FinTech

Our lawyers advise clients ranging from global financial institutions leveraging cutting-edge technology, to start-ups changing the status quo with innovative products and services.

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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
Promotions 2018

Walkers' Promotions Highlight Growth of Global Firm

We are pleased to announce that 8 attorneys across our 10 global offices have been invited to join the partnership. In addition, 18 associates have been promoted to senior counsel, or local equivalent.

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Here We Go Again: Representation of A in the Matter of the G Trust

What’s this – surely not another mistake/Hastings-Bass briefing from those people at Walkers? Well, yes, but in our defence, there have been several judgments from the Royal Court on this topic in the last few months, and if anything, it underlines our previous observation that this is a helpful regime for trustees, settlors and beneficiaries. Also, this particular case involves an error by a settlor in establishing a new trust, rather than by a trustee in relation to its administration of an existing one. The relevant statutory provisions are different, even if relief will often be available in both cases. The purpose of this note, therefore, is to briefly illustrate how settlors who find themselves in difficulty can seek to unravel the creation of their trusts.

 

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Registration of Judgments at the Land Title Registry Office

In Bermuda, a money judgment constitutes a lien on the judgment debtor's land (Cates and Panchaud v Dill [1956] Bda LR 1 SC). The lien runs with the land and will not be extinguished even when the land is sold to a bona fide purchaser for value as the judgment is deemed to constitute notice of the lien to the purchaser.

In an important statutory development, following Schedule 10 of the Land Title Registration Act 2011 ("LTRA 2011") coming into force, the automatic attachment of judgments to any land owned by a debtor has now come to an end. Judgment creditors must now register their judgment in accordance with Schedule 10 of the LTRA 2011 to protect their priority over land owned by the judgment debtor. 

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Bermuda creates new banking regime for FinTech businesses

The Bermuda Government has taken steps towards resolving a critical unmet need for FinTech companies in Bermuda and to remove a current impediment to the development of the island as a FinTech hub as a result of the reticence of Bermuda's domestic banks to provide banking facilities locally to FinTech businesses.

The Premier and Minister of Finance, The Hon. David Burt, JP, MP and his cabinet addressed this issue by introducing the Banks and Deposit Companies Amendment Act 2018, which was approved by the House of Assembly on 27th July 2018, which amends Bermuda's existing bank licensing framework under the Banks and Deposit Companies Act 1999 to enable the island's finance service regulator, the Bermuda Monetary Authority (the "BMA") to issue restricted banking licenses to banks to enable them to serve the FinTech sector.

 

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AML UPDATE – Deadline Extension for AML Officer Appointment Notification

The deadline for notifying the Cayman Islands Monetary Authority (‘CIMA’) of the appointment of AML officers by a regulated fund has been extended to 31 December 2018.

Unregulated funds have an obligation to appoint AML Officers and CIMA has confirmed that these appointments should be in place by 31 December 2018.

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Secured Rights and Receiverships: Windfalls and Pitfalls

Despite the advantages of having security over a company’s assets, there are issues which a secured creditor should take note of, from the point of negotiating the terms of the security instrument through to the point of enforcement. Receiverships are a key method of enforcement and enable secured creditors to realise the secured property and recover the secured debt. This article provides a practical consideration of those matters from an enforcement perspective and discusses the points that a secured lender should be aware of in order to maximise its chances of recovering its debt in full.

This article first appeared in Volume 16, Issue 1 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com 

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