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Harneys recognised for “best-in-class legal advice” – Chambers Global 2020
Investment Funds

Harneys recognised for “best-in-class legal advice” – Chambers Global 2020

Harneys has been recommended for its British Virgin Islands, Cayman Islands and Anguilla expertise in the Chambers Global 2020 guide.
Harneys wins three Deal of the Year Awards from China Business Law Journal

Harneys wins three Deal of the Year Awards from China Business Law Journal

Harneys has won three Deal of the Year Awards from China Business Law Journal for its work on New Frontier Corporation’s acquisition of United Family Healthcare, SenseTime Group Inc.’s Series C Prime financing, and Fosun Tourism Group’s listing on the Hong Kong Stock Exchange.
All Cayman Islands “4(4)” funds must now register with CIMA
Investment Funds

All Cayman Islands “4(4)” funds must now register with CIMA

The Cayman Islands government has passed the changes to the Mutual Funds Law, which we covered in our prior alert on this topic. These previously-exempt, mutual funds must now assess their operational structures and advisors and register with the Cayman Islands Monetary Authority (CIMA) before 7 August 2020.
EU List of Non-cooperative Jurisdictions for Tax Purposes updated: BVI moved to whitelist, Cayman faulted for not delivering on time
Regulatory and Tax

EU List of Non-cooperative Jurisdictions for Tax Purposes updated: BVI moved to whitelist, Cayman faulted for not delivering on time

The European Union today updated its List of Non-cooperative Jurisdictions for Tax Purposes. While Cayman finalised its legislation earlier this year to regulate private investment funds and updated the Mutual Funds Law to complete the regulatory framework covering other collective investment vehicles, the EU determined that it failed to implement measures relating to economic substance in the area of collective investment vehicles within the agreed timetable (December 2019), and therefore “did not deliver on the commitment on time”, and thus was placed on the blacklist.
Cayman Islands private funds must now register with CIMA
Investment Funds

Cayman Islands private funds must now register with CIMA

The Cayman Islands government has passed the Private Funds Law, 2020 (Law) which requires closed-ended funds to now register with the Cayman Islands Monetary Authority (CIMA). In conjunction with the Law, the government has also passed regulations which clarify the scope of an “alternative investment vehicle” and a “restricted scope private fund”.
Significant updates to the BVI Regulatory Code 2009
Regulatory and Tax

Significant updates to the BVI Regulatory Code 2009

The BVI Financial Services Commission, in its January 2020 newsletter to the industry, set out some useful timelines for licensees to comply with under the Regulatory Code 2009 (as amended).