Financial institutions were prepared for FATCA
Some 15,000 of Cayman’s financial institutions have registered with the Internal Revenue Service (IRS) in the United States, according to the Cayman Islands Banking Association (CIBA), in preparation for the US Foreign Accounts Compliance Tax Act (FACTA), which has now taken effect.
Walkers promotes three to partner on Cayman
Law firm Walkers has promoted ten lawyers to partner across its global network including three in the Cayman Islands.
CLO market thrives as investors seek transparency
The total value of US-based collateralised loan obligations priced in the first half of 2014 was at its highest level in recent years, surpassing the total for the last half of 2013 by $22 billion, according to Appleby.
New Exempted Limited Partnership Law comes into force
The Cayman Islands Exempted Limited Partnership Law, 2014, has now come into force following its gazettal on Wednesday, 2 July 2014, and should be beneficial to Cayman funds, according to Solomon Harris.
Ogier Fiduciary Services completes MBO
The partners of Ogier Fiduciary Services have completed a management buy-out from the Ogier group.
Business leaders blast US tax haven tag
Business leaders on the Cayman Islands have blasted comments made by two US watchdog groups that label the Cayman Islands a tax haven.
Concerns over beneficial owners registry plans
Government ministers had the chance to express concerns over the potential implementation of a public central register of beneficial owners of companies and other entities to a delegation of visitors from the UK this month.
India’s regulator investigates Cayman fund
India’s market regulator, the Securities & Exchange Board of India (Sebi), has stopped a hedge fund based in the Cayman Islands from dealing in local securities pending an insider trading probe.
Government seeks feedback on FATCA guidance
The Cayman Islands' Ministry of Financial Services, Commerce and the Environment is now seeking feedback from businesses on guidance notes circulated to the financial sector regarding tax compliance under inter-governmental agreements with the US and the UK.