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1 month ago | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini
2024 年《永续（修正）法》（「该法」）（尚未生效）废除了该法生效后设立的普通信托的 150 年强制性永续期（持有位于开曼群岛的土地或土地权益的信托除外）。通过取消开曼群岛普通信托的永续规则，此类信托将能够无限期地持续。 该法案生效前的情况如何？ 在该法案出台之前，开曼群岛信托（除不受永续规则约束的STAR 信托外）均须遵守反永续规则，这意味着这些信托不能永久存续，而是受限于150年的永续期，期满后信托财产需要依照信托条款进行分配。 这对现有信托有何影响？ 该法第 20(2) 条规定了某些类别的利害关系方（例如现有信托的受托人、委托人和执行人）可向大法院申请命令宣布针对该法生效前设立的开曼群岛信托的反永续规则不适用于该信托的处置以及作为信托处置目标的财产。这样现有的信托将能够无限期地持续下去。 这项变化的关键要点 取消强制150 年永久期限使开曼群岛与许多其他离岸司法管辖区保持一致，并反映出该司法管辖区致力于加强其法律，以维持其作为全球客户首要离岸司法管辖区的地位，其中包括：资产保护和家庭继承规划目的。 进一步协助...
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1 month ago | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Edmond Fung |Faye Huang | +2 more
介绍 在英属维尔京群岛（「BVI」）注册成立的公司的所有股东均享有一定的权利和保护。然而，公司内部投票权的不平衡可能导致控制多数人以损害少数股东权利的方式处理公司事务。本文将探讨英属维尔京群岛法院对涉嫌对股东造成不公平损害的行为的处理方法。 2004 年英属维尔京群岛商业公司法（经修订）（「BCA」） 2004 年《BVI 商业公司法》（经修订）（「BCA」）第 184I 条对 BVI 公司少数股东的保护作出了规定。如果英属维尔京群岛公司的少数股东认为公司事务已经、正在或可能以对他们造成压迫、不公平歧视或不公平损害的方式进行，他们可以向英属维尔京群岛法院请求赔偿。根据第 184I 条，法院有权保护少数股东的权利并对公司及其控制人提供救济。如果法院认为这样做是公正和公平的，它可以发布其认为合适的命令，包括： 1）要求公司或其他人收购股东的股份； 2）要求公司或其他人向股东支付赔偿金； 3）修改公司章程大纲或章程细则； 4）任命公司清算人；和 5) 撤销公司或其董事违反 BCA 或公司备忘录或章程所做的任何决定或采取的行动。 法院不得根据第 184I...
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Sep 11, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Faye Huang |Vivian Huang | +1 more
A Private Trust Company (PTC) is an entity that is established with the sole purpose of acting as a corporate trustee to a trust or a number of trusts, provided those trusts are "connected". The term "Connected trust business" means trust business where the settlors of funds to the trusts are all "connected persons" in relation to each other.
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Aug 27, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Cesare Bandini |Elizabeth Kenny |Edmond Fung |Faye Huang | +2 more
IntroductionIn certain circumstances, the liquidator of a British Virgin Islands (“BVI”) company may be able to set aside certain transactions which took place in the lead up to the company’s liquidation. It is important for those concerned with the affairs of a BVI company that they are aware of the statutory powers available to the liquidator. For a corporate liquidation in the BVI, there are four types of voidable transactions set out in the Insolvency Act 2003 (as revised).
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Aug 19, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Cesare Bandini |Elizabeth Kenny |Faye Huang |Vivian Huang | +1 more
IntroductionAll shareholders of a company incorporated in the British Virgin Islands (“BVI”) have certain rights and protections. However, the imbalance of voting powers within a company can result in the controlling majority conducting the affairs of the company in a manner that is prejudicial to the rights of the minority shareholders. This article will explore the BVI court’s approach to situations where there is conduct that is alleged to be unfairly prejudice to the shareholder.
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Aug 13, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Vivian Huang |Faye Huang | +1 more
The new beneficial ownership regime of the Cayman Islands (the “New BO Regime”), which aims to streamline the Cayman Islands’ beneficial ownership framework and to enhance transparency and access to adequate, accurate and current beneficial ownership particulars, became effective on 31 July 2024 when the Beneficial Ownership Transparency Act, 2023 (the “Act”) came into force.
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Jul 18, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Vivian Huang |Faye Huang | +1 more
The Special Trusts regime for Cayman Islands STAR trusts (now incorporated into Part VIII of the Trusts Act (As Revised)) provides the legal basis on which private purpose trusts can be established in the Cayman Islands, without affecting the previously existing laws governing the creation and administration of traditional trusts. STAR trusts have gained a strong reputation for being flexible estate planning tools where special purpose vehicles are too inflexible or otherwise inappropriate.
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Feb 26, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Faye Huang |Vivian Huang | +1 more
The Cayman Islands Monetary Authority (“CIMA”) has recently published its annual AML/CFT Activity Report for 2022 which can be viewed at the following link: AML CFT Activity Report 2022 V1 (cima.ky) and there are a few points worth noting. In particular:i. CIMA carried out 88 Inspections in 2022 compared to 161 in 2021; only 3 of those inspections resulted in letters of no findings, which means that 85 resulted in findings (i.e. clarifications and/or remediations were required);ii.
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Feb 22, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Faye Huang |Vivian Huang | +1 more
There are certain notorious pitfalls to avoid in the context of British Virgin Islands (“BVI”) and Cayman Islands banking & finance and corporate transactions. In this article, we examine five such pitfalls. While there are no “one size fits all” solutions to these issues, we set out some practical considerations, solutions and risk mitigation tools (as appropriate) with respect to them. 1. Backdating documentsWhat is it?
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Feb 19, 2024 | 
lexology.com | Gary Smith |Robert Farrell |Elizabeth Kenny |Cesare Bandini |Faye Huang |Vivian Huang | +1 more
On 5 February 2024, the Securities and Futures Commission in Hong Kong (“SFC”) published a Statement of Disciplinary Action, which found that PICC Asset Management (Hong Kong) Company Limited (“PICC”), a corporation licensed to carry on Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”), was guilty of misconduct for failure to discharge its duties as the manager of a...
