Archive for February, 2010

Maples and Calder appoints New Head of Cayman Funds

Monday, February 22nd, 2010

In the middle of February, Maples and Calder made an announcement that Jon Fowler has been appointed as the head of its investment funds group in the Cayman Islands.

Maples and Calder is ranked as the number-1 law firm in the HFMWeek Offshore Legal Survey 2010, which is a survey of offshore law firms that is based on feedback received from onshore hedge fund professionals. According to this survey, most of onshore lawyers rated Maples extremely highly.

Fowler said that Maples and Calder was not just an offshore firm. The firm also has a significant presence in Dublin where it is working with its traditional onshore instructing counsel. According to a recent Lipper survey, the Irish practice, headed by Barry McGrath, increased its market share by over 320%. It is worth noting that it was the only Irish law company that have managed to increase its market share ranking as legal adviser to both domiciled and non-domiciled investment funds for that year.

Maples and Calder
is a leading international law firm providing advice on the laws of the Cayman Islands, the British Virgin Islands and Ireland. It has offices in the Cayman Islands, the British Virgin Islands, Hong Kong, Dubai, Dublin, and London. In addition to legal services, the firm offers management, accounting and administration services to structured finance vehicles and investment funds through Maples Finance Limited, which has offices in the Cayman Islands, the British Virgin Islands, Hong Kong, Canada, Dubai, Dublin, and Luxembourg.

United America to change place of incorporation from Cayman Islands

Wednesday, February 17th, 2010

Insurance company United America Indemnity Ltd. has recently announced that it wants to shift its legal home from the offshore financial jurisdiction of Cayman Islands to Ireland.

The Cayman-based insurer is going to ask shareholder to approve the change of place of incorporation at an upcoming meeting.

As to reasons, the insurer says that Ireland offers a sophisticated regulatory environment as well as an extensive network of international treaties, among other reasons. Previously, the insurance company had been considering to move to Switzerland. However, it was finally decided to become a wholly-owned subsidiary of Irish company Global Indemnity PLC.

Earlier this month, Seagate Technology announced its plans to move its legal place of incorporation to Ireland from the Cayman Islands. The reason was the increased international scrutiny of offshore tax havens. It said that, according to proposed US legislation and regulatory measures, tax burden could be increased for companies incorporated in the Cayman Islands.

Anchin expands to Cayman Islands

Friday, February 12th, 2010

Anchin, Block & Anchin has established a practice in Cayman Islands in order to provide audit services to funds registered in this jurisdiction.

Anchin, Block & Anchin (Cayman) Ltd., or Anchin Cayman will be managed by Philip Rankin, CPA, as its resident member.

Jeffrey I. Rosenthal, CPA, partner-in-charge of Anchin’s Financial Services Practice, said: “The Cayman Islands have developed into one of the most popular jurisdictions for offshore funds”. He also added that “there has been tremendous growth in the number of funds established in the Cayman Islands, so it was only natural for us establish a presence there.”

Anchin Cayman has been approved by the Cayman Islands Monetary Authority (CIMA).

Cayman to relax Work Permit Regulation

Wednesday, February 3rd, 2010

The representative of the Cayman Islands’ financial services industry, Cayman Finance, has welcomed the amendments that were proposed to immigration laws, announced by the jurisdiction’s Prime Minister McKeeva Bush. These were drafted to encourage foreign financial services companies to remain in Cayman.

This announcement was made to respond to changes to the Cayman regime in the recent budget that were necessary for tackling the jurisdiction’s budget deficit. There are concerns that the substantial hikes in company registration fees and annual charges may damage Cayman’s international competitiveness.

In a statement, Cayman Finance said that it “fully endorses the positive steps the government is taking to strengthen the Cayman economy and its financial services industry in these more challenging economic times.”