The Cayman Islands government has published the Data Protection Bill, 2016 (the “Bill”) which proposes a framework of rights and duties designed to safeguard individuals’ personal data, balanced against the need of public authorities, businesses and organisations to collect and use personal data for legitimate purposes. The Bill was developed in line with international best practices while ensuring that it reflects the specific needs of the Cayman Islands.

The spotlight of the international community is shining more brightly than ever on International Financial Centres and those who use them in an effort to reduce aggressive tax avoidance, tax evasion and other practices which are perceived to be practiced largely through offshore structures.

The latest amendments to the BVI Business Companies Act came into effect on 15 January 2016. These changes have ramifications for both lenders and borrowers. Specifically, the amendments address special instructions to registered agents, liquidation, consent of secured creditors when continuing out of the BVI, execution of deeds and private register of charges. Harneys' brief snapshot guide to these changes and their impact on borrowers and lenders is available at the link below.

Whilst there are various types of limited liability companies presently available in the Cayman Islands, the Cayman LLC will be a distinct entity. The LLC Bill has been modelled using both local legislation (notably the Cayman Islands company and partnership laws) as well as the limited liability legislation of Delaware.

Common Reporting Standards Self-Certification Templates and Participating Jurisdiction list issued in the Cayman Islands Following our Common Reporting Standards (“CRS”) briefing of 22 October 2015, the Tax Information Authority of the Cayman Islands has now issued additional guidance and self-certification forms in accordance with the ongoing implementation of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Regulations”).

As communicated in our Common Reporting Standards (“CRS”) article of 30 September 2015 (click here for link) it was expected that the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Regulations”) would be finalised and passed into local legislation in October 2015. These regulations have now come into effect. Cayman Islands financial institutions that are affected by the CRS should be actively preparing for CRS compliance noting that the new account opening procedures should be in place for 1 January 2016.

Every Cayman Islands company is required to keep at its registered office a register containing the names and addresses of its directors, including alternate directors and officers (the “Register”). Further, a Cayman Islands company is required to notify the Registrar of Companies (the “Registrar”) of changes to the Register in a timely manner.

On 30 March 2015, the Cayman Islands Monetary Authority (“CIMA”) issued the Rule on Cancellation of Licence or Certificate of Registration of Regulated Mutual Funds (the “Rule”), click here for link to the Rule, and Regulatory Procedure for Cancellation of Licences issued pursuant to Section 5 and Certificates of Registration issued pursuant to Sections 4(3) and 4(1)(B) of the Mutual Funds Law (the “Regulatory Procedure”), click here for link to the Regulatory Procedure.

Cayman Islands based investment funds and investment managers are regulated by the Cayman Islands Monetary Authority ("CIMA") under the Mutual Funds Law ("MFL") and Securities Investment Business Law ("SIBL") respectively. The Cayman Islands government has recently proposed amendments to these laws in order to create a Cayman Islands regulatory regime which is consistent with the standards of regulation under the Alternative Investment Fund Manager Directive ("AIFMD").

The Cayman Islands is the global leader for mega-yacht registrations. With its sight now firmly set on bringing shipping companies and maritime service providers to Cayman, the Special Economic Zone in the Cayman Islands (the “SEZ”), pursuant to The Special Economic Zones (Cayman Enterprise City) (Amendment) Order, 2015, has recently created the Cayman Maritime Services Park. Read more