Cayman News

The government has released the response it received from Britain’s Chancellor of the Exchequer, George Osborne, to the letter sent to him by Financial Services Minister Wayne Panton about the Cayman government’s position on the sharing of beneficial ownership information. The UK’s senior Cabinet minister has accepted that any new future regime or mechanism must protect confidentiality and security…

The Cayman Islands government has released the response it received from Britain’s chancellor of the exchequer, George Osborne, to the letter sent to him by financial services minister Wayne Panton about the Cayman government’s position on the sharing of beneficial ownership information.   The UK’s finance minister has accepted that any new future regime or mechanism must protect confidentiality...

The Cayman Islands government has published the Confidential Information Disclosure Bill 2016, which proposes the abolition of the current criminal offence for disclosure of confidential information, other than ‘in the ordinary course of business’; and replacing it with a new regime specifying when information may be disclosed.   Colin Riegels, a partner at international law firm Harneys, describes this...

The Cayman Islands recorded an increase in insolvency petitions in 2015, contrasting with a general decline in the majority of offshore jurisdictions.   There were a total of 71 petitions filed in Cayman courts compared to 58 filings in 2014 and only 43 filings in 2008, according to report by offshore law firm Appleby.   The share of petitions...

Matt Mulry (MM): The bill, when enacted, will provide for the introduction of a new Cayman legal vehicle, the Cayman Limited Liability Company. The draft legislation is closely based upon the equivalent United States’ Delaware LLC legislation with the intention of appealing to the US market. This is a significant development for Cayman and will represent an entirely new...