Unravelling
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Unravelling Complexity

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Chambers Global - BVI Trends and Developments
Litigation, Insolvency and Restructuring

Chambers Global - BVI Trends and Developments

Harneys contributed to the BVI Trends and Developments section in the Chambers Global Practice Guide Insolvency chapter. The section gives an overview of current trends and developments in local legal markets. Harneys Partners Andrew Thorp and Stuart Cullen analyse particular trends and provide a broader discussion of key developments in the jurisdiction.
Cayman Islands regulator enters MOU with Chinese regulator
Regulatory and Tax

Cayman Islands regulator enters MOU with Chinese regulator

The China Securities Regulatory Commission and the Cayman Islands Monetary Authority (together the Competent Authorities) signed a memorandum of understanding, on 28 September and 5 November 2018 respectively, relating to the increased international activities in the securities, futures and other related investment products markets. The MoU is premised on the corresponding need for mutual cooperation between the Competent Authorities and cross-border enforcement with regard to Cayman Islands companies that conduct public securities offerings in China and / or whose securities are trading on China’s stock exchange.
Creation of INSTEX to facilitate legitimate trade between the EU and Iran
Regulatory and Tax

Creation of INSTEX to facilitate legitimate trade between the EU and Iran

On 31 January 2019, France, Germany and the United Kingdom, following the commitment to preserve the Joint Comprehensive Plan of Action which was endorsed through resolution 2231 (United Nations), announced the creation of the Instrument for Supporting Trade Exchanges, a special purpose vehicle designed with the intention of facilitating legitimate trade between the European Union and the Islamic Republic of Iran.
Down, but not out - so who picks up the tab?
Banking and Finance

Down, but not out - so who picks up the tab?

In a landmark ruling for the Cayman Islands jurisdiction, the Honourable Chief Justice Smellie of the Grand Court, on 31 May 2018, emphatically dismissed a multi-billion dollar claim in the case of Ahmad Hamad Algosaibi & Brothers Company v SICL & Ors, involving allegations of fraud arising from one of the largest corporate collapses of the financial crisis.
The Cyprus Bar Association issues guidance on terrorist financing risk assessment
Regulatory and Tax

The Cyprus Bar Association issues guidance on terrorist financing risk assessment

The Cyprus Bar Association has issued guidance on identifying, assessing and understanding the risk of terrorist financing in financial centres, the contents of which have been reviewed and endorsed by MONEYVAL.
Clearstream expands fund platform to Cyprus
Investment Funds

Clearstream expands fund platform to Cyprus

On 7 January 2019, Clearstream, one of the most well-known Luxembourg based international central securities depository, announced a further expansion of its Vestima offering by making Cyprus domiciled investment funds, including alternative investment funds and collective investment in transferrable securities, eligible for order routing, settlement and custody.