Daily Compliance News: April 7, 2025, The Whistleblowers Awarded Edition
Effective 1 January 2026, the Cayman Islands will implement extensive revisions to the Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (the “CRS Regulations”),...more
The Crypto-Asset Reporting Framework (“CARF”) is an international tax transparency standard developed by the Organisation for Economic Co-operation and Development (“OECD”). Introduced as an extension of the existing Common...more
The Cayman Islands government has made significant changes to the Common Reporting Standard (“CRS”) regime, as set out in the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment)...more
The Cayman Islands continues to be one of the leading offshore jurisdictions for digital assets, with several market leaders and tier 1 projects being established in the Cayman Islands....more
All Multi-National Enterprise (MNE) Groups that have Cayman Constituent Entities for purposes of the Country-by-Country Reporting (CbCR) Regime will need to complete a one-off re-registration on the new DITC CbCR Portal by 30...more
The Cayman Islands has committed to implementing the OECD's Crypto Asset Reporting Framework (CARF). CARF is being implemented in the Cayman Islands by the Tax Information Authority (International Tax Compliance)...more
CRS amendments effective 1 January 2026 which, among other things, require FIs to meet new registration, PPOC residency and reporting deadlines for CRS returns and compliance forms. Cayman entities with activities...more
Segregated portfolio companies (collectively, “SPCs” and individually, an “SPC”) are commonly used in the Cayman Islands as fund vehicles for umbrella funds....more
On 6 November 2025, the Cayman Islands Financial Reporting Authority (FRA) published a notice requiring all entities which hold or control frozen assets of a person designated under UK sanctions to file a new annual report by...more
The Cayman Islands remains one of the world’s most reputable jurisdictions for company formation and investment structures. Known for its stability, tax neutrality, and robust regulatory environment, Cayman attracts global...more
Briefing Summary: Our investment funds team outline the latest developments within the investment funds market in the Cayman Islands, including the proposed amendments to the Cayman Islands CRS regulations and which entities...more
On June 4, the Securities and Exchange Commission (SEC) issued a concept release seeking public comment on the definition of the term "foreign private issuer" (FPI). The request is in response to global market changes and...more
Each entity incorporated, established or registered in the Cayman Islands must file an annual economic substance notification with the Tax Information Authority (the "TIA"). A "relevant entity" conducting "relevant...more
On Aug. 28, 2024, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the Final Rule) extending the scope of the Bank Secrecy Act (BSA) and its amendments by requiring certain...more
Last week, the SEC issued this 71-page concept release to rethink the definition of “foreign private issuer” and determine which companies should get the benefits of reporting under the FPI reporting framework. Here’s the...more
On June 4, 2025, the SEC published a concept release in which the agency analyzes trends related to foreign private issuers (FPIs) and solicits extensive feedback regarding whether and how the definition of FPI should be...more
Entities have ongoing obligations to keep beneficial ownership information up to date. Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners....more
The Cayman Islands Tax Information Authority (the “TIA”) is responsible for monitoring compliance and taking enforcement action with regards to the Common Reporting Standard (CRS), pursuant to the Tax Information Authority...more
In October 2024, the Cayman Islands Monetary Authority (CIMA) issued an updated Regulatory Policy on the Recognition and Approval of an Actuary (the “Policy”), setting out its minimum criteria and process for determining...more
The Beneficial Ownership Transparency Act, 2023 (the “BOT Act”), Beneficial Ownership Transparency Regulations, 2024 (the “BOT Regulations”) and the Guidance on Complying with Beneficial Ownership Obligations in the Cayman...more
2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the...more
Amendments to the Cayman Islands Proceeds of Crime Act came into effect on 2 January 2025 and include revisions to the suspicious activity report (SAR) process to the Financial Reporting Authority (FRA). In addition to a...more
The Cayman Islands Monetary Authority (“CIMA”) has issued a new Rule and Statement of Guidance on the obligations for the provision of virtual asset services – Virtual Asset Custodians and Trading Platforms (the “Rule”). With...more
Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more
Chris Duncan and Alistair Russell have authored the Cayman Islands chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the Cayman legal requirements relating...more