Michael Klein, Photo-Journalist
Michael Klein, Photo-Journalist

Michael Klein

Editor

Pinnacle Media Group Ltd
PO Box 1365 GT
Grand Cayman KY1-1108

T: 345-815-0064
E: [email protected]

ARTICLES BY MICHAEL KLEIN

Cayman, UK hold constitutional talks

The U.K. government will formally respond in the coming weeks to proposed constitutional safeguards made by the Cayman Islands government.

Legislative Assembly to debate economic substance bills on Monday

The Legislative Assembly is set to reconvene on Monday to pass three separate bills caused by the threat of a European Union tax blacklisting and global regulatory pressure.

Mixed reactions to impact of economic substance legislation

Legislative changes proposed by the government in response to EU demands and other regulatory pressures will bring what appear to be significant changes for offshore companies that are tax resident in Cayman.

Revenues rise amid a shift to corporate and consumption taxes

Tax revenues in advanced economies have continued to increase, with taxes on companies and personal consumption making up a growing share of total tax revenues, according to new OECD research.

Exempted companies to operate locally

Government has released a bill to amend the Local Companies (Control) Law that would allow exempted companies to carry out business in the islands.

Government proposes substance tests for offshore businesses

Government has released draft legislation that will have far-reaching consequences for parts of the offshore finance industry in the Cayman Islands.

Draft law requires offshore companies to have local offices and staff

Government has released draft legislation that will impact certain offshore companies that are tax resident in Cayman by demanding that they must have an adequate level of economic substance locally.

JOURNAL: Independent directors reluctant to serve on crypto funds

The governance around hedge funds has changed dramatically since the introduction of the mutual funds law in Cayman 25 years ago.

JOURNAL: Better metrics than GDP would have enabled a stronger response to crisis

Better measurement of the economy and of people’s well-being could have led governments to respond more strongly to mitigate the damage caused by the 2008 financial crisis and reduce people’s continuing loss of trust in public institutions, according to a new report released by the Organisation for Economic Cooperation and Development.

London talks end on financial services, disaster management

Beneficial ownership, tax transparency and disaster management dominated the second and last day of the Joint Ministerial Council meeting between overseas territories officials and the U.K. government in London.

Premier opens Joint Ministerial Council meeting in London

The two-day Joint Ministerial Council meeting between British Overseas Territories and the U.K. government began Tuesday at Lancaster House in London with welcome remarks from Cayman Islands Premier Alden McLaughlin, as president of the United Kingdom Overseas Territories Association.

Government meets with banks to discuss requirements for charities

Officials from the General Registry and the Ministry of Financial Services have met with local banks to address concerns over onerous banking requirements for charitable organizations, specifically in relation to problems experienced by nonprofit organizations to open bank accounts.

Cayman’s foreclosure laws under review

The Law Reform Commission has published a discussion paper on the foreclosure regime in the Cayman Islands, concluding that existing laws should be updated. In publishing the report, the commission is inviting comments from stakeholders and the general public on the issue.

New head hired for Procurement Office

Government has hired Taraq Bashir as the new director of the Central Procurement Office.

Data Protection Law start date pushed back

Government is delaying the enforcement of the Data Protection Law, originally slated for Jan. 1, 2019, by nine months following representations made by the financial services industry.

Captive insurance conference starts after ‘busy year’ for local industry

The Cayman Captive Forum, Cayman’s largest conference with 1,485 registered delegates, and the largest captive insurance event in the world, kicked off Wednesday with the opening of its two-day main forum.

Republic Group acquires Scotiabank operations in nine Caribbean countries

Republic Financial Holdings Ltd., the Trinidad-based company that is in the process of becoming the majority shareholder of Cayman National, announced that it has entered into an agreement to acquire Scotiabank’s banking operations in Guyana, St. Maarten and seven Eastern Caribbean territories.

Bills seek to streamline nonprofits regime

Lawmakers passed two bills amending the laws governing the registration and reporting requirements for nonprofit organizations on Tuesday.

Law amended on validity of wills

Members of the Legislative Assembly have approved a bill that will amend the law governing the execution of a will left by someone who dies while residing outside of the Cayman Islands.

CIMA to supervise banking groups on a consolidated basis

The Legislative Assembly adopted the Banks and Trust Companies Bill 2018, which empowers the Cayman Islands Monetary Authority to supervise banking groups on a consolidated basis.
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