been swimming naked”. This quote – usually attributed to Warren Buffett – resurfaces when economic conditions worsen, but what does it mean? In the context of the…more

Beneficiaries, Divorce, Financial Services Industry, Investment, Irrevocable Trusts

See all updates »

Eimear Keane

Department of Finance public consultation on exercise of AIFMD II national discretions

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Central Bank of Ireland, Department of Finance

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Chris Keefe

Enforcement of arbitral awards: Bermuda, BVI, Cayman Islands, Guernsey, Irish and Jersey law

As the use of arbitration as a means of dispute resolution has grown in popularity, there has been a marked increase in the need for arbitral awards to be recognised and enforced in offshore jurisdictions. The international…more

Arbitration, Arbitration Agreements, Arbitration Awards, Bermuda, British Virgin Islands

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Carolyn Kelly

Cayman Islands Foundation Companies The Leading Vehicle for wrapping a DAO

Cayman Islands foundation companies ("FCs") remain the premier vehicle of choice for "wrapping" a Decentralised Autonomous Organisation ("DAO"). The FC structure balances the flexibility required for DAO operations with the…more

Blockchain, Cayman Islands, Corporate Governance, Corporate Structures, Decentralized Autonomous Organization (DAO)

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Elaine Kelly

Legal Guide to Pre-Enforcement Steps Under Jersey and Guernsey law

In September 2020, only months into what we now know was to become a two-year Global Pandemic, we looked at what Covid-19 might mean for businesses and their creditors. At that time we had seen some high profile casualties –…more

Coronavirus/COVID-19, Enforcement, Forbearance Agreements, Stock Transfer, Supply Chain

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Peter Kendall

The use of AI tools in Cayman Islands legal proceedings – warnings for litigants and attorneys

On 28 January 2025, Justice Asif KC ("Asif J") handed down his judgment in Bradley and Another v Frye-Chaikin [2025] CIGC (Civ) 5 in which the Grand Court of the Cayman Islands (the "Court") commented for the first time in a…more

Artificial Intelligence, Cayman Islands, Evidence, Judges, Legal Ethics

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Kate Kenneally

AIFMD II: Timeline to Implementation

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in a…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Deadlines, EU, European Commission

See all updates »

Michael Kenny

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

See all updates »

Julia Keppe

Growth in European Fund Finance: A Channel Islands perspective

Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many of…more

Capital Markets, Financial Institutions, Financial Services Industry, Fund Managers, Investment

See all updates »

Carly Kilshaw

Enforcement of Foreign Wills in the BVI

As part of our series looking at recent BVI and Cayman Islands cases affecting the Middle East we look at the recent case of Sheikha Amena Ahmed H.A. Al-thani et al v Sheikha Aisha Mohammed Ali Abdullah Al Thani et al, in which…more

Appeals, Business Companies Act, BVI Business Companies, Cayman Islands, Enforcement

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Jarrad Knoetze

Navigating trusts in a data driven world developments in Guernseys regulatory landscape

We explore what trustees need to be aware of when dealing with data and complying with their obligations under the Data Protection (Bailiwick of Guernsey) Law, 2017 and related legislation (the "DP Law")…more

Compliance, Data Breach, Data Privacy, Data Protection, Data Security

See all updates »

Vivian Kwan

Hope for the best, but prepare for the worst: Wealth planning for mental incapacity

It’s always wise to hope for the best but plan for the worst, and, with global rates of dementia on the increase, planning for incapacity should be part of everyone's wealth and succession strategy. Where the assets held…more

British Virgin Islands, Corporate Governance, Directors, Estate Planning, Guardianships

See all updates »

Kristen Kwok

Dealing with Bermuda Segregated Accounts Companies

A Bermuda company (including a limited liability company) may be registered as a segregated accounts company (a "SAC") under the Segregated Accounts Companies Act 2000 (as amended) (the "SAC Act") to enable it to establish one…more

Bermuda, Investment Funds, Liability, Limited Liability Company (LLC), Securities

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Fiona de Lacy

Individual Accountability Framework (IAF): Irish Conduct Standards Training

The Individual Accountability Framework ("IAF"), introduced in December 2023 is one of the most significant regulatory developments in Ireland in recent years. The IAF seeks to promote sound governance, improved performance and…more

Financial Services Industry, Governance Standards, Individual Accountability, Ireland, Training

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Murray Laing

Shareholders' relief for unfair prejudice in the BVI and the Cayman Islands

The BVI and the Cayman Islands both have regimes in place to address unfair prejudice suffered by shareholders, although each jurisdiction approaches the issue differently. The threshold for successfully bringing an unfair…more

British Virgin Islands, Business Entities, Cayman Islands, Companies Act, Corporate Dissolution

See all updates »

Ally Lam

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

See all updates »

Marco Lam

Cayman Islands Regulatory Update - Q4 2024

Update to the Cayman Islands beneficial ownership reporting regime - Following industry consultation, the Beneficial Ownership Transparency Act ("BOTA") was gazetted on 15 December 2023 and commenced on 31 July 2024, updating…more

Anti-Corruption, Beneficial Owner, Cayman Islands, CIMA, Mutual Funds

See all updates »

Michaela Lam

Bermuda Insights: Trends and Opportunities 2022

As part of our five year anniversary celebrations of our law firm opening in Bermuda, we put together the original version of this summary report highlighting the latest developments and trends in the Bermuda legal and financial…more

Anti-Money Laundering, Bermuda, Cybersecurity, Digital Assets, Economic and Financial Affairs Council (ECOFIN)

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Simone Burnett Lanauze

Cayman Islands Regulatory Update - Q4 2024

Update to the Cayman Islands beneficial ownership reporting regime - Following industry consultation, the Beneficial Ownership Transparency Act ("BOTA") was gazetted on 15 December 2023 and commenced on 31 July 2024, updating…more

Anti-Corruption, Beneficial Owner, Cayman Islands, CIMA, Mutual Funds

See all updates »

Sian Langley

Channel Islands Regulatory Update: April 2025

This update provides an overview of the recent key publications, findings and reports issued during the last quarter…more

AML/CFT, Beneficial Owner, Competition, Consumer Credit Protection, Data Protection

See all updates »

Helena Lavin

Key Changes to Guernsey’s Insolvency Law from 2023

With the threat of recession impacting businesses across all areas of economic activity in 2023, anyone involved in structures involving Guernsey companies should be aware of significant reforms to the Island’s insolvency regime…more

Disclosure Requirements, Insolvency, Liquidation, UK, UK Insolvency Act

See all updates »

Dilmun Leach

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

See all updates »

William Lee

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

See all updates »

Vanessa Li

New frontiers in cross-border disclosure orders

On 24 April 2024, Doyle J handed down judgment in In the matter of New Frontier Health Corporation (Cause No. FSD 72 of 2022 and FSD 74 of 2022). In doing so, he refused the application of a Cayman-Islands incorporated company…more

Cayman Islands, China, Companies Act, Cross-Border, Disclosure Requirements

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Melissa Lim

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

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Jolin Lin

Stay a while: the interplay between winding-up proceedings and the mandatory stay provisions under the BVI Arbitration Act

The recent decision of the BVI Commercial Court (the "Court") (the Hon. Justice Ingrid Mangatal (Ag.)) in Kenworth Industrial Limited v Xin Gang Power Investments Limited BVIHCOM 2023/0006 has provided clarity on the interplay…more

Arbitration, Arbitration Agreements, British Virgin Islands, Commercial Court, Jurisdiction

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Christina Lo

Less Appeals? Cayman Islands Court of Appeal clarifies the test for leave to appeal to the Privy Council

In a recent case the Cayman Islands Court of Appeal has refused to grant leave to appeal to the Judicial Committee of the Privy Council in respect of an injunction ordered in support of a foreign arbitration…more

Appellate Courts, Cayman Islands, China, CICA, Foreign Arbitration Clauses

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Flora Lo

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

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Tim Ludford-Thomas

CIMA guidance on business as usual operations – update 2023

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

Board of Directors, Cayman Islands, CIMA, Mutual Funds, New Guidance

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Beverly Lui

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

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Neil Lupton

Insolvent trusts: pari passu indemnification of successive trustees & the importance of creditor expectations – A view from the Channel Islands, Bermuda, the BVI and Cayman

Introduction - The Judicial Committee of the Privy Council has handed down its long-awaited judgment in the joined cases of Equity Trust (Jersey) Ltd v Halabi and ITG Ltd and others v Fort Trustees Ltd, each focusing on the…more

British Virgin Islands, Cayman Islands, Channel Islands, Creditors, Indemnification

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James Lydeard

Private equity secondary transactions and Jersey specific issues

Private equity (PE) secondary transactions have grown significantly in recent years, driven by increasing liquidity needs among investors triggered by geopolitical uncertainties, public market volatility significant declines in…more

Financial Conduct Authority (FCA), Investment Funds, Investors, Portfolio Companies, Private Equity

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Fiona MacAdam

‘What say ye?’: The importance of creditors’ views in restructurings – an offshore perspective

Introduction - In two relatively recent offshore cases, the differing views of creditors and shareholders (and management) have been considered in the context of winding up pro- ceedings, including the criteria for the…more

Appeals, Cayman Islands, Corporate Restructuring, Creditors, Liquidation

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Kathryn Macken

Issues and Strategies: Trustees, Digital Assets and Fiduciary Duties

Notwithstanding the turbulent past few months, which have seen roughly $2 trillion worth of value disappear from the digital asset ecosystem, we are still seeing an increase in enquiries by high net worth individuals (“HNWIs”)…more

Cryptoassets, Cryptocurrency, Digital Assets, Fiduciary Duty, High Net-Worth

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Craig Macleod

Trusts and state immunity – can a nation state be trustee?

A nation state can be trustee of a Jersey law express trust, even though it has state immunity against being sued for breach of trust or otherwise being held accountable for its trusteeship in domestic courts. The Royal Court…more

Heirs, Immunity, State Immunity Act 1978 (the SIA), Trusts

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Sarah Maguire

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds April - June 2022

On 31 May 2022, the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2022 were published in Iris Oifigiúil and will come into operation on 1 January 2023. The regulations…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Asset Valuations, Belarus, Economic Sanctions

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Amina Mahmood

BVI ITA and Ministry of Finance requires entities to establish and maintain adequate systems and controls including a compliance manual

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

BVI Business Companies, Common Reporting Standard (CRS), Compliance, Duty to Cooperate, Enforcement Actions

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Thea Maitland

Trusts & transparency: Key considerations for trustees in an evolving legal landscape

The Cayman Islands is a leading jurisdiction in the establishment and management of trusts; this is highlighted by the variety of structures that can be utilised, including the flexible discretionary trust and STAR trusts, which…more

Beneficiaries, Cayman Islands, Estate Planning, Trustees, Trusts

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Melissa Mak

Hong Kong Stock Exchange expands paperless regime: What you need to know from an offshore perspective

HKSE-listed companies must update constitutional documents to allow for hybrid meetings and e-voting under new rules - Companies must implement necessary changes by their first annual general meeting following July 1, 2025…more

Compliance, Corporate Governance, Hong Kong Stock Exchange, Investors, Listing Rules

See all updates »

Martha Male

Navigating trusts in a data driven world developments in Guernseys regulatory landscape

We explore what trustees need to be aware of when dealing with data and complying with their obligations under the Data Protection (Bailiwick of Guernsey) Law, 2017 and related legislation (the "DP Law")…more

Compliance, Data Breach, Data Privacy, Data Protection, Data Security

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Steven Manning

Update on the beneficial ownership regime in the Cayman Islands - New Technical Guidance for corporate services providers

On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition to a…more

Beneficial Owner, Cayman Islands, Common Reporting Standard (CRS), Corporate Governance, Filing Requirements

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Shane Martin

The Central Bank proposes changes to the Fitness and Probity Regime

Revised Guidance on F&P Standards: The Central Bank proposes consolidated and enhanced guidance, including details around objective measures for PCF roles, conflicts of interest, suitability within boards, and a 10-year lookback…more

Banking Sector, Central Bank of Ireland, Corporate Governance, Financial Institutions, Financial Regulatory Reform

See all updates »

Ian Mason

Understanding the changes to the Proceeds of Crime Act: Insights from our conversation with the FRA

Businesses must be aware of the three core money laundering offences: concealing, arranging and acquiring (use and possession) criminal property. The FRA has issued a seven-day working period to consider all defence against…more

Anti-Money Laundering, Banking Sector, Cayman Islands, Financial Crimes, Popular

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Jennifer Maughan

Supreme Court narrows banks' liabilities for fraudulent payments: the offshore impact

Fraud is on the rise. And as sums defrauded usually disappear, victims search for an alternative source to recover their losses. Unsurprisingly, the search often identifies banks' resources as a potential first call. However,…more

Banking Sector, British Virgin Islands, Cayman Islands, Duty of Care, Financial Conduct Authority (FCA)

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Tristan Maultby

Appropriation and valuation of Jersey collateral – case law update

Under the Security Interests (Jersey) Law 2012 (the “Security Law”), one method of security enforcement is for the secured party to appropriate the collateral. Under this method of security enforcement, the secured party…more

Appropriation, Enforcement, Investment, Valuation

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Aongus McCarthy

Central Bank UCITS Q&A – 42nd Edition

On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")…more

Asset Management, Central Bank of Ireland, Disclosure Requirements, ETFs, Financial Services Industry

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Patrick McConvey

Analysing the Changyou.com decision: What it means for appraisal rights in short-form mergers

A short-form statutory merger can be effected under the Cayman Islands' Companies Act (as revised) (the "Act") between a parent company and a Cayman Islands incorporated subsidiary. The short-form statutory merger takes…more

Appeals, Appraisal, Cayman Islands, Constitutional Challenges, Corporate Governance

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Neil McDonald

Looking ahead: The Bermuda insurance M&A horizon in 2024

2023 was a fairly gloomy year for global M&A activity and the insurance sector did not emerge unscathed, recording its lowest deals count since 20201. The good news, however, is that insurance M&A activity appears poised for a…more

Acquisitions, Bermuda, Insurance Acts, Insurance Industry, Mergers

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Annaliese McGeoch

Changes in fundraising trends: Considerations for Guernsey funds

Fundraising in the global investment space has undergone a significant shift in recent years driven by a range of factors, among them: evolving investor preferences as new generations of investors come through, technological…more

Capital Raising, Crowdfunding, Digital Assets, Environmental Social & Governance (ESG), FinTech

See all updates »

Gary McLean

Rule and Statement of Guidance on Market Conduct for Trust and Corporate Service Providers and Company Managers

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 rules…more

Advertising, Business Assets, Cayman Islands, CIMA, Conflicts of Interest

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Ian McNamee

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

See all updates »

Kevin McQuillan

Take-private transactions on NYSE: Essential guidelines for offshore entities

Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks…more

Acquisitions, Capital Markets, Cayman Islands, Compliance, Corporate Governance

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Killian McSharry

EU sanctions update: Guidance published on the 'No Russia Clause'

The EU has continued to tighten economic sanctions against Russia in recent months with the introduction of the 12th sanctions package on 18 December 2023 and the 13th sanctions package on 24 February 2024. Of particular…more

Aviation Industry, Breach of Duty, Economic Sanctions, EU, Export Bans

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James Melen

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Joe Mitchell

Central Bank UCITS Q&A – 42nd Edition

On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")…more

Asset Management, Central Bank of Ireland, Disclosure Requirements, ETFs, Financial Services Industry

See all updates »

Tim Molton

New frontiers in cross-border disclosure orders

On 24 April 2024, Doyle J handed down judgment in In the matter of New Frontier Health Corporation (Cause No. FSD 72 of 2022 and FSD 74 of 2022). In doing so, he refused the application of a Cayman-Islands incorporated company…more

Cayman Islands, China, Companies Act, Cross-Border, Disclosure Requirements

See all updates »

Rupert Morris

Key considerations for Guernsey trustees when dealing with cryptoassets

The world of cryptoassets continue to evolve at a breathtaking pace, with cryptocurrencies such as Bitcoin and Ether reaching unprecedented heights and capturing the attention of HNWIs. Recent surges in the value of these assets…more

Beneficiaries, Cryptoassets, Cryptocurrency, Estate Planning, Fiduciary Duty

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Rebecca Moseley

Hostile parties, prospective costs orders and confidentiality: The Cayman Islands Courts’ approach to trust proceedings

For the purposes of determining the incidence of costs under Buckton, the fact that the relief sought is strenuously opposed by a party and comments are traded that some might perceive as "hostile" does not mean that a Category…more

Beneficiaries, Cayman Islands, Confidentiality Policies, Fiduciary Duty, Jurisdiction

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Padhraic Mulpeter

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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Gareth Murphy

Access to Company Information and Documents under the BVI Business Companies Act

In this article, we discuss the information and documents available to the public, to directors and to shareholders in relation to a company (a “BVI Company”) incorporated under the BVI Business Companies Act, 2004 (the “BVI…more

Beneficial Owner, Books & Records, British Virgin Islands, BVI Business Companies, Required Documentation

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Aariyen Murray

The BMA invites proposals to test Embedded Supervision in DeFi

The Bermuda Monetary Authority ("BMA") has issued an invite for proposals from voluntary participants to take part in a pilot project aimed at testing Embedded Supervision practices within the context of DeFi. Embedded…more

Bermuda, Blockchain, Compliance, Decentralized Finance (DeFi), Digital Assets

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Tiny Musesengwa

Guernsey Regulator Releases Final Form Rules on Virtual Asset Service Provider & Consumer Lending Law

The Guernsey Financial Services Commission (the “GFSC”) has issued The Lending, Credit and Finance Rules and Guidance, 2023 (the “Rules”) which govern businesses that will be regulated under the Lending, Credit and Finance…more

AML/CFT, Digital Assets, Final Rules, License Applications, Licensing Rules

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Shumona Neswar

The Alphabet Trust and its benefits for South African families

As wealth management evolves, South African high-net-worth individuals ("HNWIs") are increasingly looking for efficient offshore structures to protect and grow their assets. One such option is "The Alphabet Trust" - established…more

Asset Protection, Beneficiaries, Corporate Governance, Corporate Structures, Estate Planning

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Natalie Neto

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

See all updates »

Rosalind Nicholson

Hope for the best, but prepare for the worst: Wealth planning for mental incapacity

It’s always wise to hope for the best but plan for the worst, and, with global rates of dementia on the increase, planning for incapacity should be part of everyone's wealth and succession strategy. Where the assets held…more

British Virgin Islands, Corporate Governance, Directors, Estate Planning, Guardianships

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Gemma Nicol

Setting up shop: A new manager's guide to establishing an investment management firm in Jersey

Looking to establish an investment management firm in the Channel Islands? This guide, the second in our series, sets out the key steps and considerations for setting up your business in Jersey - a world-class financial…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Channel Islands, Financial Institutions, Fund Managers

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Rachel Nightingale

Navigating fast-evolving fintech regulation takes deep experience and a client-centric approach

Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector - Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,…more

Anti-Money Laundering, Data Protection, Financial Institutions, Financial Services Industry, FinTech

See all updates »

James O'Doherty

The Central Bank proposes changes to the Fitness and Probity Regime

Revised Guidance on F&P Standards: The Central Bank proposes consolidated and enhanced guidance, including details around objective measures for PCF roles, conflicts of interest, suitability within boards, and a 10-year lookback…more

Banking Sector, Central Bank of Ireland, Corporate Governance, Financial Institutions, Financial Regulatory Reform

See all updates »

John O'Driscoll

Grand Court grants leave to enforce a foreign interim arbitration award

On 3 February 2023 the Grand Court of the Cayman Islands delivered a judgment in the matter of Nasser Sulaiman HM Al Haidar v Jetty Venkata Uma Mahewshawara Rao (FSD 328 OF 2022 (IKJ)) explaining its decision to grant leave to…more

Arbitration, Cayman Islands, Enforcement, Foreign Arbitral Awards

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Eimear O'Flynn

Department of Finance public consultation on exercise of AIFMD II national discretions

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Central Bank of Ireland, Department of Finance

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Charlotte O'Neill

Shareholders' relief for unfair prejudice in the BVI and the Cayman Islands

The BVI and the Cayman Islands both have regimes in place to address unfair prejudice suffered by shareholders, although each jurisdiction approaches the issue differently. The threshold for successfully bringing an unfair…more

British Virgin Islands, Business Entities, Cayman Islands, Companies Act, Corporate Dissolution

See all updates »

Amelia Oatley

June 30 filing deadlines approaching: Noting the amendments made to the Bermuda Investment Funds Act 2006

Read the full advisory All authorised and registered Bermuda investments funds having a financial year end at December 31 should be finalising their annual filings with the Bermuda Monetary Authority, which are due by June 30…more

Bermuda, Filing Deadlines, Investment, Late Fees, Penalties

See all updates »

Timur Ochkhaev

Private equity secondary transactions and Jersey specific issues

Private equity (PE) secondary transactions have grown significantly in recent years, driven by increasing liquidity needs among investors triggered by geopolitical uncertainties, public market volatility significant declines in…more

Financial Conduct Authority (FCA), Investment Funds, Investors, Portfolio Companies, Private Equity

See all updates »

Patrick Ormond

UK Takeover Code changes – what you need to know for Guernsey and Jersey companies

The UK Takeover Code will be updated from 3 February 2025 - Companies with registered offices in the Channel Islands remain in-scope…more

Capital Markets, Corporate Governance, Financial Services Industry, Mergers, Publicly-Traded Companies

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Harry Oulton

Walkers succeeds on Privy Council appeal concerning concurrent findings of fact

The Privy Council has handed down judgment on appeal from the British Virgin Islands (the "BVI") in Sancus Financial Holdings Ltd and others (Appellants) v Holm and another (Respondents). This judgment provides important…more

Appeals, British Virgin Islands, BVI Business Companies, Dismissals, Judicial Proceedings

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Catherine Overton

Practical overview of offshore legal opinions in financing transactions

It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set…more

British Virgin Islands, Cayman Islands, Enforcement, Financial Transactions, Island of Guernsey

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Alison Ozanne

The importance of Alternative Dispute Resolution – Churchill v Merthyr Tydfil County Borough Council

In England & Wales proceedings are subject to a series of "Pre-Action Protocols" which set out the steps a Court would expect parties to take prior to commencing proceedings. The Pre-Action Conduct and Protocols applies to…more

Appeals, Arbitration, Dispute Resolution, Mediation, Negotiations

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Kim Paiva

The Channel Islands structures being used for infrastructure assets

We are continuing to see Guernsey and Jersey structures being established for investment into and acquisition of infrastructure assets such as windfarms, network utilities and renewable power…more

Corporate Governance, Corporate Taxes, Financial Institutions, Infrastructure, Investment

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Olivia Palloch

Changes to the Limited Partnerships (Jersey) Law 1994 – Clarifications, Confirmations and Amendments

Amongst the changes to the Limited Partnerships (Jersey) Law 1994 (the “LP Law”) that have been implemented, included are changes that both helpfully clarify and confirm certain provisions of the existing law with respect to…more

Clawbacks, Debt, Environmental Social & Governance (ESG), Financial Obligations, General Partner

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Gemma Palmer

Channel Islands Regulatory Update: April 2025

This update provides an overview of the recent key publications, findings and reports issued during the last quarter…more

AML/CFT, Beneficial Owner, Competition, Consumer Credit Protection, Data Protection

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Tatziana Paraguacuto-Maheo

Turbulent times: How fund management is still resilient in 2024

Download the full article In the last couple of years, macroeconomic headwinds, higher interest rates and geopolitical unrest have written the story of the financial sector. These arid conditions have tested every major economy…more

Cayman Islands, CIMA, Fund Management Companies, Liquidity, Negotiations

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Anouksha Patel

Beneficial ownership registers: Jersey’s latest consultation paper on access to information

Jersey: Consultation paper on access to information - On 26 April 2024, the States of Jersey published its latest consultation paper on "Access to information on Jersey's Central Register of Companies and legal persons". This…more

Anti-Money Laundering, Beneficial Owner, Customer Due Diligence (CDD), European Court of Justice (ECJ), FATF

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Ed Pearson

Beneficial ownership regime: Contact person services

Under the Beneficial Ownership Transparency Act, 2023 ("BOTA"), entities that are registered as investment funds may avail themselves of an alternative route to compliance with the BOTA by appointing a Contact Person as a…more

Beneficial Owner, Cayman Islands, Governance Standards

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Luke Petith

Shareholders' relief for unfair prejudice in the BVI and the Cayman Islands

The BVI and the Cayman Islands both have regimes in place to address unfair prejudice suffered by shareholders, although each jurisdiction approaches the issue differently. The threshold for successfully bringing an unfair…more

British Virgin Islands, Business Entities, Cayman Islands, Companies Act, Corporate Dissolution

See all updates »

Grace Pickering

Global perspectives: Key trends in listings for 2024

Across global stock exchanges, major trends are emerging in listings dynamics. Offering six international stock exchanges and listing bonds of all types, our listing agents highlight emerging trends across capital markets…more

Capital Markets, Cayman Islands, Environmental Social & Governance (ESG), Private Equity, REIT

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Omonike Robinson-Pickering

Amendments To Air Navigation (Overseas Territories) Orders 2024

Two key UK statutory instruments which apply to Bermuda, the British Virgin Islands and the Cayman Islands are amended. The Air Navigation (Overseas Territories) Order 2013 is amended to, among other things, bring the…more

Aviation Industry, Cape Town Convention, Climate Change, Compliance, Environmental Policies

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Prasana

CIMA guidance on business as usual operations – update 2023

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

Board of Directors, Cayman Islands, CIMA, Mutual Funds, New Guidance

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Angharad Prescott

Jersey joint ventures and nominee directors: A deep dive into Pender v CGH

Jersey companies are widely used for setting up joint ventures, particularly in a private equity context – further information on why Jersey entities are popular for private equity structures can be found here . It is a common…more

Confidentiality Agreements, Corporate Governance, Good Faith, Jurisdiction, Shareholders

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Angela Proctor

Guernsey - The Private Investment Funds Regime

The Private Investment Fund Rules ("PIF") regime was updated by the Guernsey Financial Services Commission ("GFSC") in 2021 to expand the available PIF product options. PIFs are governed by the Private Investment Fund Rules and…more

Audits, Business Strategies, Conflicts of Interest, Investors, Private Investment Funds

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Tom Pugh

Cayman Court stands firms against delay tactics in insolvency dispute

The petition debt must be disputed on substantial grounds. It is an abuse of process to use the winding up court as a debt collection agency. If the Court is to accede to an application to restrain a winding-up petition, the…more

Abuse of Process, British Virgin Islands, Business Litigation, Cayman Islands, Commercial Bankruptcy

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Maria Pule

ESMA publishes new QAs on its Fund Naming Guidelines

On 13 December 2024, ESMA published three new questions and answers ("Q&As") which provide welcome clarification on the application of some key elements of its Guidelines on funds' names using ESG or sustainability-related terms…more

AIFs, Environmental Social & Governance (ESG), EU, European Securities and Markets Authority (ESMA), Green Bonds

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Nicholas Quin

Beneficial ownership regime: Contact person services

Under the Beneficial Ownership Transparency Act, 2023 ("BOTA"), entities that are registered as investment funds may avail themselves of an alternative route to compliance with the BOTA by appointing a Contact Person as a…more

Beneficial Owner, Cayman Islands, Governance Standards

See all updates »

Emmet Quish

Central Bank UCITS Q&A – 42nd Edition

On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")…more

Asset Management, Central Bank of Ireland, Disclosure Requirements, ETFs, Financial Services Industry

See all updates »

Shaela Rae

June 30 filing deadlines approaching: Noting the amendments made to the Bermuda Investment Funds Act 2006

Read the full advisory All authorised and registered Bermuda investments funds having a financial year end at December 31 should be finalising their annual filings with the Bermuda Monetary Authority, which are due by June 30…more

Bermuda, Filing Deadlines, Investment, Late Fees, Penalties

See all updates »

Andy Randall

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

See all updates »

Paddy Rath

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

See all updates »

Victoria Raymond

Less Appeals? Cayman Islands Court of Appeal clarifies the test for leave to appeal to the Privy Council

In a recent case the Cayman Islands Court of Appeal has refused to grant leave to appeal to the Judicial Committee of the Privy Council in respect of an injunction ordered in support of a foreign arbitration…more

Appellate Courts, Cayman Islands, China, CICA, Foreign Arbitration Clauses

See all updates »

Charlotte Raynor

The Cayman Islands Court of Appeal will consider whether a company's shareholders can bring claims for misrepresentation against the company in its liquidation

In an unprecedented turn of events, two recent proceedings in the Grand Court of the Cayman Islands considered the same complex legal issues just one week apart. Both In the Matter of HQP Corporation Limited (assigned to…more

Appeals, Cayman Islands, Companies Act, Fraud, Liquidation

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Daniel Read

Significant changes proposed for Jersey employment law regime

Mandatory written reasons for dismissal: New day one employment right for employees to be provided with the written reasons for their dismissal within seven days of their employment ending. Increase to discrimination awards:…more

Compensation & Benefits, Discrimination, Employee Rights, Employer Responsibilities, Employment Discrimination

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Therese Redmond

Listing Act – Part 2: Market Abuse Changes

EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to MAR remove disproportionate complexity but preserve investor protection…more

Disclosure Requirements, EU, EU Market Abuse Regulation (EU MAR), European Securities and Markets Authority (ESMA), Listing Standards

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Christopher Reed

New trends in use of Jersey and Guernsey structures by US fund managers targeting European assets or capital

Over the last few months, we have started to see new trends in inquiries and instructions regarding the use of Jersey and Guernsey structures by US managers targeting either European assets, or European capital…more

Alternative Investment Funds, Cayman Islands, EU, Foreign Investment, Fund Managers

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Nick Reid

Update on changes to the beneficial ownership regime in the Cayman Islands

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 take…more

Beneficial Owner, Cayman Islands, CIMA, Enforcement, Foreign Corporations

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Jessica Robinson

Changes in fundraising trends: Considerations for Guernsey funds

Fundraising in the global investment space has undergone a significant shift in recent years driven by a range of factors, among them: evolving investor preferences as new generations of investors come through, technological…more

Capital Raising, Crowdfunding, Digital Assets, Environmental Social & Governance (ESG), FinTech

See all updates »

Rachel Rodgers

Potential refund of stamp duty on the sale or lease of residential property for social housing

Finance Act 2022 inserted two new provisions, section 83DA and section 83DB, into the Stamp Duties Consolidation Act 1999 ("SDCA "). Each section provides for the repayment of stamp duty in the context of acquisitions of…more

Clawbacks, Leases, Refunds, Residential Property Owners, Sale of Assets

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John Rogers

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

See all updates »

Laura Rogers

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Jon Le Rossignol

Acquisition and Leveraged Finance in the Channel Islands

Jersey and Guernsey (collectively, the "Channel Islands") remain popular for both private equity buyout structures of UK and international corporate groups across various industries and asset classes, and for leverage structures…more

Acquisitions, AML/CFT, Borrowers, Buy-Out Agreements, Channel Islands

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Noeleen Ruddy

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

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Hannah Sagala

BVI update to the Economic Substance rules

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

BVI Business Companies, Economic Substance Doctrine, International Tax Authority, Investment Funds, Limited Partnerships

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Aaron Sanders

Jurisdiction Shall we make this exclusive?

Jurisdiction clauses in trust deeds are critical in determining the forum for resolving disputes. These clauses can be either exclusive, conferring jurisdiction to a specific court, or non-exclusive, allowing for flexibility in…more

Arbitration, Bermuda, Breach of Contract, British Virgin Islands, Cayman Islands

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Matt Sanders

Changes in fundraising trends: Considerations for Guernsey funds

Fundraising in the global investment space has undergone a significant shift in recent years driven by a range of factors, among them: evolving investor preferences as new generations of investors come through, technological…more

Capital Raising, Crowdfunding, Digital Assets, Environmental Social & Governance (ESG), FinTech

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Nigel Sanders

Jersey – Creditor-Driven Winding up Regime in Jersey

Changes to the Companies Law in 2022 have increased the options available to creditors of insolvent Jersey companies - A creditor is now able to apply to the Jersey Court to wind up a company a liquidated claim against a…more

Bankruptcy Code, Bankruptcy Court, Business Entities, Companies Law, Compliance

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Jennifer Sangaroonthong

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Alex Schluep

Shades of grey? Unfair prejudice and derivative actions in Jersey following Ntzegkoutanis v Kimionis

Matters of law will certainly not always be black and white, however, the Courts have adopted a traditional approach when assessing matters of mismanagement or misconduct by directors in relation to company – if there is…more

Appeals, Breach of Duty, Corporate Misconduct, Cryptocurrency, Derivatives

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William Schofield

Thinking ahead: Key considerations for winding up Guernsey investment funds

The process of winding up a Guernsey fund involves several important considerations that boards, fund managers, investment advisers and administrators must navigate carefully. This article explores six aspects which we consider…more

Board of Directors, Fund Managers, Investment Funds, Investment Management, Liquidation

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Dorothy Scott

Cayman Islands and BVI Sanctions Update – New Licensing Grounds for Russia Related Divestments

New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove…more

Asset Freeze, British Virgin Islands, Cayman Islands, Divestment, Economic Sanctions

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Otelia Scott

Bermuda Economic Substance Update - October 2022

The European Council has removed Bermuda from Annex II of its list of non-cooperative jurisdictions for tax purposes (sometimes referred to as the EU Tax Grey List). While Annex I (the so-called EU Black List) is a list of…more

Bermuda, European Council, Jurisdiction, Tax Policy

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Marc Seddon

Jersey – Creditor-Driven Winding up Regime in Jersey

Changes to the Companies Law in 2022 have increased the options available to creditors of insolvent Jersey companies - A creditor is now able to apply to the Jersey Court to wind up a company a liquidated claim against a…more

Bankruptcy Code, Bankruptcy Court, Business Entities, Companies Law, Compliance

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Rupen Shah

Cayman Islands – Merchant Shipping Act

Introduction - The Merchant Shipping Act, 2024 (the "2024 Act") came into force on 11 March 2024 and replaced the previous legislation, the Merchant Shipping Act (as amended) (the "Old Act"). The 2024 Act has updated the Old…more

Cayman Islands, Change of Ownership, Compensation, Liability, Merchants

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Jill Shaw

Central Bank Publishes Outsourcing Register - Submission Requirements

The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain. For any entities that…more

Central Bank of Ireland, Insurance Industry, Outsourcing, PRISM, Reinsurance

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Jonathan Sheehan

Budget 2025 - Tax Highlights Ireland

Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and…more

Capital Gains Tax, EU, European Economic Area (EEA), Foreign Investment, Ireland

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Siobhan Sheridan

Enforcing debts in the Cayman Islands and BVI which are subject to an arbitration clause

Where a debt is due under an agreement (and assuming there is no binding non-petition clause in effect), it is possible to take steps to wind up the company without first proceeding to arbitration, in accordance with the…more

Arbitration, British Virgin Islands, Cayman Islands, Debt, Enforcement

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Richard Siddle

Dealing with Bermuda Segregated Accounts Companies

A Bermuda company (including a limited liability company) may be registered as a segregated accounts company (a "SAC") under the Segregated Accounts Companies Act 2000 (as amended) (the "SAC Act") to enable it to establish one…more

Bermuda, Investment Funds, Liability, Limited Liability Company (LLC), Securities

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Anna Slusarczyk

TISE - Changes to Continuing Obligations

Introduction - The International Stock Exchange (‘’TISE’’) has revised its Continuing Obligations (Chapter 3) Listing Rules, with effect from 1 July 2022. The changes are intended to make the requirements of the Exchange…more

Financial Markets, Listing Rules, Publicly-Traded Companies, Regulatory Standards, Stock Exchange

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Heather Smith

Updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands

Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing…more

AML/CFT, Anti-Fraud Provisions, Anti-Money Laundering, Cayman Islands, CIMA

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Marah Smith

Global Legal Insights FinTech 2024: Bermuda chapter

Since the announcement of its Fintech strategy in November 2017, the Bermuda government has positioned Bermuda as a market-leading jurisdiction with respect to Fintech, with a view to Bermuda operating as an innovation hub for…more

AML/CFT, Artificial Intelligence, Bermuda, Compliance, Cryptocurrency

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Reghard Smith

Why MENA-based startups are choosing to incorporate in the Cayman Islands and the British Virgin Islands

According to a report by data platform Magnitt, the total funding secured by startups in the Middle East and North Africa (MENA) amounted to approximately US$864 million in the first quarter of 2022. Startups in the UAE…more

Africa, British Virgin Islands, Cayman Islands, Confidentiality Policies, Income Taxes

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Olga Sologub

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

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

AML/CFT, Anti-Money Laundering, Cayman Islands, Collateralized Loan Obligations, EU

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Alexandra Stasiuk

New Rules for Privy Council Appeals

The New Rules and accompanying Practice Directions of the JCPC are now in force. All JCPC appeals filed on or after 2 December 2024 will be subject to the New Rules…more

Appeals, Appellate Review, Compliance, Judicial Authority, Judicial Committee of the Privy Council (the JCPC)

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Luke Steele

Jersey Funds Law Series - professional investor regulated scheme exemption for service providers

The administration and management of Jersey investment structures can be complex and requires service providers to be aware of the regulatory requirements and exemptions that they may face when providing relevant services in…more

Exemptions, Investment Schemes, Investors

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Timothy Stevens

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Kate Storey

Guernsey’s New Licensing Regime for Financial Firm Business

This briefing is the third in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”), and provides an overview of the licensing regime applicable to “financial firm…more

Conflicts of Interest, Financial Institutions, Insurance Industry, Lending, Licensing Rules

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Nicholas Swartz

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

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Geoffrey Sykes

Grand Court clarifies requirements for leave to proceed with a counterclaim against a company in official liquidation

The Grand Court has clarified that, where a company in official liquidation commences proceedings claiming that it holds certain rights, in order for the defendant to proceed with a counterclaim asserting that it is the true…more

Banking Sector, Business Litigation, Cayman Islands, Commercial Litigation, Companies Act

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Shirleen Tan

Bermuda Insights: Trends and Opportunities 2022

As part of our five year anniversary celebrations of our law firm opening in Bermuda, we put together the original version of this summary report highlighting the latest developments and trends in the Bermuda legal and financial…more

Anti-Money Laundering, Bermuda, Cybersecurity, Digital Assets, Economic and Financial Affairs Council (ECOFIN)

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Juliana Tang

Rule and Statement of Guidance on Market Conduct for Trust and Corporate Service Providers and Company Managers

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 rules…more

Advertising, Business Assets, Cayman Islands, CIMA, Conflicts of Interest

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Kevin Taylor

Enforcement of arbitral awards: Bermuda, BVI, Cayman Islands, Guernsey, Irish and Jersey law

As the use of arbitration as a means of dispute resolution has grown in popularity, there has been a marked increase in the need for arbitral awards to be recognised and enforced in offshore jurisdictions. The international…more

Arbitration, Arbitration Agreements, Arbitration Awards, Bermuda, British Virgin Islands

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Leonie Tear

The BMA invites feedback on proposed Payment Services Provider regulatory framework

The Bermuda Monetary Authority ("BMA") proposes a new Payments Services Act ("PSA") to replace the Money Service Business Act 2016 to establish a clear, risk-based framework for Payment Service Providers ("PSPs") operating in or…more

Anti-Money Laundering, Bermuda, Corporate Governance, Financial Services Industry, FinTech

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Michael Testori

Shareholders' relief for unfair prejudice in the BVI and the Cayman Islands

The BVI and the Cayman Islands both have regimes in place to address unfair prejudice suffered by shareholders, although each jurisdiction approaches the issue differently. The threshold for successfully bringing an unfair…more

British Virgin Islands, Business Entities, Cayman Islands, Companies Act, Corporate Dissolution

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Laurent Thibeault

Key Changes to Guernsey’s Insolvency Law from 2023

With the threat of recession impacting businesses across all areas of economic activity in 2023, anyone involved in structures involving Guernsey companies should be aware of significant reforms to the Island’s insolvency regime…more

Disclosure Requirements, Insolvency, Liquidation, UK, UK Insolvency Act

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April Thomas

Bermuda Economic Substance Update - October 2022

The European Council has removed Bermuda from Annex II of its list of non-cooperative jurisdictions for tax purposes (sometimes referred to as the EU Tax Grey List). While Annex I (the so-called EU Black List) is a list of…more

Bermuda, European Council, Jurisdiction, Tax Policy

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Lauren Thorburn

Digital Asset SCPS Consultation Guidance

The Bermuda Monetary Authority (the "Authority") released its Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Consultation Guidance (the "Guidance"). The Guidance seeks to provide information and clarification…more

Banking Sector, Bermuda, Board of Directors, Corporate Governance, Digital Assets

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Tania Toh

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Jody Toner

Residential Lettings in Rent Pressure Zones – Recent Case Law

A recent judgment of the Dublin Circuit Court in Wow Investments Limited v. Residential Tenancies Board [2022] WECC3 has emphasised the importance of due diligence on current and past rental levels on the acquisition of…more

Due Diligence, Investment Property, Rent, Residential Tenancies Act

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Sarah Townsend

Setting up a Jersey Manager - The Options and Opportunities

A Jersey manager is typically required to hold a "fund services business" licence, which can be obtained within weeks. There are broadly two types of licence: a "managed entity" licence and a "full codes" licence, each with…more

Capital Markets, EU, Financial Services Industry, Investors, Licensing Rules

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Andrew Traynor

Irish SPVs and listed SMEs to be excluded from sustainability reporting regime

On 26 February 2025, the European Commission (Commission) published an omnibus package (Omnibus Package) of proposals to amend the EU's framework for sustainability reporting, including under the CSRD ((EU) 2022/2464). The…more

Corporate Social Responsibility, EU, European Commission, Financial Services Industry, Proposed Legislation

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Gemma Trencher

New Guernsey trading standards rules from October 2023

Introduction - The Trading Standards (Fair Trading) (Guernsey) Ordinance, 2023 (the "Trading Standards Ordinance") is due to come into force on 2 October 2023. From this date, businesses in Guernsey will be subject to…more

Breach of Contract, Consumer Contracts, Cooling-Off Rule, Regulatory Standards, Summary of Consumer Rights

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Marcél Treurnicht

Key considerations for Guernsey trustees when dealing with cryptoassets

The world of cryptoassets continue to evolve at a breathtaking pace, with cryptocurrencies such as Bitcoin and Ether reaching unprecedented heights and capturing the attention of HNWIs. Recent surges in the value of these assets…more

Beneficiaries, Cryptoassets, Cryptocurrency, Estate Planning, Fiduciary Duty

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Iain Tucker

Schemes of Arrangement – any interest?

In its recent judgment in Tristan Oil Ltd v The Scheme Creditors (BVIHCM 2023/0120) the BVI Commercial Court (the Hon. Justice Paul Webster (Ag.)) has considered the question of when a party not bound by a scheme of arrangement…more

British Virgin Islands, BVI Business Companies, Commercial Court, Enforcement, Fraud

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James Turnbull

Jersey – Creditor-Driven Winding up Regime in Jersey

Changes to the Companies Law in 2022 have increased the options available to creditors of insolvent Jersey companies - A creditor is now able to apply to the Jersey Court to wind up a company a liquidated claim against a…more

Bankruptcy Code, Bankruptcy Court, Business Entities, Companies Law, Compliance

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Jonathan Turner

Cayman Islands: When are relevant documents in the “power” of a litigant and therefore discoverable?

Under Order 24, rule 1 of the Grand Court Rules (“GCR”), a party is required to give discovery of “documents which are or have been in his possession, custody or power”. Given the importance of “power” to determine - and…more

Enforceability, Piercing the Corporate Veil, Right of Access, Settlement Agreements, Third-Party

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Benjamin Twidle

Personal Information Protection Act deep dive

The Personal Information Protection Act ("PIPA") comes into full force on 1 January 2025. All organisations in Bermuda are expected to be in compliance with it by that date – time is running out! The Privacy Commissioner has…more

AML/CFT, Bermuda, Compliance, Data Collection, Data Retention

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James Twigg

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Robert Upton

Residential Lettings in Rent Pressure Zones – Recent Case Law

A recent judgment of the Dublin Circuit Court in Wow Investments Limited v. Residential Tenancies Board [2022] WECC3 has emphasised the importance of due diligence on current and past rental levels on the acquisition of…more

Due Diligence, Investment Property, Rent, Residential Tenancies Act

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Katherine Utton

Jersey employment law updates: recent changes and horizon scanning

Jersey’s employment laws are constantly moving forward, and it can be demanding for employers and HR professionals looking to keep up with best practice. We’ve put together a guide to the recent changes to Jersey…more

Bereavement Leave, Gender-Based Pay Discrimination, Human Resources Professionals, Minimum Wage, Public Employees

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Paul Waldron

Key trends in investment funds - 2023

Our global investment funds teams work closely with the leading managers, instructing counsel and service providers around the world, giving us a unique perspective and insight into the trends and forces shaping financial…more

Asia, Bermuda, BVI Business Companies, Cayman Islands, Cryptoassets

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William Waldron

BVI VASP Update: A Two Step Approach

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

AML/CFT, Anti-Money Laundering, British Virgin Islands, BVI Business Companies, Cayman Islands

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Leanne Wallser

Proceeds of Crime Law: Jersey's AML / CFT / CPF regime

Executive Summary - On 30 January 2023, legislation came into force that amended the Proceeds of Crime (Jersey) Law 1999 ("the POCL") and expanded the scope of Jersey's anti-money laundering, counter-terrorist financing, and…more

AML/CFT, Anti-Money Laundering, Enforcement, Financial Institutions, Penalties

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Beth Waterfall

Obligation for independent AML Audits under the Anti Money Laundering Regulations – What you need to know

Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations. AML audits are an important component of the control environment to…more

AML/CFT, Anti-Money Laundering, Audits, Cayman Islands, CIMA

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Alex Way

Intergenerational wealth transfer part 2: Execution

The best plan is worthless if not properly executed. This article follows on from our earlier discussion on issues clients may need to consider before passing assets to their intended heirs. Here, we highlight some offshore…more

Asset Protection, Beneficiaries, Estate Planning, Family Limited Partnerships, High Net-Worth

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Nathalie West

Amendments To Air Navigation (Overseas Territories) Orders 2024

Two key UK statutory instruments which apply to Bermuda, the British Virgin Islands and the Cayman Islands are amended. The Air Navigation (Overseas Territories) Order 2013 is amended to, among other things, bring the…more

Aviation Industry, Cape Town Convention, Climate Change, Compliance, Environmental Policies

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Nigel Weston

Jersey-registered Limited Liability Companies LLCs in financing transactions

Limited Liability Companies ("LLCs") offer flexibility and familiarity to investment fund, corporate and finance industry participants, particularly those in the US market. US federal tax 'check-the-box' treatment is…more

AIF, Alternative Investment Fund Managers Directive (AIFMD), Appeals, Financial Institutions, Financial Services Industry

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Robert White

Growth in European Fund Finance: A Channel Islands perspective

Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many of…more

Capital Markets, Financial Institutions, Financial Services Industry, Fund Managers, Investment

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Shelley White

Cayman Court stands firms against delay tactics in insolvency dispute

The petition debt must be disputed on substantial grounds. It is an abuse of process to use the winding up court as a debt collection agency. If the Court is to accede to an application to restrain a winding-up petition, the…more

Abuse of Process, British Virgin Islands, Business Litigation, Cayman Islands, Commercial Bankruptcy

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Laura Whitson

The Central Bank proposes changes to the Fitness and Probity Regime

Revised Guidance on F&P Standards: The Central Bank proposes consolidated and enhanced guidance, including details around objective measures for PCF roles, conflicts of interest, suitability within boards, and a 10-year lookback…more

Banking Sector, Central Bank of Ireland, Corporate Governance, Financial Institutions, Financial Regulatory Reform

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Alex Wickens

Appointment of receivers over English property held by Jersey, Guernsey and British Virgin Islands entities

We are seeing an increasing number of enquiries from lenders and their advisors in respect of the practicalities of enforcement by receivers of English security granted by overseas entities. Real estate property transactions are…more

British Virgin Islands, English Common Law, Foreign Entities, Island of Guernsey, Receivership

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Ross Wilding

Dealing with Bermuda Segregated Accounts Companies

A Bermuda company (including a limited liability company) may be registered as a segregated accounts company (a "SAC") under the Segregated Accounts Companies Act 2000 (as amended) (the "SAC Act") to enable it to establish one…more

Bermuda, Investment Funds, Liability, Limited Liability Company (LLC), Securities

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Colette Wilkins KC

Courting Clarity: Grand Court confirms jurisdiction to determine winding up petitions notwithstanding requirement to refer disputes to foreign arbitration tribunal

On 20 November 2023, the Grand Court of the Cayman Islands (the "Grand Court") issued its ruling on a preliminary issue in In the matter of Re BPGIC Holdings Limited; namely whether a winding up petition should be stayed or…more

Cayman Islands, Debt, Dispute Resolution, Foreign Arbitral Awards, International Arbitration

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Caroline Williams

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Claire Winrow

Department of Finance public consultation on exercise of AIFMD II national discretions

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC), as…more

AIFs, Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Central Bank of Ireland, Department of Finance

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Denise Wong

Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw out…more

Capital Raising, Cayman Islands, CIMA, Liquidity, New Rules

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Hughie Wong

Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the…more

Cayman Islands, CIMA, Mutual Funds, Private Funds, Registered Funds

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Daniel Wood

Removal of the Cayman Islands from the EU AML List and UK AML List

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated…more

AML/CFT, Anti-Money Laundering, Cayman Islands, Due Diligence, EU

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Iona Wright

Updates to the British Virgin Islands Anti-Money Laundering regime and changes for MLROs

Prior regulatory approval is now required for MLRO appointments – previously it was a notification requirement that had to be submitted within 14 days of the MLRO appointment. Firms in scope will now need to factor in…more

AML/CFT, Anti-Money Laundering, British Virgin Islands, Enforcement, Fraud

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Sam Burford-Yeo

CIMA guidance on business as usual operations – update 2023

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

Board of Directors, Cayman Islands, CIMA, Mutual Funds, New Guidance

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Joanne Ziegler

Global perspectives: Key trends in listings for 2024

Across global stock exchanges, major trends are emerging in listings dynamics. Offering six international stock exchanges and listing bonds of all types, our listing agents highlight emerging trends across capital markets…more

Capital Markets, Cayman Islands, Environmental Social & Governance (ESG), Private Equity, REIT

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