All posts by campbellslegal

As Covid-induced insolvency and restructuring gathers pace, in Sun Cheong Creative Development Holdings Limited the Grand Court of the Cayman Islands (the “Grand Court”) has provided a timely overview of the principles of comity and modified universalism applicable in cross border restructurings.

Livingston Properties Equities Inc. and others (Respondents) v JSC MCC Eurochem and another (Appellants) [2020] UKPC. This advisory relates to applications to set aside service out of the jurisdiction and for a stay of proceedings in the British Virgin Islands.

The BVI Financial Services Commission (the “Commission”) recently published new virtual asset guidance (the “Guidance”). The purpose of the Guidance is to clarify the applicability of the BVI’s existing regulatory regime to virtual assets and virtual asset-related activities.

The Cayman Islands Government has announced that the Virtual Asset (Service Providers) Law, 2020 (the “VASP Law”) will come into force in two phases.

Phase one, commencing on 31 October 2020, will focus on anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, supervision and enforcement.

Phase two, which will include licensing requirements and prudential supervision, is expected to come into force in June 2021.

The CICA’s judgment will be of interest to users of arbitration, particularly those who may wish to seek the enforcement of an award made in a civil jurisdiction in a common law jurisdiction.