As an update to our US FATCA, CDOT and CRS alert, the Cayman Islands Government has issued a further industry alert, confirming that the Automatic Exchange of Information Portal (the “AEOI Portal”) is now open and a revised AEOI Portal User Guide (the “User Guide”) is available. Click here for more.

Shanda was only the second contested fair value petition to reach trial. Until the release of the judgment in Shanda, the only case which had considered how the valuation process was required to be undertaken pursuant to Section 238 was that of the Honourable Justice Jones QC in In the Matter of Integra Group (unreported, 28 August 2015) (“Integra”).

The Cayman Islands is a market leading jurisdiction in both the aviation and shipping industries. In keeping with this, the Special Economic Zone in the Cayman Islands (the “SEZ”), has recently created the Cayman Aviation Services Park to sit alongside the existing Cayman Maritime Services Park established in 2015. Click here for more.

The Cayman Islands has recently seen a flurry of merger activity, in many instances as a result of listed entities seeking to engage in 'go private' deals involving companies incorporated in the jurisdiction. The statutory merger and consolidation process set out in Part XVI of the Companies Law (2016 Revision) (the “Law”) is an attractive and increasingly well-used option for effecting such deals.

To say the very least, matrimonial disputes can be a trying and traumatic state of affairs for all involved. Discord over custody, property and innumerable other matters can seem to endlessly plague family members, and related litigation often creeps across a variety of jurisdictions. Where a family trust is involved, the more contentious of marital disputes can quickly draw trustees into the ring for a bout over rights to information regarding, or even to assets held in, the trust.

Due to global technological developments and trends, the Cayman Islands is pursuing a strategy to modernise its intellectual property protection regime by providing new protections for patents, trade marks and design rights. As a result, last year, the Patents and Trade Marks (Amendment) Bill, 2016, the Trade Marks Bill, 2016 and the Design Rights Registration Bill, 2016 were published. Click here

Pursuant to The Mutual Funds (Annual Returns) Regulations, 2006 (as amended) (the “Existing Regulations”), all funds regulated under the Mutual Funds Law of the Cayman Islands are required to submit to the Cayman Islands Monetary Authority (“CIMA”), a fund annual return (“FAR”) within six months of the fund’s financial year end. The FAR contains financial and operational information in respect of the fund and other general information as set out in the schedule to the Existing Regulations (the “Schedule”).

The United Kingdom and Chinese governments have signed an agreement on behalf of the Cayman Islands which bestows ‘Most Favoured Nation’ status to Cayman Islands registered vessels entering Chinese ports. This agreement will boost the status and competitiveness of the Cayman Islands Shipping Registry (the “Registry”) by significantly reducing the port dues paid by Cayman Islands registered vessels trading into Chinese ports.

In a Judgment handed down on 18 November 2016, the Cayman Islands Court of Appeal ruled that using liquidators’ powers to obtain extra territorial non-party disclosure was outside the reach of the Cayman Islands Companies Law (2013 Revision) (the “Companies Law”).

All registered, professional and corporate directors registered or licenced with the Cayman Islands Monetary Authority (“CIMA”) are reminded that they are required to pay their annual 2017 registration and licence fees to CIMA on or before 15 January 2017. Click here for more