New related fund entities (RFE) form due 31 October New related fund entities (RFE) form due 31 October Link The Cayman Islands Monetary Authority has just released another form to capture certain information about each private fund’s related fund entities, called the RFE form, which must be completed by private funds.
Cyprus announces public consultation on draft Distributed Ledger Technology Law 2021 Cyprus announces public consultation on draft Distributed Ledger Technology Law 2021 Link On 6 September 2021, the Cyprus Ministry of Finance announced a public consultation on a draft law regulating matters relating to distributed ledger technology (DLT), including blockchain technology. The purpose of the draft law is to introduce in technologically neutral manner rules that will achieve a balance between the need to promote and properly use new technologies and the need to prevent money laundering and safeguard the rights of consumers.
ESMA guidelines on marketing communications ESMA guidelines on marketing communications Link On 2 August 2021, ESMA published the final version of guidelines on marketing communications under the regulation on cross-border distribution of funds, translated into the official EU languages.
BVI enhances registered agent whistle-blower requirements BVI enhances registered agent whistle-blower requirements Link Section 54A of the BVI Financial Services Commission Act has been amended, under the terms of the Financial Services Commission (Amendment) Act 2021, to enhance whistle-blower requirements on BVI registered agents and similar BVI-based functionaries.
Cayman Islands – insolvency and segregated portfolios – Grand Court gives new guidance Cayman Islands – insolvency and segregated portfolios – Grand Court gives new guidance Link In the recent Grand Court case of Re Obelisk Global Fund SPC, Justice Parker has considered, for the first time, the correct insolvency test to be applied for the court appointment of a receiver over a segregated portfolio.
Grand Court asked to choose one liquidator over another Grand Court asked to choose one liquidator over another Link In the recent decision of Re Adamas Heracles Multi Strategy Fund, FSD No 133 of 2021, the Grand Court was asked to rule as to the identity of proposed liquidators; not on the ground of alleged suitability, but because of an alleged undesirability of having the same liquidators appointed over affiliated companies – by reason of conflict.