Daily Compliance News: April 7, 2025, The Whistleblowers Awarded Edition
The Cayman Islands Tax Information Authority (the “TIA”) is responsible for monitoring compliance and taking enforcement action with regards to the Common Reporting Standard (CRS), pursuant to the Tax Information Authority...more
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News—all...more
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...more
In the First Edition of our Regulatory Disputes Series, digital assets and fintech topped our list of hot topics to watch for the future of offshore regulatory disputes. In this Fourth Edition, we provide an update on...more
The Cayman Islands Monetary Authority (“CIMA”) has issued a new Rule and Statement of Guidance on the obligations for the provision of virtual asset services – Virtual Asset Custodians and Trading Platforms (the “Rule”). With...more
As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global...more
Welcome to the third Regulatory & Risk Advisory Review instalment of 2024. In this edition we cover the latest Cayman Islands regulatory updates including the Beneficial Ownership Transparency Act and The Perpetuities...more
It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more
Oct 2023 This decision was announced on 27 October at the closing of the FATF’s plenary meetings in Paris, France. The FATF announcement confirmed that the Cayman Islands maintains a robust and effective anti-money...more
There are only 9 days until all licensed insurers are required to comply with the Cayman Islands Monetary Authority’s (“CIMA”) new Rule on Corporate Governance (the “Rule”) (which replaces the Rule on Corporate Governance for...more
Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies. While financial services and related...more
On January 26, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a $22.5 million settlement agreement with a Cayman Islands digital asset firm to resolve a securities...more
On January 19, the SEC charged a Cayman Islands digital asset firm for allegedly failing to register the offer and sale of its retail crypto-asset lending product. According to the SEC’s cease-and-desist order ...more
In the recent judgment of Gol Linhas Aereas SA (formerly VRG Linhas Aereas SA) (Respondent) v MatlinPatterson Global Opportunities Partners (Cayman) II LP and others (Appellants) [2022] UKPC 21, the Privy Council upheld the...more
Since the introduction of the Data Protection Act (the “DPA”) in 2017, there has been a steady increase in the number of data protection breaches that have been reported to the Office of the Ombudsman . It is expected that...more
Settlement Applies to $700 Million in Luxury Assets; Law Firms Obtain a Carve-Out - Last week, the Justice Department announced a massive settlement in the 1Malaysia Development Berhad (“1MDB”) case, a matter implicating...more
As we move into a new year, we have taken the opportunity to prepare an Annual Update for our investment adviser and private fund clients. This Annual Update reflects on major statutory and regulatory changes from 2016,...more
The SEC filed another action centered on a restatement resulting from improper accounting and internal controls. In this instance the firm lacked procedures for dealing with related party transactions despite contrary...more