Walkers Sponsors Virtual GAIM Ops Connect Series

While we may not be able to see our friends and colleagues in Grand Cayman this year, Walkers is sponsoring the virtual GAIM Ops Connect series.

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Walkers Tops Market Leading Rankings in Chambers Global Again

Walkers leads the way with 10 "Band 1" practice area rankings (out of a market leading 23 practice areas) and an overall "Band 1" ranking in 'Global Offshore'.

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AML Training Portal Launch

Walkers Professional Services Launches New e-Learning AML Training Portal

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Walkers Celebrates 5 Years in Bermuda

Walkers (Bermuda) Limited is pleased to celebrate the five year anniversary of its Bermudian operations in Hamilton, Bermuda.

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Events & Webinars

See upcoming virtual events and webinars.

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Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
GlobalMap Oct2019
Diversity

Diverse & Inclusive

At Walkers we are committed to building a diverse and inclusive workplace where everyone can feel comfortable, happy and confident in an inclusive environment.

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Cayman Islands Private Funds Act Extension to Filing Deadline for Audited Accounts

Cayman Islands fund vehicles registered as private funds with the Cayman Islands Monetary Authority (“CIMA”) under the Private Funds Act (as amended) (the “PFA”) are required to have their accounts audited annually by a CIMA-approved auditor and to submit the audited accounts, together with a fund annual return (“FAR”), each year to CIMA. These filings must be made within six months of a private fund’s financial year end. CIMA has now extended the deadline for these filings to 30 September 2021.

Fund Annual Return
The Private Funds (Annual Returns) Regulations, 2021 (the “Regulations”) have recently been published. The Regulations set out the information a registered private fund must provide to CIMA, including in respect of each of the fund’s related fund entities, alternative investment vehicles and sub funds.

Extension of filing deadline
The prescribed FAR form has not yet been published. On 19 April 2021, CIMA issued a notice confirming that CIMA expects to release the template FAR form by 30 June 2021.

CIMA has therefore extended the deadline for filing the audited accounts and FAR for registered private funds to 30 September 2021 (the “Extension Period”) for those funds which would otherwise have an obligation to file.

CIMA has also confirmed that registered private funds will not be subject to any related penalties for non-compliance with the audit obligations set out above during the Extension Period.

Position for registered mutual funds is unchanged
The extension of the deadline applies only to registered private funds. Mutual funds with a financial year end of 31 December 2020 are still required to file their audited financial statements and the mutual fund version of the FAR by 30 June 2021. Mutual fund operators should note that CIMA updated the template FAR for mutual funds in late 2020, and will now only accept submissions in the new form (Version 4.0).

How WPS can assist
Walkers Professional Services can assist private fund clients with preparation of FAR forms, and has a solution using information available to Walkers to maximise efficiency and minimise client input. Please contact our dedicated team by This email address is being protected from spambots. You need JavaScript enabled to view it. to request further details of this service.
 
 

Guernsey Expands Private Investment Funds Regime

The Guernsey Financial Services Commission (“GFSC”) has updated its Private Investment Fund (“PIF”) regime to expand the available PIF product options.

The Private Investment Fund Rules, 2021 (the “PIF Rules 2021”) were issued on 20 April 2021 together with guidance, and replace with immediate effect the prior Private Investment Fund Rules, 2016.

Three alternate PIF routes
Under the new PIF Rules 2021, there are now three alternate routes available for PIFs in Guernsey:

  • Route 1 – the POI Licensed Manager PIF: This is the existing Guernsey PIF which requires the PIF to have a Guernsey manager that is licensed by the GFSC. All PIFs registered prior to 20 April 2021 will continue to be registered under this route.

  • Route 2 – the Qualifying Private Investor PIF: This is a new route that does not require a GFSC-licensed manager. To use this route all investors will have to meet qualifying investor criteria which are designed to ensure investors are restricted to suitably sophisticated investors.

  • Route 3 – the Family Relationship PIF: This is also a new route that does not require a GFSC-licensed manager. This route enables a bespoke private wealth structure to be created as a PIF, requiring a family relationship between investors.

Although Route 2 and Route 3 do not require the appointment of a GFSC-licensed manager, one can be appointed if desired. Where a PIF takes the form of a limited partnership the general partner will generally need a licence even if the PIF is a Route 2 or Route 3 PIF (although note below regarding certain GFSC rules not applying to that licensed general partner). Where the manager or general partner needs to obtain a licence, application is made at the same time as the PIF registration application and is fast-tracked on the same one-business day turnaround.

 

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Ireland Update | Code of Practice on the Right to Disconnect

The Workplace Relations Commission ("WRC") has published a new Code of Practice for Employers and Employees on the Right to Disconnect ("Code"). It is effective immediately and applies to all types of employment.  Although the Code does not create any new substantive rights for employees or offences for an employer, it is intended to practical provide guidance and best practice to employers and employees in relation to the right to disconnect.

 

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Cayman Islands Insurance Regulatory Update

The Cayman Islands Monetary Authority (“CIMA”) has issued a new Regulatory Policy on Licensing for Class B Insurers, effective immediately, which sets out CIMA’s expectations and licensing requirements for applicants of class B insurer’s licences. In addition, CIMA has a new Rule on Professional Qualification Requirements for Insurance Companies, Brokers, Agents and Agencies, effective 1 December 2021, which sets out minimum professional qualification requirements for relevant persons of insurance companies, brokers, agents and agencies.

Please click on the advisory links below to read a summary of the key practical points.

CIMA Issues New Licensing Policy for Class B Insurers

CIMA Issues New Professional Qualification Rule for Insurance

Important Bermuda Economic Substance Update - March 2021

The Bermuda Registrar of Companies (the "Registrar") has implemented a number of changes in relation to the Economic Substance Act 2018, the Economic Substance Regulations 2018 (each as amended) (the "Economic Substance Laws") and the related Guidance Notes issued by the Minister of Finance on 18 September 2020, which entities should take into consideration in advance of filing their economic substance declaration for the 2019-2020 relevant financial period. These changes have been implemented by the Registrar in response to reviews completed by the EU Code of Conduct Group on Business Taxation and are consistent with Bermuda's ongoing commitment to comply with international standards.

 

Click to view advisory

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