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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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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Corporate Enforcement in Ireland - ODCE to be Established as Stand Alone Agency

In December 2018 Minister for Business, Enterprise and Innovation, Heather Humphries T.D. announced that the Cabinet had approved for publication the General Scheme of the Companies (Corporate Enforcement Authority) Bill 2018 (the “Scheme”).

The proposed new legislation is designed to strengthen Ireland’s regulatory framework for the conduct of business and is a key action in the Government’s package of measures to tackle white collar crime.

As the Scheme will have to progress through the usual legislative process, certain of the proposals set out therein may be amended and / or removed if / when the legislation is ultimately passed. Nonetheless, the Scheme contains some noteworthy proposals which we consider below.

Executive Summary
The purpose of the Scheme is to establish the Office of the Director of Corporate Enforcement (“ODCE”) as an agency, rather than its current form of an office within the Department of Business, Enterprise and Innovation. The new agency will take the form of a commission structure and will be named the Corporate Enforcement Authority (the “Authority”).

In addition to establishing the Authority, the Scheme seeks to introduce a number of noteworthy amendments to the Companies Act 2014 (the “Act”).


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

Following further debate in the Seanad (the upper house of the Irish parliament) on 18 December 2018, the Consumer Protection (Regulation of Credit Servicing Firms) Amendment Bill 2018 (the “Bill”) was passed, without further amendment. The Bill will now be sent to the President to sign into law.

Once the Bill is signed into law by the President, the Minister for Finance, Paschal Donohoe, will issue a commencement order. We understand that the Bill will have a commencement date of 21 January 2019.

Please see our previous client briefing (available here) for a detailed analysis of the amendments to the existing credit servicing regime that will be introduced by the Bill and the resulting consequences and next steps for existing owners of in-scope Irish loans with regard to obtaining an authorisation under the new credit servicing regime. Future purchasers of in-scope loan books should also be mindful of their obligations under the new regime.


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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.


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Ireland | New Anti-Money Laundering Laws Now in Effect

Ireland's anti-money laundering ("AML") laws have been significantly altered and expanded with the transposition of the Fourth Anti-Money Laundering Directive.  Certain “unregulated” financial institutions (including SPVs) will be required to register with the Central Bank of Ireland, there is an increased focus on risk assessment and providers of gambling services will be within scope of AML requirements for the first time. This briefing explains the recent changes and explains how Walkers may be of assistance to impacted companies.


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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.


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