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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WPS is Moving!

Walkers' Market Leading Professional Services Provider Has Moved.

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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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Update on the Cayman Islands and the FATF’s List of Jurisdictions Under Increased Monitoring

The second Plenary of the Financial Action Task Force (“FATF”) under the German Presidency took place on 22, 24 and 25 February 2021. As part of the Plenary outcomes published on 25 February, the FATF recognised that the Cayman Islands has satisfied 60 of 63 actions to strengthen its anti-money laundering, countering terrorist financing and countering proliferation financing measures that were prescribed in the Mutual Evaluation Report published by the Caribbean FATF in March 2019. The Cayman Islands has been included on the FATF’s list of “jurisdictions under increased monitoring” (“Monitoring List”) pending completion of the final three actions. The inclusion of the Cayman Islands on the Monitoring List has no direct consequences for investors or clients using Cayman Islands structures.

Click to view advisory

Ireland Update – Investment Limited Partnerships (Amendment) Act 2020 Update

Earlier today, the Irish Department of Finance advised that the Minister for Finance has signed a statutory instrument which sets out the commencement dates in respect of the provisions of the Investment Limited Partnerships (Amendment) Act 2020 (the "Act"). The majority of the provisions of the Act will be commenced on 1 February 2021. Certain provisions relating to beneficial ownership requirements for both investment limited partnerships and common contractual funds will not be effective until 1 March 2021.

Click here for more information on the amendments to the Irish investment limited partnership regime.

Ireland Update – Investment Limited Partnerships (Amendment) Bill 2020 Update

In a welcome update on the amendments to Ireland's investment limited partnership regime, the Investment Limited Partnerships (Amendment) Bill 2020 has now passed through all stages in Dáil Éireann and Seanad Éireann (the Irish houses of parliament) and is expected to be signed into law shortly.

Our update from September 2020 sets out the key changes being made to the existing limited partnership legislation.

BVI Update: "Black Swan" Legislation Passed

On 31 December 2020, the BVI House of Assembly passed the so-called "Black Swan" Bill amending section 24 of the Eastern Caribbean Supreme Court (Virgin Islands) Act (Cap. 80) so as to confer jurisdiction on the BVI Court to grant interim relief in support of foreign proceedings. The Bill is expected to pass into law and come into force early in 2021.

In May 2020, in Broad Idea International Limited v Convoy Collateral Limited (BVICMAP 2019/0026), the Eastern Caribbean Court of Appeal (Pereira CJ;, Blenman and, Michel JJAA) ruled that the BVI Court lacked jurisdiction to grant a free standing freezing injunction against a BVI company where that company was not a party to substantive proceedings either in the BVI or elsewhere and that legislation would be required before the BVI Court could grant such relief. In so holding, the Court of Appeal determined that the case of Black Swan Investments ISA v Harvest View Limited (BVIHCV 2009/399) ("Black Swan") was wrongly decided and should be overruled. Convoy Collateral Limited's appeal from the decision of the Court of Appeal' is due to be heard by the Judicial Committee of the Privy Council on 16 and 17 February 2021.

Walkers partners Rosalind Nicholson and Murray Laing act for Broad Idea International Limited. Walkers are instructing Richard Morgan QC and Andrew McLeod of Maitland Chambers.

Performance Fees – Central Bank of Ireland Takes Initial Steps Towards Implementing ESMA’s Guidelines

On 3 December 2020, the Central Bank of Ireland (the "Central Bank") published CP134, a consultation on new performance fee guidance for UCITS and certain types of retail AIFs. This consultation is an initial step by the Central Bank in the implementation of ESMA's performance fee guidelines (the "Guidelines"). By way of reminder the Guidelines are set to apply on a phased basis from 5 January 2021. The Central Bank is proposing to adopt a phased implementation approach with the provisions of the Guidelines that are consistent with the existing requirements being included in its proposed guidance.

Feedback on CP134 is due by 15 January 2021. Those with existing performance fees should note the proposal that any amendments to the performance fee will trigger the requirement to comply with the Central Bank's proposed guidance as of the date of amendment.

Our advisory provides details on the approach the Central Bank proposes to take in relation to the implementation of the Guidelines.

 

Click to view advisory

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