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Legal Updates

Developments in law or practice in our jurisdictions

14 January 2016 - Latest amendments to BVI Business Companies Act take effect 15 January

The Government of the British Virgin Islands recently enacted the BVI Business Companies (Amendment) Act 2015 (the Amending Act). It is the thirteenth and most recent amendment to the successful BVI Business Companies Act 2004 (the Principal...

04 January 2016 - Amendments to the BVI's AML regime now in effect

Previously announced amendments to the BVI’s Anti-Money Laundering (AML) regime came into force on 1 January 2016. The changes update the BVI’s long standing AML regime to ensure continued compliance with developing international standards...

31 December 2015 - BVI adopts legislation to implement the OECD Common Reporting Standard

The BVI has passed legislation to implement the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003...

11 December 2015 - Update: Cayman Islands Financial Account Reporting for Investment Funds

In our previous alert on this topic, we gave the background to the implementation of the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The Tax Information Authority...

04 December 2015 - BVI Premium Service Transactions

As of 1 December 2015, the Registry of Corporate Affairs (the Registry) in the British Virgin Islands (BVI) is offering an option for Premium Services which will guarantee a four hour turnaround for certain transactions submitted to the Registry. ...

30 November 2015 - US FATCA: Sponsoring and Sponsored Foreign Financial Institutions (FFIs)

FATCA requires sponsored entities (including those governed by an IGA) to have their own Global Intermediary Identification Number (GIIN) for FATCA reporting and withholding purposes by 31 December, 2016. Under a transitional rule, it is possible for one...

26 November 2015 - China Shanshui: a change of direction for company winding up petitions in the Cayman Islands

In an already widely-discussed decision of the Cayman Islands Grand Court, Mangatal J parted company this week with one of her fellow judges by declining to follow Jones J’s first instance judgment in the Cayman case of Re China Milk Products Group Ltd.

20 November 2015 - Rhone Holdings, LP: Cayman Court of Appeal upholds validity of non-petition clause

In an important decision for the Cayman Islands funds and insolvency industries, the Court of Appeal has confirmed that provisions in investment agreements contracting out of the right to present winding up petitions are enforceable and not contrary to...

12 November 2015 - No Loss of Substratum Finding in Case of Liquidating Fund

In a significant decision, the Cayman Islands Grand Court on 10 November 2015 handed down an important judgment in Re Harbinger Class PE Holdings (Cayman) Limited, dismissing a winding-up petition presented on grounds of loss of substratum.

10 November 2015 - English maritime case raises CPR and legal capacity issues for BVI litigants

The recent English decision Maritime Investment Holdings Inc v Underwriting Members of Syndicate 1183 Lloyd’s and Others involving a BVI claimant in an insurance claim for a motor yacht’s hull damage, raised a number of important issues...

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