GAIM Ops Cayman 2019

Walkers will once again be a headline sponsor of the 2019 GAIM Ops Cayman conference.

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Walkers Launches Compliance Services Offering

Walkers Compliance complements Walkers' legal, corporate and fiduciary services to deliver a one-stop-shop for clients looking to use the Cayman Islands jurisdiction for their business needs.

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Brexit

Following the result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practise.

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Walkers is a leading international law firm. We advise on the laws of Bermuda*, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
GlobalMap Oct2018
Admissions April2019

Walkers Announces Admissions of 50th and 51st Caymanian Attorneys-at-Law

We are pleased to announce that Articled Clerks Gemma Cowan and Sophie Dibb have completed their legal training, both being called to the Cayman Islands Bar. 

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Regulating Loan Owners: Proposed Amendments to the Credit Servicing Regulatory Regime

The sale of non-performing loan (“NPL”) books by Irish banks has been the subject of intense political and media scrutiny for a number of years due to the perceived impact of the sales of such loan books on underlying borrowers, particularly consumer and small and medium enterprise (“SME”) borrowers.

Recent political debate and discussion on the topic has resulted in the proposal of an amendment to the “credit servicing” regime introduced in 2015 pursuant to the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the “2015 Act”) to expand the scope of the “credit servicing” regime to also include, amongst other things, the legal holder of title to loans.

During a recent Dáil debate on the relevant amending legislation, the Consumer Protection (Regulation of Credit Servicing Firms) Amendment Bill 2018 (the “Bill”), it was stated by the Minister of Finance that the Government now intends to pass the Bill into law before Christmas/year end. Although the Bill has yet to go to the Seanad the upper house of the Irish parliament) it now seems unlikely that the content of the Bill will change materially prior to enactment.

 

Click to view advisory

Taking back control: undue influence and trust revocations

Undue influence was the issue at stake in a judgment of the Royal Court of Jersey this month. In Representation of Jasmine Trustees re Piedmont Trust and Riviera Trust, the court held that revocation notices issued by two settlors had been vitiated by the undue influence of the family patriarch, and should therefore be set aside.

 

This judgment involved two Jersey-law revocable discretionary trusts: the Piedmont Trust and the Riviera Trust. The trustees were two Jersey trust companies, Jasmine Trustees Limited and Lutea Trustees Limited. The beneficiaries of the two trusts included the family patriarch, his three children (a daughter and two sons) and their respective issue.

 

Click to view advisory

Central Bank of Ireland Investment Firm Corporate Governance

The Central Bank of Ireland (the “Central Bank”) has published its Corporate Governance Requirements for Investment Firms and Market Operators 2018 (the “Requirements”) (click here). The publication of the final Requirements follows the Central Bank’s publication of CP120: Second Consultation Paper on the Corporate Governance Requirements for Investment Firms and Market Operators (“CP120”) in May of this year (see Walkers advisory on CP120). The Requirements largely track the CP120 proposals, with one material change in relation to the composition of the audit committee.

 

Click to view advisory

Central Bank publishes Cross-Sectoral Outsourcing Discussion Paper

On 19 November 2018, the Central Bank of Ireland (the “Central Bank”) published a discussion paper entitled “Outsourcing – Findings and Issues for Discussion” (the “Discussion Paper”) containing a summary of key issues and risks identified by the Central Bank requiring prompt attention by industry. The closing date for submission of responses to questions posed in the Discussion Paper is 18 January 2019.

The findings in the Discussion Paper are underpinned by both the Central Bank’s supervisory engagements with industry along with responses received from a recent cross-sectoral outsourcing survey (completed by 18 banks, 82 asset management sector firms, 83 insurers and 2 payment institutions).

In its announcement of the publication of the Discussion Paper, the Central Bank noted it has observed:

  • a significant increase in reliance on outsourcing of activities (both on an intragroup and third party basis) by regulated financial service providers;
  • serious deficiencies in board awareness and understanding of the extent of reliance on outsourcing; and
  • major weaknesses in relation to risk management controls and processes, and business continuity planning around outsourcing.
The Central Bank expects all regulated financial service providers to review their current practices against the Discussion Paper.

 

Click to view advisory

New TISE Listing Rules

TISE (The International Stock Exchange in the Channel Islands) published their new Listing Rules earlier this month, which will be effective from 1 January 2019.

Please find the link to the new Listing Rules here: https://www.tisegroup.com/media/1422/listing-rules-january-2019.pdf

The new Listing Rules have been published now so as to ensure that stakeholders have sufficient opportunity to transition ahead of their introduction from 1 January 2019.

TISE believes that the new Listing Rules reflect current market practices and enhance the product offering of the Exchange, whilst also improving the format in terms of brevity, clarity and consistency and therefore, creating a more user-friendly product.

The main changes can be summarised as follows:

  1. The introduction of rules in relation to debt being offered directly to retail investors;
  2. Revisions to the rules in relation to trading companies issuing equity, including enhancing the attractiveness of the Exchange for Small and Medium Sized Enterprises (SMEs);
  3. Amendments to the rules in relation to Special Purpose Acquisition Companies (SPACs) to reflect evolving market practices;
  4. Enhanced flexibility to enable TISE’s market authority to respond to developments in what is a rapidly changing marketplace; and
  5. An alteration to the format of the Listing Rules to ensure ease of use for TISE Members, other advisers and issuers.

Please do not hesitate to get in touch with Nigel Weston, Christophe Kalinauckas or Kate Storey if you have any queries on the new TISE Listing Rules.

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