Private Client & Offshore Services, Ogier updates

Cayman Islands

Contributed by Ogier
New opportunities for blockchain use in insurance industry
  • Cayman Islands
  • 16 January 2020

It has been more than a decade since blockchain – or distributed ledger technology – appeared on the financial services landscape. Yet, it is still capable of generating excitement as its value in transforming processes continues to develop. As blockchain increases its reach and its impact in specific industries grows, this will generate a need for suitable models of insurance. Cayman-based technology companies have expressed interest in buying insurance from local insurers.

Subscription-secured financings: perfection versus enforcement
  • Cayman Islands
  • 19 December 2019

The Cayman Islands is one of the leading jurisdictions in the world for the establishment of closed-ended investment funds. Funds are often formed as exempted limited partnerships (ELPs). While other types of Cayman vehicle can be, and are sometimes, used as fund vehicles depending on the circumstances, an ELP is by far the most common type of entity used. Consequently, this article focuses solely on subscription-secured financings with an ELP as the choice of fund vehicle.

Q&A on Cayman AML regime: service providers, delegation and risk-based approach
  • Cayman Islands
  • 13 June 2019

The government and the Cayman Islands Monetary Authority are well aware that it is imperative that the Cayman Islands is not only perceived to, but does in fact, play a central role in the global fight against money laundering and terrorist financing. At the same time, there is a deep understanding of the need to remain competitive and commercial. This article addresses a number of key questions concerning the 2018 amendments to Cayman's anti-money laundering regime.

Impact of evolving relationship between investors and managers on fund structuring
  • Cayman Islands
  • 06 June 2019

This article addresses how the landscape for the structuring of offshore investment funds established in the Cayman Islands is changing and how this change is being driven by the evolving relationship between investors and investment fund managers – in particular, how the balance of power has in many cases shifted from the manager to the investor.

Cayman Islands economic substance requirements
  • Cayman Islands
  • 11 April 2019

New legislation recently came into force in the Cayman Islands requiring in-scope entities that carry on particular activities to have demonstrable economic substance in Cayman. Relevant entities must make an annual report as to whether they are carrying on one or more of a defined list of activities (relevant activities). If they are, they must satisfy an economic substance test in Cayman in respect of such relevant activities.


Guernsey

Contributed by Ogier
Guernsey's data protection regime – shifting attitudes
  • Guernsey
  • 09 January 2020

A shift in Guernsey's corporate and individual attitude towards the misuse of data is now central to the Office of the Data Protection Authority's (ODPA's) future approach to governance and enforcement in Guernsey. This article rounds up the key issues which the ODPA has communicated and which will dictate its approach, including changes in workplace culture and the delayed introduction of the self-funded charging system.

Family matters: why the world's wealthiest are setting up family offices in Guernsey
  • Guernsey
  • 31 October 2019

Wealth is increasing exponentially among some of the world's richest families to the extent that, for many of these families, it makes commercial sense to set up their own bespoke family office to look after their key operations – and they are increasingly looking to Guernsey as the place to do it. There are a range of factors as to why Guernsey is becoming a jurisdiction of choice in this regard, including political stability and the fact that it has the expertise and personnel to manage family offices well.

Regulation in Guernsey – what happens when it goes wrong
  • Guernsey
  • 18 July 2019

This article has been removed at the request of the contributing firm.

The list goes on – why Guernsey bridges gap between funds and stock exchanges
  • Guernsey
  • 11 July 2019

It is well known that new investment company listings have been relatively sporadic of late – this is not entirely due to Brexit, but it is clear that Brexit has stalled a number of fundraisings which have gone out to market. Fortunately, once there is some clarity on the way forward, there may be a race to market. Data from the London Stock Exchange (LSE) to the end of January 2019 shows that Guernsey is home to more non-UK incorporated companies listed on the LSE than any other jurisdiction globally.

Guernsey Royal Court's expertise in complex trusts cases
  • Guernsey
  • 04 July 2019

Two recent cases in the Guernsey Royal Court – one relating to the variation of a settlement and one relating to the winding up of a trust – demonstrate the complex trusts cases that regularly come before the court. The first case involved an application from two mothers on behalf of their children, whose father is a famous professional footballer. In the second, an investment firm, as the sole member of a discretionary class of beneficiaries, applied for a trust to be terminated and the trust fund to be distributed to it.


Jersey

Contributed by Ogier
Enforcement of Security Interests (Jersey) Law 2012
  • Jersey
  • 16 January 2020

Under the Security Interests (Jersey) Law 1983, the powers of a secured party on enforcement were limited to a power of sale. The Security Interests (Jersey) Law 2012 changed the way in which security is created over intangible movables and introduced a wider range of enforcement powers. This article examines the enforcement of security interests in the event of default.

Slowly getting to grips with unjust enrichment and Jersey's legal 'hot potatoes'
  • Jersey
  • 09 January 2020

A long-running Jersey fraud case illustrates the difficult task that the Channel Island courts sometimes have in comparing and distinguishing between developed principles of English law and foundational elements of the islands' customary law. The case tackles two Jersey law 'hot potatoes': the question of the rights between wrongdoers to claim an indemnity or contribution outside the scope of the limited statutory scheme between joint tortfeasors and the extent and nature of the doctrine of unjust enrichment under Jersey law.

Family offices and Jersey's economic substance rules
  • Jersey
  • 05 December 2019

The Taxation (Companies – Economic Substance) (Jersey) Law 2019 came into effect in January 2019 and applies to certain Jersey tax-resident companies which conduct one or more relevant activities. Family office structures which include Jersey tax-resident companies must consider whether those companies fall within the scope of the law. If they do, they must satisfy the three-stage test set out in the law or face a number of progressively punitive penalties.

Family matters: why the world's wealthiest are setting up family offices in Jersey
  • Jersey
  • 07 November 2019

Wealth is increasing exponentially among some of the world's richest families to the extent that, for many of these families, it makes commercial sense to set up their own bespoke family office to look after their key operations – and they are increasingly looking to Jersey as the place to do it. There are a range of factors as to why Jersey is becoming a jurisdiction of choice for families across the world looking to set up such an operation, including global economic shifts and Jersey's expertise and personnel.

Z Trusts judgment: whose rights take priority when a trust is insolvent?
  • Jersey
  • 08 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.


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