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Cayman has introduced a new regime for the licensing and registration of directors of investment fund companies that are “regulated” under the Mutual Funds Law (2013 Revision) and directors of companies registered as “excluded persons” under paragraphs 1 and 4 of Schedule 4 of the Securities Investment and Business Law (2011 Revision).
The Cayman Islands is a leading offshore financial centre (also known as a tax haven), and financial services form a significant part of the economy of the Cayman Islands. Accordingly company law forms a much more prominent part of the law of the Cayman Islands than might otherwise be expected.
The CDD rule enhances CDD requirements for "U.S. banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. [3]" The CDD rule requires that financial institutions identify and verify the identity of customers associated with open accounts. The CDD rule has four core requirements: [3]
The current Constitution of the Cayman Islands, the fourth written constitution for the Cayman Islands since 1959, was established by "The Cayman Islands Constitution Order 2009" of 10 June 2009, and came into force on 4 November 2009, by a proclamation published by the governor of the Cayman Islands.
A target date for the grand opening will be held for the first building in 2022, which will serve as the “campus hub.” [6] New Cayman Enterprise City companies will move into the first building, and established companies that are currently located in other areas of Cayman will move into the second building. The master plan consists of ...
Under Cayman Islands law there is no formal debtor-in-possession form of rehabilitation for companies in financial distress. However, under the Companies Law, a company may enter into a scheme of arrangement and reorganise its debts if the scheme is supported by a majority of creditors holdings 75% in value of the company's debt. [ 26 ]
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