Business in brief

From left, Jeremy Walton, Appleby partner, Sally Peedom, counsel, and Esmond Brown, associate.

Appleby adds dispute resolution counsel and private client associate

Sally Peedom and Esmond Brown have joined Appleby in Cayman as counsel in the Dispute Resolution practice and associate in the Private Clients & Trusts practice, respectively.

Ms. Peedom spent the last six years offshore and has experience in insolvency and restructuring matters, investment funds disputes, contentious trusts and insurance issues.

She has completed an Advanced Certificate of Trust Disputes with STEP in 2013 and is a qualified trust and estate practitioner.

Mr. Brown specializes in all aspects of Cayman Islands trust law advice and has experience in the establishment of new trust structures as well as drafting supplemental deeds for trustees in ongoing trust administration. He also advises clients on their estate planning.

Before joining Appleby, Mr. Brown was an associate with Collas Crill in Guernsey.

Amended fund regulations require annual returns for sub-funds

Mutual Funds (annual return) regulations, amended in Dec. 2016, confirm the policy of the Cayman Islands Monetary Authority to require the filing of a separate fund annual return for each sub-fund of a Cayman regulated mutual fund.

Each financial year a regulated fund with sub-funds in its structure must file a fund annual return (FAR) for each sub-fund within six months of the financial year end. For regulated funds with a financial year ending Dec. 31, 2016, FARs will need to be submitted to CIMA by the fund’s auditor by June 30, 2017, law firm Harneys said in a client notice.

As part of the filing process, CIMA will send a confirmation of the filing and notification that the fund annual return fee is due to the auditor that made the filing, all current directors of the fund, the fund’s registered office and the service provider identified by the fund as responsible for paying fees.

Under the regulations, the fund’s auditor is responsible for the filing but not for payment of the fee.

The change will reduce the possibility that the service provider responsible for paying the FAR fee makes the payment before the FAR has been filed by the auditor, causing it to be rejected by CIMA, Harneys said.

The regulations are part of an ongoing tightening of enforcement and reporting provisions under Cayman Islands financial services law, the law firm added.

Ogier wins two Law Firm Of the Year awards

Ogier was awarded two major Law Firm of the Year titles at the Citywealth IFC Awards.

The firm took the Law Firm of the Year – Caribbean category for the second year running, and also won Law Firm of the Year – Jersey.

Ogier’s Global Head of Corporate and Commercial Law Simon Dinning collected the awards at the industry gala in London last week. He was joined at the event by senior associate Sevyn Kalsi from the Jersey private client and trusts team.

The Citywealth IFC awards highlight excellence in private wealth and are judged by an international panel, with criteria stressing technical expertise, innovative solutions, client service initiatives, leadership and vision.

Ogier Global Managing Partner Edward Mackereth said, “This is a great start to 2017 for everybody in the Ogier team. The award is the result of a huge amount of hard work by the teams in BVI, Cayman and Jersey, and builds on the awards success last year during which the firm was named Offshore Law Firm of the Year by Chambers Europe, Hedgeweek Global and the Alpha Awards.”

 

Irish Jog to benefit Special Needs Foundation

The Special Needs Foundation Cayman will be the recipient of money raised from the St. Patrick’s Day 5K Irish Jog, hosted by Butterfield Bank and Dart Enterprises Ltd.

Susie Bodden, executive leader at the charity, said, “The foundation is delighted to be chosen as the beneficiary of the upcoming Irish Jog.”

The money raised will help the organization to provide sports and leisure activities, among other programs.

CIMPA annual general meeting

The Cayman Islands Marketing Professionals Association is hosting its annual general meeting and social event from 6-8 p.m. Wednesday, Jan. 25, at South West Collective. Marketing professionals, business leaders and entrepreneurs are invited to meet the new board and learn about the association’s plans for 2017.

More information is available on the CIMPA website.

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