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21/05/2012 \| Walkers Alternative Financial Instruments All trust companies (save for a limited number of exceptions) wishing to carry on business from within the Cayman Islands (whether or not such business is actually to be carried on in the Cayman Islands) must be licensed by the Cayman Islands Monetary Authority pursuant to the Bank and Trust Companies Law (2009 Revision) before they can operate...
21/05/2012 \| Walkers Asset Protection Trusts There has been a good deal of interest in recent years in what are known as asset protection and the subject has been much discussed at seminars dealing with offshore trusts...
21/05/2012 \| Walkers Beneficiaries' Rights to Trust Information The purpose of this memorandum is to consider Cayman Islands law in relation to beneficiaries' rights to trust documents and trustees' obligations of confidentiality, in particular the Cayman Islands case of Re Ojjeh's Trust, the Privy Council case of Schmidt v Rosewood Trust Company Ltd, the English High Court case of Breakspear v Auckland and the Confidential Relationships (Preservation) Law (2009 Revision) as it applies to trusts...
21/05/2012 \| Walkers Charity Law This is intended to be a brief summary of the basic principles of Cayman Islands' charity law. In the absence of any authority to the contrary, principles of Cayman Islands charity law are likely to follow English law principles...
21/05/2012 \| Walkers Uses of STAR trusts for holding shares in corporate entities The Special Trusts (Alternative Regime) Law 1997 was introduced in late 1997 and is now incorporated into Part VIII of the Trusts Law (2011 Revision)...
21/05/2012 \| Walkers Controlled Subsidiaries The Cayman Islands Monetary Authority is responsible for processing the registration and granting of trust licences required to carry on trust business in the Cayman Islands pursuant to the Bank and Trust Companies Law (2009 Revision)...
21/05/2012 \| Walkers Duties & Liabilities of Trustees Cayman Islands trust law is based on a body of English law which has developed over many hundreds of years. There is no statutory definition of a trust but the following is often used: A trust is a legal arrangement whereby one or more persons (the trustees) have legal title to property and are legally obliged to deal with it for the benefit of another person or class of persons (the beneficiaries) or for certain lawful purposes...
21/05/2012 \| Walkers Enforcement of Foreign Arbitral Awards The purpose of this briefing note is to consider the availability of, and procedure for, enforcement in the Cayman Islands of foreign arbitral awards...
21/05/2012 \| Walkers Enforcement of Foreign Judgments The purpose of this briefing note is to consider the availability of, and procedure for, enforcement in the Cayman Islands of judgments of the courts of foreign countries...
21/05/2012 \| Walkers Fixed Interest and Discretionary Trusts One part of the trust deed will deal with the management of the trust property, and another will deal with the terms on which trust property can be paid out for the benefit of beneficiaries. These latter provisions are known as the dispositive provisions...
21/05/2012 \| Walkers Private Trust Companies & Restricted Trust Companies The CIMA is responsible for processing private trust company registrations and granting restricted trusts licences and the procedure and criteria for the application process are set out in some detail on CIMA's website...
21/05/2012 \| Walkers Reserved Powers The Cayman Islands adopted a trust law amendment which is intended to clarify the issue commonly known as invalid testamentary dispositions or sham trusts. The amendment, which is called the Trusts (Amendment) (Immediate Effect and Reserved Powers) Law 1998 came into effect on 11 May 1998 and is now contained in Part III of the Trusts Law (2011 Revision)...
21/05/2012 \| Walkers Rights of Discretionary Beneficiaries & Liability of Trustees The rights of a beneficiary under a discretionary trust are more difficult to identify than those of a beneficiary with a fixed interest. A beneficiary of a fixed interest trust, whether life tenant or remainderman, has an equitable interest in the assets held in trust. As equitable owner, he has personal rights, enforceable against the trustee as the legal owner, to ensure that the trusts imposed by the trust instrument are carried out...
21/05/2012 \| Walkers STAR Trusts The Cayman Islands introduced its own unique form of non-charitable purpose trust legislation in late 1997. The statute, called the Special Trusts (Alternative Regime) Law 1997 is a significant departure from the original Bermuda model, which has been substantially copied by the British Virgin Islands and many other offshore jurisdictions...
21/05/2012 \| Walkers Role of the Trust Protector Many trusts are now established which contain provisions appointing a protector. The office of protector has no statutory background and a protector derives his role and responsibility entirely from the terms of the instrument creating his position. This will contain provisions setting out what the responsibilities of the protector are and the powers given to him to perform those responsibilities...
21/05/2012 \| Walkers Trusts Foreign Element Law Part VII (ss 87-94) of the Cayman Islands’ Trusts Law (2011 Revision), commonly referred to as the "trusts foreign element provisions", provides for the exclusion of foreign law in matters dealing with Cayman Islands’ Trusts, the non-recognition of foreign heirship rights and the prevention of the enforcement of foreign judgements in relation thereto...
21/05/2012 \| Walkers Unit Trusts A unit trust is a special kind of trust which, in addition to being subject to the laws governing trusts, is also subject to the laws governing mutual funds. A unit trust may be registered as a mutual fund if the trust units are redeemable at the option of the investor. Units trusts may also be registered as exempted trusts under the provisions of the Trusts Law (2011 Revision) provided that none of the investors are, or are likely to be, resident or domiciled in the Cayman Islands...
21/05/2012 \| Walkers Why Create a Cayman Islands' Trust Trusts have, of course, been in existence for many hundreds of years. However, in the last few or more decades, there has been a substantial growth in their use in international planning and the Cayman Islands have been in the forefront of these developments...
21/05/2012 \| Macfarlanes LLP Financial Services Regulatory Update - 18 May 2012 Topics in this issue: FSA Feedback Statement on Recovery and Resolution Plan rules FSA finalised guidance on payment for order flow arrangements EBA Guidelines on Stressed Value-At-Risk and Incremental Default and Migration Risk Charge European Supervisory Authorities consult on Financial Conglomerates Directive
21/05/2012 \| Orrick LLP FSA releases finalised guidance on payment for order flow arrangements On 14 May 2012, the FSA issued its finalised guidance on payment for order flow arrangements following its October 2011 guidance consultation...
21/05/2012 \| Mayer Brown LLP Trustee Quarterly Review - May 2012 Topics in this issue: Pensions Regulator statement on scheme funding - business as usual? CPI switch made simpler Abolition of protected rights - amending scheme rules Transfers of GMPs and section 9(2B) rights: rules are relaxed Age discrimination - is cost a justification? Fixed protection - HMRC changes its mind Budget 2012 - changes to tax treatment of asset-backed pension contributions The Pensions Regulator issues another FSD EU pensions reforms and Solvency II FATCA - relief at last for UK schemes? Upcoming Pensions Group events at Mayer Brown Dates and deadlines
21/05/2012 \| Cobbetts The Great fraud of China The Financial Services Authority has fined asset manager, Martin Currie Investment Management Limited, a total of £8.6 million for failing to deal with a conflict of interest between two of its clients, leading to a finding of corporate fraud in the US...
21/05/2012 \| Dechert LLP The Euro Crisis - Contingency Planning for Asset Managers This paper takes a detailed look, as a matter of contingency planning, at legal issues which might arise for asset managers as a result of a contraction or restructuring of the Eurozone...
21/05/2012 \| Bryan Cave LLP Developments in U.S. Sanctions Against Burma The President announced that the United States will ease its prohibitions on the export of financial services to and new investment in Burma...
21/05/2012 \| McCann FitzGerald Solicitors Global campaign provoking the world of business to think about 'Ireland Inc' A special publication promoting Ireland as a hub for business, innovation and entrepreneurship, was inserted in to the Financial Times worldwide...
21/05/2012 \| European Union (EU) Statement by President Barroso ahead of the G8 Summit Speech by José Manuel Durão Barroso; President of the European Commission; Joint EU press conference with European Council President Van Rompuy Council; Camp David, 18 May 2012...
21/05/2012 \| KPMG IFRS Balancing Items Newsletter: issue 2 Highlights the amendments to IFRS issued as part of the IASB’s annual improvements process (2009-2011 cycle)...
21/05/2012 \| Department of Jobs, Enterprise and Innovation (DJEI) The Protection of Employees (Temporary Agency Work) Act 2012 The Protection of Employees (Temporary Agency Work) Bill has been signed by the President on 16th May 2012 and has accordingly become law. This gives effect to EU Directive 2008/104/EC on Temporary Agency Work which was adopted in late 2008...
21/05/2012 \| United Nations (UN) UN Resolution 2047 (2012) UN Resolution 2047 (2012) adopted by the Security Council on 17 May 2012...
21/05/2012 \| PricewaterhouseCoopers Regulatory times Welcome to the latest edition of quarterly PwC Ireland asset management newsletter. It covers both local and international regulatory topics affecting the Irish funds industry...
21/05/2012 \| Clyde and Co LLP Breaching sanctions: The consequences The extensive utilisation of sanctions as a foreign policy tool is a comparatively recent development in the European Union. As such, there are limited examples of enforcement actions taken against those who breach sanctions, whether deliberately or accidentally...
21/05/2012 \| Central Bank of Ireland Feedback Statement on Requirements for the Management of Liquidity Risk Discussion Paper This Feedback Paper is in response to the Discussion Paper entitled Review of the Requirements for the Management of Liquidity Risk issued by the Central Bank in October 2011. It provides an overview of the submissions received and discusses the key issues articulated by respondents...
21/05/2012 \| Financial Services Compensation Scheme Eurozone and FSCS protection The continuing debate about the future of the Euro may be worrying for UK savers...
21/05/2012 \| Bank of England Adam Posen to become new President of the Peterson Institute Adam Posen, an external member of the Bank’s Monetary Policy Committee, is to become the next President of the Peterson Institute for International Economics. Dr Posen will leave the MPC on 31 August at the end of his three-year term to take up this new role...
21/05/2012 \| Bank of England Speech by Charlie Bean - What we know now: The BoE’s past 15 years Article by Charlie Bean, Deputy Governor for Monetary Policy, Bank of England, published by the Financial Times on 3 May 2012...
21/05/2012 \| HM Treasury (HMT) Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, to the EBRD 21st Annual Board of Governors meeting Speech made by the Chancellor of the Exchequer, Rt Hon George Osborne MP; 18 May 2012...
21/05/2012 \| Central Bank of Ireland Update on Custom House Capital - 18 May 2012 The Court hearing of 17 and 18 May 2012 was not concluded and a further Court date is yet to be agreed...
21/05/2012 \| Central Bank of Ireland Generation €uro Students Award National Winners Announced The Central Bank of Ireland announced the winning team of the Generation €uro Students Award, a competition for second level students aimed at promoting an awareness of economics and monetary policy decision making...
21/05/2012 \| Financial Services Authority (FSA) Carousel Finance Limited For the reasons set out in this Final Notice, the FSA hereby takes the following action against Carousel Finance Limited...
21/05/2012 \| Irish Banking Federation (IBF) Mortgage Market Activity Reflects Seasonal Trend and Economic Environment The IBF/PwC Mortgage Market Profile shows that 2,630 new mortgages to the value of €450 million were issued during the first quarter of 2012...


21/05/2012 \| Walkers Alternative Financial Instruments All trust companies (save for a limited number of exceptions) wishing to carry on business from within the Cayman Islands (whether or not such business is actually to be carried on in the Cayman Islands) must be licensed by the Cayman Islands Monetary Authority pursuant to the Bank and Trust Companies Law (2009 Revision) before they can operate...
21/05/2012 \| Walkers Asset Protection Trusts There has been a good deal of interest in recent years in what are known as asset protection and the subject has been much discussed at seminars dealing with offshore trusts...
21/05/2012 \| Walkers Beneficiaries' Rights to Trust Information The purpose of this memorandum is to consider Cayman Islands law in relation to beneficiaries' rights to trust documents and trustees' obligations of confidentiality, in particular the Cayman Islands case of Re Ojjeh's Trust, the Privy Council case of Schmidt v Rosewood Trust Company Ltd, the English High Court case of Breakspear v Auckland and the Confidential Relationships (Preservation) Law (2009 Revision) as it applies to trusts...
21/05/2012 \| Walkers Charity Law This is intended to be a brief summary of the basic principles of Cayman Islands' charity law. In the absence of any authority to the contrary, principles of Cayman Islands charity law are likely to follow English law principles...
21/05/2012 \| Walkers Uses of STAR trusts for holding shares in corporate entities The Special Trusts (Alternative Regime) Law 1997 was introduced in late 1997 and is now incorporated into Part VIII of the Trusts Law (2011 Revision)...
21/05/2012 \| Walkers Controlled Subsidiaries The Cayman Islands Monetary Authority is responsible for processing the registration and granting of trust licences required to carry on trust business in the Cayman Islands pursuant to the Bank and Trust Companies Law (2009 Revision)...
21/05/2012 \| Walkers Duties & Liabilities of Trustees Cayman Islands trust law is based on a body of English law which has developed over many hundreds of years. There is no statutory definition of a trust but the following is often used: A trust is a legal arrangement whereby one or more persons (the trustees) have legal title to property and are legally obliged to deal with it for the benefit of another person or class of persons (the beneficiaries) or for certain lawful purposes...
21/05/2012 \| Walkers Enforcement of Foreign Arbitral Awards The purpose of this briefing note is to consider the availability of, and procedure for, enforcement in the Cayman Islands of foreign arbitral awards...
21/05/2012 \| Walkers Enforcement of Foreign Judgments The purpose of this briefing note is to consider the availability of, and procedure for, enforcement in the Cayman Islands of judgments of the courts of foreign countries...
21/05/2012 \| Walkers Fixed Interest and Discretionary Trusts One part of the trust deed will deal with the management of the trust property, and another will deal with the terms on which trust property can be paid out for the benefit of beneficiaries. These latter provisions are known as the dispositive provisions...
21/05/2012 \| Walkers Private Trust Companies & Restricted Trust Companies The CIMA is responsible for processing private trust company registrations and granting restricted trusts licences and the procedure and criteria for the application process are set out in some detail on CIMA's website...
21/05/2012 \| Walkers Reserved Powers The Cayman Islands adopted a trust law amendment which is intended to clarify the issue commonly known as invalid testamentary dispositions or sham trusts. The amendment, which is called the Trusts (Amendment) (Immediate Effect and Reserved Powers) Law 1998 came into effect on 11 May 1998 and is now contained in Part III of the Trusts Law (2011 Revision)...
21/05/2012 \| Walkers Rights of Discretionary Beneficiaries & Liability of Trustees The rights of a beneficiary under a discretionary trust are more difficult to identify than those of a beneficiary with a fixed interest. A beneficiary of a fixed interest trust, whether life tenant or remainderman, has an equitable interest in the assets held in trust. As equitable owner, he has personal rights, enforceable against the trustee as the legal owner, to ensure that the trusts imposed by the trust instrument are carried out...
21/05/2012 \| Walkers STAR Trusts The Cayman Islands introduced its own unique form of non-charitable purpose trust legislation in late 1997. The statute, called the Special Trusts (Alternative Regime) Law 1997 is a significant departure from the original Bermuda model, which has been substantially copied by the British Virgin Islands and many other offshore jurisdictions...
21/05/2012 \| Walkers Role of the Trust Protector Many trusts are now established which contain provisions appointing a protector. The office of protector has no statutory background and a protector derives his role and responsibility entirely from the terms of the instrument creating his position. This will contain provisions setting out what the responsibilities of the protector are and the powers given to him to perform those responsibilities...
21/05/2012 \| Walkers Trusts Foreign Element Law Part VII (ss 87-94) of the Cayman Islands’ Trusts Law (2011 Revision), commonly referred to as the "trusts foreign element provisions", provides for the exclusion of foreign law in matters dealing with Cayman Islands’ Trusts, the non-recognition of foreign heirship rights and the prevention of the enforcement of foreign judgements in relation thereto...
21/05/2012 \| Walkers Unit Trusts A unit trust is a special kind of trust which, in addition to being subject to the laws governing trusts, is also subject to the laws governing mutual funds. A unit trust may be registered as a mutual fund if the trust units are redeemable at the option of the investor. Units trusts may also be registered as exempted trusts under the provisions of the Trusts Law (2011 Revision) provided that none of the investors are, or are likely to be, resident or domiciled in the Cayman Islands...
21/05/2012 \| Walkers Why Create a Cayman Islands' Trust Trusts have, of course, been in existence for many hundreds of years. However, in the last few or more decades, there has been a substantial growth in their use in international planning and the Cayman Islands have been in the forefront of these developments...
21/05/2012 \| Macfarlanes LLP Financial Services Regulatory Update - 18 May 2012 Topics in this issue: FSA Feedback Statement on Recovery and Resolution Plan rules FSA finalised guidance on payment for order flow arrangements EBA Guidelines on Stressed Value-At-Risk and Incremental Default and Migration Risk Charge European Supervisory Authorities consult on Financial Conglomerates Directive
21/05/2012 \| Orrick LLP FSA releases finalised guidance on payment for order flow arrangements On 14 May 2012, the FSA issued its finalised guidance on payment for order flow arrangements following its October 2011 guidance consultation...
21/05/2012 \| Mayer Brown LLP Trustee Quarterly Review - May 2012 Topics in this issue: Pensions Regulator statement on scheme funding - business as usual? CPI switch made simpler Abolition of protected rights - amending scheme rules Transfers of GMPs and section 9(2B) rights: rules are relaxed Age discrimination - is cost a justification? Fixed protection - HMRC changes its mind Budget 2012 - changes to tax treatment of asset-backed pension contributions The Pensions Regulator issues another FSD EU pensions reforms and Solvency II FATCA - relief at last for UK schemes? Upcoming Pensions Group events at Mayer Brown Dates and deadlines
21/05/2012 \| Cobbetts The Great fraud of China The Financial Services Authority has fined asset manager, Martin Currie Investment Management Limited, a total of £8.6 million for failing to deal with a conflict of interest between two of its clients, leading to a finding of corporate fraud in the US...
21/05/2012 \| Dechert LLP The Euro Crisis - Contingency Planning for Asset Managers This paper takes a detailed look, as a matter of contingency planning, at legal issues which might arise for asset managers as a result of a contraction or restructuring of the Eurozone...
21/05/2012 \| Bryan Cave LLP Developments in U.S. Sanctions Against Burma The President announced that the United States will ease its prohibitions on the export of financial services to and new investment in Burma...
21/05/2012 \| McCann FitzGerald Solicitors Global campaign provoking the world of business to think about 'Ireland Inc' A special publication promoting Ireland as a hub for business, innovation and entrepreneurship, was inserted in to the Financial Times worldwide...
21/05/2012 \| European Union (EU) Statement by President Barroso ahead of the G8 Summit Speech by José Manuel Durão Barroso; President of the European Commission; Joint EU press conference with European Council President Van Rompuy Council; Camp David, 18 May 2012...
21/05/2012 \| KPMG IFRS Balancing Items Newsletter: issue 2 Highlights the amendments to IFRS issued as part of the IASB’s annual improvements process (2009-2011 cycle)...
21/05/2012 \| Department of Jobs, Enterprise and Innovation (DJEI) The Protection of Employees (Temporary Agency Work) Act 2012 The Protection of Employees (Temporary Agency Work) Bill has been signed by the President on 16th May 2012 and has accordingly become law. This gives effect to EU Directive 2008/104/EC on Temporary Agency Work which was adopted in late 2008...
21/05/2012 \| United Nations (UN) UN Resolution 2047 (2012) UN Resolution 2047 (2012) adopted by the Security Council on 17 May 2012...
21/05/2012 \| PricewaterhouseCoopers Regulatory times Welcome to the latest edition of quarterly PwC Ireland asset management newsletter. It covers both local and international regulatory topics affecting the Irish funds industry...
21/05/2012 \| Clyde and Co LLP Breaching sanctions: The consequences The extensive utilisation of sanctions as a foreign policy tool is a comparatively recent development in the European Union. As such, there are limited examples of enforcement actions taken against those who breach sanctions, whether deliberately or accidentally...
21/05/2012 \| Central Bank of Ireland Feedback Statement on Requirements for the Management of Liquidity Risk Discussion Paper This Feedback Paper is in response to the Discussion Paper entitled Review of the Requirements for the Management of Liquidity Risk issued by the Central Bank in October 2011. It provides an overview of the submissions received and discusses the key issues articulated by respondents...
21/05/2012 \| Financial Services Compensation Scheme Eurozone and FSCS protection The continuing debate about the future of the Euro may be worrying for UK savers...
21/05/2012 \| Bank of England Adam Posen to become new President of the Peterson Institute Adam Posen, an external member of the Bank’s Monetary Policy Committee, is to become the next President of the Peterson Institute for International Economics. Dr Posen will leave the MPC on 31 August at the end of his three-year term to take up this new role...
21/05/2012 \| Bank of England Speech by Charlie Bean - What we know now: The BoE’s past 15 years Article by Charlie Bean, Deputy Governor for Monetary Policy, Bank of England, published by the Financial Times on 3 May 2012...
21/05/2012 \| HM Treasury (HMT) Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, to the EBRD 21st Annual Board of Governors meeting Speech made by the Chancellor of the Exchequer, Rt Hon George Osborne MP; 18 May 2012...
21/05/2012 \| Central Bank of Ireland Update on Custom House Capital - 18 May 2012 The Court hearing of 17 and 18 May 2012 was not concluded and a further Court date is yet to be agreed...
21/05/2012 \| Central Bank of Ireland Generation €uro Students Award National Winners Announced The Central Bank of Ireland announced the winning team of the Generation €uro Students Award, a competition for second level students aimed at promoting an awareness of economics and monetary policy decision making...
21/05/2012 \| Financial Services Authority (FSA) Carousel Finance Limited For the reasons set out in this Final Notice, the FSA hereby takes the following action against Carousel Finance Limited...
21/05/2012 \| Irish Banking Federation (IBF) Mortgage Market Activity Reflects Seasonal Trend and Economic Environment The IBF/PwC Mortgage Market Profile shows that 2,630 new mortgages to the value of €450 million were issued during the first quarter of 2012...

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