Walkers increases top rankings in 2024 Chambers Global Guide

Walkers, the international legal and professional services firm, continues to lead its market, according to the findings of the prestigious 2024 Chambers Global Guide to the world's leading lawyers and law firms.

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Celebrating 40 Years of Excellence in Legal Training

In a landmark celebration, Walkers commemorates four decades of unparalleled legal training through its esteemed Articled Clerk Training Programme. With an unwavering commitment to nurturing exceptional talent, Walkers proudly reflects on its legacy of shaping industry leaders through comprehensive and structured training.

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Top offshore law firm ranking for Walkers' Private Capital & Trusts team

Walkers' international Private Capital & Trusts team has been named in the highest tier by independent publisher eprivateclient for the sixth consecutive year.

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Walkers increases top rankings in 2024 Chambers Global Guide

Walkers, the international legal and professional services firm, continues to lead its market, according to the findings of the prestigious 2024 Chambers Global Guide to the world's leading lawyers and law firms.

Read More

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Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds

On 17 August 2022, the Cayman Islands Monetary Authority (“CIMA”) published a set of new regulatory measures in connection with the de-registration of mutual funds and private funds (the “Procedures”) as regulated funds in the Cayman Islands. The revised Procedures represent the outcome of a consultation process that CIMA has undertaken in order to simplify and standardise the de-registration process for regulated funds, so that mutual funds and private funds can terminate their registrations on a consistent basis.
 

While the Procedures largely codify CIMA’s longstanding practices, they also introduce some significant simplifications:

 

  • For funds undertaking an ordinary-course solvent wind-down, the former ‘two-step’ de-registration process (typically involving a period of ‘Licence under Termination’ followed by final de-registration submissions) has been removed. These funds will simply notify CIMA when they commence their wind-down, stay registered until the final payments to investors (often the release of an audit-related holdback) have been made, and make a final submission once they have completed their final liquidation audit and have completely redeemed all investors.

  • For funds that are required to commence a formal winding up upon the expiration of their term, or whose constitutive documents contain similar liquidation triggers, the former ‘two-step’ de-registration process triggered by a liquidation (involving a period of ‘Licence under Liquidation' followed by full de-registration) has also been removed. These funds will follow the same process as outlined above: an initial notification to CIMA at the commencement of the wind-down and liquidation of the fund, followed by a final submission following the completion of the process. Separate provisions apply where a third-party liquidator is appointed.

  • While funds remain registered, they continue to be subject to all of the obligations of registered funds, including with respect to submission to CIMA of annual audits, Fund Annual Returns, and annual fees. As the Licence Under Termination and Licence Under Liquidation routes are no longer available, annual fees will not be subject to the prior 50% and 100% discounts, and funds will need to accrue accordingly. While in limited circumstances waivers from certain filing requirements may be available, we do not expect these to be a routine part of most funds’ de-registration submissions.

 

Click to view advisory

Cayman Islands: When are relevant documents in the “power” of a litigant and therefore discoverable?

Under Order 24, rule 1 of the Grand Court Rules (“GCR”), a party is required to give discovery of “documents which are or have been in his possession, custody or power”.


Given the importance of “power” to determine - and potentially significantly to expand - the scope of a party’s discovery obligations, it is perhaps surprising that there has, until recently, been a dearth of Cayman Islands case law regarding this aspect of GCR O.24, r.1. Practitioners will no doubt therefore welcome the elucidation of the test for establishing “power” now provided in two separate (unreported) decisions of the Grand Court, in (1) Abdulhameed Dhia Jafar v Abraaj Holdings and others (19 July 2022; Cause Nos: FSD 150, 158 and 203 of 2020); and (2) In the Matter of Investar General Partner Limited and others (27 July 2022; Cause Nos: FSD 146, 147, 148 and 196 of 2018).

 

Click to view advisory

 

Central Bank Publishes Outsourcing Register - Submission Requirements

The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain.

For any entities that are required to submit registry information to the Central Bank, details of outsourcing arrangements in place as of 31 December 2021 must be submitted via the online reporting system by close of business on 7 October 2022.

The latest advisory from Walkers' Asset Management & Investment Funds Group explains the scope of the rules, reviews the guidance notes, and sets out the key deadlines.

Click to view advisory

CIMA Notice – AML Survey

In a notice on 19 August 2022 (the "Notice"), the Cayman Islands Monetary Authority (“CIMA”) advised financial service providers that it will soon be conducting one of its periodic anti-money laundering surveys. CIMA has created a new single form, the AML Survey. This new form will combine the AML Inherent Risk, the AML Risk Controls and the Cash Flow Return forms. CIMA regulated entities in the sectors listed below should note the survey issue and due date applicable to their sector.

The AML Survey and related guidance notes will be available in advance of the below upcoming survey dates. For further details, please refer to the Notice.

Sector

Survey Issue Date

Survey Due Date

Securities: Full, Restricted, and Registered Persons

12 September 2022

7 October 2022

Virtual Asset Service Providers

12 September 2022

7 October 2022

Insurance RFB Self Declaration: Class A, Class B, Class C, Agents, and Brokers

19 September 2022

30 September 2022

Fiduciary: Trust, Company Manager, Corporate Service Providers

19 September 2022

14 October 2022

Banking: Class A, Class B, Building Societies, Credit Union, Development Bank and Money Services Businesses

26 September 2022

21 October 2022

Investments: Mutual Fund Administrators

26 September 2022

21 October 2022

 
CIMA issues the AML Survey to assist it in the exercise of its functions, including the collection of data in relation to prevention of money laundering, terrorist financing, proliferation financing and sanctions data in order to conduct sectoral risk assessments and other related research for the Cayman Islands.

Introduction of the New Cayman Islands Restructuring Officer Regime

The much-anticipated and welcome reforms to the Cayman Islands restructuring and insolvency legislation will come into force on 31 August 2022.

These important amendments to Part V of the Cayman Islands Companies Act ("Companies Act") will introduce a new restructuring officer regime available to companies in financial distress, which can be accessed without the need to present a winding up petition to the Grand Court of the Cayman Islands (the "Cayman Court").  Upon filing the application seeking the appointment of restructuring officers, companies will be able to obtain an immediate and standalone restructuring moratorium on unsecured creditor action which will have extraterritorial effect (as a matter of Cayman Islands law), within which a restructuring may be proposed and implemented.

The key features of the new restructuring regime will be as follows:

  • Companies may present a petition to the Cayman Court seeking the appointment of a restructuring officer on the grounds that: (i) the company is or is likely to become unable to pay its debts; and (ii) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act (such as by way of a Cayman Islands scheme of arrangement), a foreign law or by way of a consensual restructuring.
  • The petition seeking the appointment of a restructuring officer may be presented by the directors of a company: (i) without a shareholder resolution and/or an express power to present a petition in its articles of association; and (ii) without the need to file a winding up petition as a prerequisite.
  • A standalone restructuring moratorium on unsecured creditor action will automatically arise on filing the application seeking the appointment of restructuring officers, which will have exterritorial effect, as a matter of Cayman Islands law (previously, the moratorium only took effect upon the appointment of provisional liquidators rather than filing the application).
  • Cayman Islands schemes of arrangement may now potentially be able to compromise English law-governed debt, thereby expanding the scope of the applicability of the Cayman Islands restructuring regime to more debt restructuring situations.
  • Secured creditors with security over the whole or part of the assets of the company will remain entitled to enforce their security without the leave of the Cayman Court and without reference to any restructuring officer.

Another important legislative reform is the removal of the “majority in number” or “head-count” test for shareholder schemes of arrangement such that only the “majority in value” test must be satisfied to approve a proposed shareholder scheme of arrangement at the relevant meeting(s).

Further details on the new restructuring officer regime and other amendments to the Companies Act can be found here:

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