Cayman Islands Foundation Companies

The Cayman Foundation Company (the “Foundation Company“) is governed by the Companies Law (2020 Revision) (the “Law“) of the Cayman Islands except as specified in The Foundation Companies Law, 2017.  The Foundation Company is a not for profit body corporate having separate legal personality and may be established for any lawful purpose including commercial and […]

Janet FrancisPartner, FrancisGrey

Cayman Funds – Registration Deadline For Limited Investor Funds

As at 7 February 2020 (the “Commencement Date“), the exemption from registration for Limited Investor Funds i.e. funds which have its equity interests held by fifteen (15) or fewer investors, a majority of which have the ability to appoint or remove the fund’s operators[1],  was removed following the passage of the Mutual Funds (Amendment) Law, […]

Janet FrancisPartner, FrancisGrey

Changes To Regulatory Requirements For “Section 4(4)” Investment Funds

The Mutual Funds (Amendment) Law, 2020 of the Cayman Islands (the “Amendment Law“)  was brought into law on 7 February 2020. The Amendment Law has removed the exemption from regulation for Section 4(4) investment funds  i.e. investment funds which have its equity interests held by fifteen (15) or fewer investors, a majority of which have […]

Janet FrancisPartner, FrancisGrey

Waiver listing fees for Covid-19 response bonds

CONTEXT The ongoing COVID-19 pandemic and the related restricting measures taken by governments worldwide which has put billions of people in confinement has rapidly driven our economies into global recession. The social and financial consequences of the outbreak represent a major challenge for governments, financial institutions and corporates which are currently struggling to find innovative […]

Evelyn MaherPartner, Bonn Steichen & Partners

COVID-19 | SFTR Reporting

Background On 9 April 2020, the CSSF published Circular 20/739 on the application of the “Guidelines on the Reporting under Articles 4 and 12 Securities Financing Transactions Regulation” (hereafter “SFTR”), which were published on 6 January 2020 by the European Securities and Markets Authority (“ESMA”). The circular confirms that the CSSF will follow ESMA’s guidelines on SFT reporting. […]

Evelyn MaherPartner, Bonn Steichen & Partners

COVID-19 | Electronic Signature

CONTEXT Due to the exceptional circumstances linked to the ongoing COVID-19 pandemic and the related restricting measures taken by the Luxembourg Government, including the confinement and the strong recommendation to implement remote working when possible, a significant number of people are working remotely since mid-March. In normal time, rules in civil law matters relating to […]

Evelyn MaherPartner, Bonn Steichen & Partners

COVID-19 | Impact on Insolvency Proceedings in Luxembourg

Background In response to the Covid-19 crisis, the Luxembourg Government declared the state of emergency by its regulation of March 18th, 2020, and passed several measures in the fight against Covid-19. These measures are limited to what is indispensable and strictly necessary and are adequate and proportionate to the aim pursued and in conformity with […]

Evelyn MaherPartner, Bonn Steichen & Partners

Webinar – “Covid-19: Regulatory initiatives in the Employment sector and challenges for companies to comply with contractual obligations”

Thursday 23rd April 2020 6:30 PM – 7:00 PM CET we are pleased to invite you to a webinar organised in partnership with the Luxembourg-Poland Chamber of Commerce. Speakers: Artur Sosna, President at the Luxembourg-Poland Chamber of Commerce Anne Morel, Partner and Head of the Employment, Compensations & Benefits department at BSP Elisabeth Kampa, Counsel […]

Evelyn MaherPartner, Bonn Steichen & Partners

BSP Newsletter | April 2020

Investment Funds | Annual Account Derogations BACKGROUND On 26 March 2020, the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law No.7540 (the “Draft Law”) for the purposes of introducing temporary derogations from accounting requirements for financial sector entities, including funds, in the context of the fight against the COVID-19 virus. The […]

Evelyn MaherPartner, Bonn Steichen & Partners

COVID-19: What is the Impact on the Free Movement of Persons?

The coronavirus has spread around the globe and the scale of the threat faced today underlines the imperative need for coordinated restriction measures on the free movement of people at the European level, in order to maximise the potential impact of measures taken at the national level to fight the pandemic. However, while 14 Member […]

Evelyn MaherPartner, Bonn Steichen & Partners