As 2024 winds down, we are pleased to be looking back on another great year for Calderwood. As always, it has been wonderful to connect with so many of you at the various industry events and we are looking forward to making more trips in Q1. At the end of January, we will be at iConnections Global Alts Miami and then in New York the following week for Schulte’s Annual Private Capital Forum. We hope to see you there, and if not soon. For now, we wish you a joyous and peaceful holiday season and a prosperous and healthy 2025.
The Cayman Islands government has affirmed its position on beneficial ownership information, aiming to work with the UK towards providing access to information where there is legitimate interest, based on evolving global standards of transparency and the jurisdiction’s constitutional obligations.
The government said in a statement that the introduction of legitimate interest protocols recognises that access to beneficial ownership information now extends beyond law enforcement to certain members of the public. This was established by the 2022 EU Court judgement (Sovim v Luxembourg) which balances transparency with privacy rights, by requiring access to beneficial ownership information only where there is a “legitimate interest”.
“While there is currently no recognised global standard for Legitimate Interest Access (LIA), it is prudent that we carefully balance transparency with privacy rights, while taking the necessary steps to introduce LIA in relevant money laundering and sanctions legislation,” Premier and Minister for Financial Services, Juliana O’Connor-Connolly said.
As part of the beneficial ownership framework, legislation to protect persons where public disclosure would establish a threat of serious harm has now been enacted. (Beneficial Ownership (Access Restriction) Regulations, 2024.) Under Cabinet consideration shortly, will be regulations permitting access to information for certain members of the public, once they have demonstrated a legitimate interest for doing so. (Beneficial Ownership (Legitimate Interest Access) Regulations, 2024.)
Legislation to implement phase 2 of the regulatory framework for virtual asset service providers (VASPs) has been published in the Cayman Islands. The Virtual Asset (Service Providers) (Amendment) Bill 2024 relates to the introduction of a licensing regime for trading platforms and virtual asset custodians. This landmark development includes greater alignment with international standards and enhances governance in the sector, with increased supervisory powers for CIMA, while providing greater clarity for industry participants.
Cayman Islands entities are required to pay 2025 annual fees to CIMA by 15 January 2025, with penalties applied for late payment following that date. Certain fees have risen for 2025, including an increase in the annual fee from CI$1200 to CI$1300 for an Exempted Limited Partnership under the Mutual Funds Act or Private Funds Act. For ELPs not licensed or regulated by this legislation the annual fee increases from CI$2000 to CI$2100. Foreign Limited Partnership fees increase to CI$1650 from CI$1550.
Exempted company annual fees increase by CI$100, now starting from CI$925 where registered capital does not exceed CI$42,000, and rising through levels up to CI$2793 where registered capital exceeds CI$1,640,000. The fee for a Limited Liability Company has increased from CI$800 to CI$1100 and Limited Liability Partnership rises from CI$2000 to CI$2100. Industry feedback was sought on the proposals to increase fees and it was noted during the consultation exercise that some fees have not been adjusted in five to ten years or more.
Congratulations to all our Sunset Football FC teams for all their excellent performances this year. For the 2024/25 season, Calderwood is sponsoring the Under 11 Girls team right up through to the Women’s team, covering some 110 girls and women across seven age groups. Our teams have enjoyed some amazing wins this year, notably just this month, with both the Under 14s and Under 15s becoming Herron Cup champions in Miami.
Award-Winning Governance for Global Investment Funds
