CIMA reminder re: AML officers

CIMA reminder re: AML officers

On 7 June 2021 the Cayman Islands Monetary Authority reminded its regulated entities that they must ensure their AML Officers are properly appointed, are able to dedicate sufficient time for the efficient and effective discharge of their respective functions, are well versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing.
EU legislators reach political agreement on CBCR

EU legislators reach political agreement on CBCR

On 1 June 2021, the European Union (EU) Council and the EU Parliament reached a provisional political agreement on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the country-by-country reporting (CBCR) directive. The public dimension of CBCR is not a new proposal having first been put forward in 2016 but the necessary EU wide political support for this measure only emerged earlier this year once a compromise text seemed possible.
Cyprus extends DAC6 deadline

Cyprus extends DAC6 deadline

On 3 June 2021, the Cyprus Tax Department (CTD) announced that there will be no imposition of administrative fines for overdue submissions of DAC6 information up until 30th September 2021.
ESMA updates its Q&As for the funds industry

ESMA updates its Q&As for the funds industry

On 28 May 2021, the European Securities and Markets Authority (ESMA) published its updates to various Questions and Answers (Q&As) for numerous industry sectors. As relevant to the funds industry, we highlight those related to the AIFMD and UCITS regimes. Next week, we will cover off the new Q&As for investment firms.
A foreign helping hand: US and Hong Kong discovery in support of Cayman Islands litigation

A foreign helping hand: US and Hong Kong discovery in support of Cayman Islands litigation

In Cayman Islands Section 238 litigation – disputes as to the fair value of shares held by shareholders of a company that has been privatised – dissenting shareholders are turning to foreign courts to obtain parallel discovery in support of their claims. In two recent decisions, dissenters have relied on US Section 1782 discovery and letters of request to the Hong Kong Court to seek additional documents in those proceedings.
Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance

Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance

Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).