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Legal Updates

Developments in law or practice in our jurisdictions

21 July 2016 - BVI Costs Clarity: Court finds foreign lawyers' costs 'generally recoverable'

The BVI Commercial Court has today handed down new guidance which clarifies its position on the recoverability of foreign lawyers’ costs and underlines the Court’s clear intent to accommodate and provide practical solutions for international...

14 July 2016 - Cayman Publishes Limited Liabilities Companies Law

On 18 December 2015, the Cayman Islands published a bill for the creation of a new law to permit the formation of a new type of vehicle in the Cayman Islands, a Cayman Islands limited liability company (LLC). On the 8 July 2016 this highly...

12 July 2016 - BVI Government publishes Bills to increase hotel tax, set minimum compulsory retirement age

The Government of the British Virgin Islands has recently published two Bills (the Bills) which were read in the House of Assembly last month. One seeks to set a compulsory retirement age for workers in the Territory, while the other seeks to increase...

15 June 2016 - Cayman Islands Limited Liability Companies Law published

The highly anticipated Limited Liability Companies Law, 2016 (LLC Law) was published in the Cayman Islands on 8 June 2016 and is expected to come into force by a separate commencement order in late June. The introduction of the new Cayman Islands...

08 June 2016 - BVI Commercial Court appoints Hon Sir Bernard Eder QC as Judge

Harneys is pleased to report the appointment of the Hon Sir Bernard Eder QC to the BVI Commercial Court, as Commercial Court Judge, from 13 June to 10 July. Justice Eder’s distinguished career as a barrister, Judge and arbitrator has spanned nearly...

01 June 2016 - Regulatory Update: BVI Extends FATCA Reporting Deadlines

The statutory deadline of Tuesday, May 31 for US FATCA reporting obligations under the agreement between the Government of the United States and the Government of the British Virgin Islands to improve tax compliance and to implement FATCA has been...

19 May 2016 - Regulatory update: amendments to the Financial Services Commission Act, 2001

Various sections of the Financial Services Commission Act, 2001 (the FSC Act) by the Financial Services Commission (Amendment) Act, 2015 (the Amendments) have been amended and enacted. The background to the Amendments stem from the recommendations...

19 May 2016 - Cayman legislative changes demonstrate island's ongoing commitment to global transparency

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...

03 May 2016 - Extension of compliance period under the Anti-money Laundering Regulations 2008

Background On 1 January 2016 (the Effective Date), the [BVI] Anti-money Laundering (Amendment) Regulations 2015 (the Amendment Regulations) came into effect, amending the Anti-Money Laundering Regulations 2008. Paragraph 3(1) of the Schedule to...

29 April 2016 - BVI Commercial Court appoints two new judges

Harneys is pleased to report the appointments of Justice Sher QC and Justice Wallbank to the BVI Commercial Court, as Commercial Court Judges, commencing in May. Justice Sher QC will be the first rotating Judge, sitting from 2 May to 10 June 2016....

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