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News | 26 April 2021
CIMA has extended the filing deadline for filing of audited accounts and FAR Form for Private Funds to 30 September 2021
CIMA has extended the filing deadline for filing of audited accounts and FAR Form for Private Funds to 30 September 2021 The Cayman Islands Monetary Authority (“CIMA”) released a Notice on 19 April 2021 to confirm that the deadline for the first filing of audited accounts for Private…
News | 20 January 2021
Side-letter perspectives in Cayman subscription financing
This article was first published in Asia Business Law Journal which can be accessed here: https://law.asia/side-letter-cayman-subscription-financing/ Subscription facilities dominated the Asian fund finance industry in 2020. However, as a result of widespread concerns about liquidity and an uncertain macroeconomic outlook, it has become more important than ever for a…
News | 15 December 2020
Cayman Legal Update: Virtual Asset Service Provider Registration/Notification Requirements
With the coming into effect of the Virtual Asset (Service Providers) Act, 2020 (the “VASP Act”), the Cayman Islands Monetary Authority (“CIMA”) announced that the regulatory framework for the VASP Act would be implemented in two phases. Phase one focuses on anti-money laundering (“AML”) and countering the financing…
News | 23 November 2020
Game Changer! – Licensing Requirements for Virtual Assets in the Cayman Islands – Part 2
On 25 May 2020 the Cayman Islands government passed The Virtual Asset (Service Providers) Law, 2020 (“VASP Law”), which provides a legislative framework for the conduct of virtual assets business in the Cayman Islands and for the registration and licensing of persons providing virtual asset services. The VASP…
News | 15 November 2020
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The Companies (Amendment) Law, 2016 which came into force on 13th May 2016 has abolished the ability of Cayman Islands exempted companies to issue bearer shares and other forms of negotiable shares.
News | 13 November 2020
Game Changer! Introduction of the Regulation of Virtual Assets in the Cayman Islands – Part 1
The VASP Law defines a “virtual asset” as “a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes but does not include a digital representation of fiat currencies”.
News | 13 November 2020
Virtual Asset Service Provider Law (VASP) Regime to Commence in Phases
On 25 May 2020 the Cayman Islands government passed The Virtual Asset (Service Providers) Law, 2020 (“VASP Law”), which provides a legislative framework for the conduct of virtual assets business in and from the Cayman Islands through requiring either (i) the registration or (ii) the licensing, of persons…
News | 15 July 2020
The Deadline for filing the first Economic Substance Law Annual Report for Cayman companies is 31 December 2020
The economic substance test (“ES Test”) under the International Tax Co-operation (Economic Substance) Law (2020 Revision) as amended (the “ES Law”) requires that a “relevant entity” (i.e. a Cayman company including, an exempted company, SPC, or LLC) conducting a relevant activity: