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
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
The Beneficial Ownership Transparency Act, 2023 (the “BOT Act”) is now in force. The BOT Act was gazetted in December 2023 and was brought into force on 31 July 2024 by the BOT Act Commencement Order. The new Beneficial...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
Arguably the most notable takeaways from the [Re]Connect conference were the updates on the positive progress the Cayman Islands has made in its quest toward (hopefully) making a formal application to secure Qualified...more
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
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
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
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
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
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
The Conyers insurance team regularly assists clients looking to convert their licensed insurer into a segregated portfolio company (“SPC”) in order to separate their programs by cedents or lines of business into segregated...more
Our insurance finance practice continues to grow at pace and is now regularly called on by clients to assist on credit facilities being put in place for Cayman licenced insurers. Traditionally the transactions and facilities...more
There are only 9 days until all licensed insurers are required to comply with the Cayman Islands Monetary Authority’s (“CIMA”) new Rule on Corporate Governance (the “Rule”) (which replaces the Rule on Corporate Governance for...more
A reminder that the Cayman Islands Monetary Authority’s (CIMA) new Rule on Corporate Governance for Regulated Entities (Corporate Governance Rule) and Rule and Statement of Guidance on Internal Controls for Regulated Entities...more
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
Part and parcel of practising law in the Cayman Islands regularly involves dispelling commonly held but mistaken myths around Cayman as an international jurisdiction. One such misconception which inexplicably persists in some...more
A warm welcome to our latest edition of Conyers Coverage. It’s been a dizzying year to date for the Cayman Islands (re)insurance industry, so it’s time for some updates and insights. The momentum is real and the pipeline...more
The Cayman Islands Monetary Authority (CIMA) recently issued a new Statement of Guidance for Mutual Funds and Private Funds (Corporate Governance Guidance) which: - updates the current guidance applicable to funds...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
Happy New Year and a very warm welcome to our sixth issue of Conyers Coverage. We’re starting the New Year by looking at new trends in InsurTech via a Q&A with Isaac Espinoza, Managing Director of Root Reinsurance...more
The Cayman Islands Monetary Authority (“the Authority”) recently published a Private Sector Consultation Paper with a draft Rule and Statement of Guidance on Reinsurance Arrangements (the “draft Rule & SOG”). The draft Rule &...more
• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more