Addressing collateral obligations in a challenging economic environment

In today’s challenging economic climate, corporate executives are examining the value of every dollar spent, including those spent on risk and insurance. As a result, risk management departments that effectively control the cost of risk are viewed as invaluable and key strategic partners within their organisations.

Catastrophe bonds – bridging the liquidity gap

Catastrophe bonds are no longer ‘the next big thing’. They have arrived, made their presence known and are here to stay. And we can be extremely proud in the Cayman Islands that the jurisdiction has astutely positioned itself as the premier offshore domicile for these ever-evolving transactions.

Regulating the captive market: Responsiveness

Regulation should have clear well-founded objectives and the methods used must be finely-tuned to the specific features of the market place. Responsiveness to external factors that are of concern to potential and existing clients is important because the environment does naturally change.

The truth is rarely pure and never simple

Are the use of definitions such as “Emerging Market” or “Developed Market” are useful or whether they have been made redundant by the recent financial crisis?  In the CFA curriculum, students are taught that the US market is the safest market there is, because of the transparency, disclosure and regulation that exists; by definition therefore...

Benefits for captive owners

The use of captive insurance companies in risk management has steadily increased over the past decade. However, despite the steady growth of captive insurance companies and the benefits they offer, the captive industry still remains mysterious and not easily understood by those not involved in it.

‘One bank’ approach and global strength a boost for Cayman

As we look ahead into a new era of international financial services, the key selling-points for financial services firms, wherever they are based, will be an ability to demonstrate a high degree of stability, specialist and sophisticated expertise and impressive global reach.

Sui generis maximus: Power over UK persons for “special” US bankruptcy claims

Lawyers often seem too clever in arguing legal niceties to help clients avoid responsibility. Sometimes, though, a lawyer is hoisted with his own petard as a court fashions new super-niceties to reflect modern developments and undercut long-established rules.

FIN 48 implementation war stories

Having audited captive insurance companies for many years now, most of which fall into the category of being small-or-medium enterprises, I have been witness to the pains that most of these companies have experienced in keeping up with and adopting the numerous changes in accounting standards over the past few years.

Cat Bond, ILS and reinsurance trusts…the key facts to remember

Cayman has long been known as one of the premier captive domiciles in the world. With over 750 captives registered, it is certainly one of the largest. The expertise offered captive owners is unparalleled.

The quick march of modified universalism:

On 30 July 2010 the Court of Appeal in England and Wales handed down their decision in Rubin v Eurofinance SA and Others [2009] WLR (D) 282. The decision may have significant consequences for investment funds (or any other corporate entity) facing insolvency proceedings in a foreign jurisdiction. 

The impact of the new financial reform legislation

President Obama has signed into law the Private Fund Investment Advisers Registration Act of 2010 as part of the broader Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacts sweeping changes to the US financial regulatory system intended to address both the causes of the recent financial crisis and other perceived gaps in US financial regulation.

It’s a mad mad Madoff world:

On 10 December 2008 Bernard Madoff’s sons told authorities their father had just confessed to them that the asset management arm of his firm was a massive Ponzi scheme, and quoted him as saying it was “one big lie”. Five days later Irving Picard was appointed the trustee over Bernard L. Madoff Investment Securities, LLC.

Cayman hedge fund liquidators welcome

Forum shopping, or to put it more diplomatically, careful forum selection, is absolutely essential to the effective pursuit of remedies in US Bankruptcy Courts. Another recent decision regarding a Cayman hedge fund seeking – and this time receiving – cooperation from a US Bankruptcy Court illustrates ...

Chapter 15

Clearly when a Cayman Islands liquidator gets appointed by the shareholders or the Cayman Islands Court, he has a number of duties. He has a duty to identify, take control and protect the assets of the company pending the identification and agreement of creditor claims prior to a distribution.

This Time is Different:

Have you ever encountered a book in your field of inquiry that upon reading, you knew the book should be put on that special shelf reserved for favourites? That the book was so fundamentally good and strong that you would be reading it again and again and referring others to do the same? 

HSH Cayman v ABN AMRO Bank – examining the consequences of non-compliance with the...

It is not uncommon to hear statements to the effect that the rules of the court are intended to be complied with, and not intended to be mere ‘targets’ towards which to aspire.

Just taxes: The politics of taxation in Britain, 1914-1979 (Cambridge University Press 2002) by...

Cambridge University Economic History Professor Martin Daunton has pulled off the astounding feat of writing not just one, but two books about the history of taxation that are not only thoroughly researched and thoughtful but are written in such a lively style and illustrated with so many ...

Tax danger continues for expats

 The increasing number of challenges has been evident and there have been four cases on the subject of residence and domicile in the same number of months. This article looks first at three cases involving persons leaving the UK and second at a person coming to the UK.

Do we need a new global currency?

Governments and countries must ultimately live within their means as well. Governments can spend more than they receive in taxes by borrowing, but purchasers of their debt will stop lending to any government whose debt they think is growing too large for the government to service.

Notes

Main Article:Special Drawing RightsThe exchange rate for the Japanese yen is expressed in terms of currency units per US dollar; other rates are expressed...
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