The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more
10/17/2024
/ Cayman Islands ,
CIMA ,
Cryptocurrency ,
Digital Assets ,
Investment ,
New Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities ,
SIBA ,
Stablecoins ,
Virtual Currency
In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more
10/3/2024
/ Blockchain ,
Cayman Islands ,
Corporate Governance ,
Crisis Management ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Service Providers ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Internal Controls ,
Popular ,
Regulatory Oversight ,
Risk Management ,
Tokenization ,
Trading Platforms ,
Transparency ,
Virtual Currency
As the global financial landscape continues to evolve, the rapid growth of virtual assets and use of blockchain technology has prompted governments worldwide to reassess their legal and regulatory frameworks. The emergence of...more
10/2/2024
/ AML/CFT ,
Blockchain ,
Cayman Islands ,
CIMA ,
Cryptocurrency ,
Digital Assets ,
Digital Service Providers ,
FinTech ,
Innovative Technology ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Technology
The Cayman Islands is in the process of implementing fundamental changes to its beneficial ownership regime. Most significantly, these include the removal of exemptions applicable under the previous regime, as well as more...more
A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from...more
8/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Corporate Restructuring ,
Data Breach ,
Dispute Resolution ,
Economic Substance Doctrine ,
EU ,
Insurance Industry ,
NAIC ,
Personal Data ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance
It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more
8/27/2024
/ Business Entities ,
Cayman Islands ,
Compliance ,
Corporate Governance ,
Dispute Resolution ,
Economic Substance Doctrine ,
Enforcement Actions ,
Guidance Update ,
Insurance Industry ,
International Tax Authority ,
Penalties ,
Regulatory Requirements
Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more
7/23/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Common Reporting Standard (CRS) ,
Corporate Governance ,
Corporate Transparency Act ,
Digital Assets ,
Dispute Resolution ,
FATCA ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fund Managers ,
Insolvency ,
Investment Funds ,
Policies and Procedures ,
Popular ,
Private Equity ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Venture Capital
The Cayman Islands Monetary Authority (“CIMA”) has issued a regulatory policy (the “Policy”) outlining the criteria for approving Registration or Licensing of Virtual Asset Service Providers (“VASPs”).
The Policy applies to...more
7/19/2024
/ Cayman Islands ,
CIMA ,
Digital Assets ,
FinTech ,
License Applications ,
Policies and Procedures ,
Popular ,
Registration Requirement ,
Regulatory Agenda ,
Regulatory Requirements ,
Trading Platforms
The International Tax Co-operation (Economic Substance) Act (2024 Revision) (the “ES Act”) was brought into force to demonstrate the commitment of the Cayman Islands as a member of the Organization for Economic Co-operation...more
The Financial Services Institute in collaboration with Conyers, Grant Thornton and Cayman Finance hosted its fourth comprehensive training seminar on “Preparing for an Onsite Inspection from the Cayman Islands Monetary...more
5/24/2024
/ Business Entities ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Corporate Investigations ,
Corporate Management ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inspections ,
Policies and Procedures ,
Popular ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Management ,
Strategic Planning
Welcome to the first instalment of 2024 of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of updates in the first quarter of the year. Perhaps most notably is the...more
5/1/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Companies Act ,
Corporate Governance ,
EU ,
EU Transparency Directive ,
FATF ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
General Licenses ,
Legislative Agendas ,
Popular ,
Regulatory Agenda ,
Sanctions ,
UK
Since the enactment of the Monetary Authority (Administrative Fines) (Amendment) Regulations (2022 Revision) (the “Fines Regulations”), the Cayman Islands has witnessed a continuous increase in the number of administrative...more
4/24/2024
/ Administrative Fines ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
Enforcement ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fines ,
Judicial Proceedings ,
Judicial Review ,
Regulatory Agenda ,
Regulatory Requirements
2023 was an active year for the Cayman Islands regulatory industry. While we have endeavoured to keep you updated throughout the year with our Regulatory & Risk Advisory Reviews, our team has highlighted below the key changes...more
2/15/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Companies Act ,
Corporate Governance ,
EU ,
EU Transparency Directive ,
FATF ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
General Licenses ,
Legislative Agendas ,
Regulatory Agenda ,
Sanctions ,
UK
Welcome to the third instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting developments, including the welcome news of the Financial Action Task...more
11/22/2023
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Governance ,
EU ,
FATF ,
Financial Regulatory Reform ,
Internal Controls ,
Investment Funds ,
Legislative Agendas ,
Regulatory Reform
Welcome to the second instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting recent developments, including news from the Financial Action Task...more
9/5/2023
/ Cayman Islands ,
CIMA ,
Corporate Entities ,
Economic Sanctions ,
Financial Action Task Force ,
General Licenses ,
Legislative Agendas ,
Policies and Procedures ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
Taxation
We are pleased to welcome you to Conyers' Cayman Islands Regulatory & Risk Advisory Review, keeping you apprised of the latest regulatory news and developments.
The past few months have been a particularly active time for...more
8/4/2023
/ Anti-Money Laundering ,
Audits ,
Beneficial Owner ,
Cayman Islands ,
Corporate Governance ,
Deadlines ,
Economic Sanctions ,
FATF ,
General Licenses ,
Judicial Review ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Russia ,
Stock Exchange
Since the enactment of the Monetary Authority (Administrative Fines) (Amendment) Regulations (2022 Revision) (the “Fines Regulations”),1 the Cayman Islands has witnessed a continuous increase in the number of administrative...more
The Department for International Tax Co-operation (DITC) issued a revised version (version 3.2) of the Guidance on Economic Substance For Geographically Mobile Activities in July 2022 (Revised ES Guidance Notes)....more
A very warm welcome to our eighth edition of Conyers Coverage. As we start to wind down on 2022 #TeamConyers is already reflecting on what a hectic and exciting year it’s been for the Cayman Islands (re)insurance industry –...more
12/2/2022
/ AML/CFT ,
Beneficial Owner ,
Cayman Islands ,
CIMA ,
Corporate Counsel ,
Corporate Governance ,
Economic Substance Doctrine ,
Environmental Social & Governance (ESG) ,
EU ,
Insolvency ,
Insurance Industry ,
Investment ,
Mediation ,
Regulatory Agenda ,
Segregated Portfolio Companies ,
Taxation
It’s necessary from time to time to take a step back to review an insurer’s broader legal, regulatory and compliance landscape and reset and restructure its compliance procedures where required. We briefly set out below a...more
We are pleased to bring you the summer 2022 edition of Conyers Coverage, the Cayman Islands insurance newsletter.
The Cayman Islands insurance and reinsurance industry has had a strong start to the year and Conyers is...more
7/22/2022
/ AML/CFT ,
Anti-Money Laundering ,
Cayman Islands ,
Companies Act ,
Compliance ,
EU ,
Funding ,
Insolvency ,
Insurance Industry ,
Investment ,
Limited Liability Company (LLC) ,
New Rules ,
Pari Passu ,
Private Equity Funds ,
Regulatory Requirements ,
Reinsurance ,
Restructuring
The Cayman Islands has further improved its technical compliance with the 40 Financial Action Task Force (FATF) Recommendations relating to anti-money laundering and countering the financing of terrorism (AML/CFT)....more