Since debt enjoys priority of payment in insolvency proceedings, demoting a debt claim to the lower rank of an equity interest likely means a total loss for the distressed investor.
On 1 June, 2011 Canada and the Cayman Islands entered into a Tax Information Exchange Agreement, which, it is anticipated, will help forge far deeper links between the two countries as far as the financial services industry is concerned, and in particular, the captive insurance industry.
The Icelandic banking sector was regulated in the same way as its counterparts in other European countries.
Tania Dons of Conyers Dill & Pearman provides an overview of legislative changes, legal issues and case law of note in the Cayman Islands over the last quarter.
One potential mechanism to improve their AML systems is through the Inter-American Development Bank’s technical cooperation RG-T2224. It provides a grant to support member countries in their efforts to prevent money laundering and terrorist financing, in compliance with the new FATF standards.