Category Archives: Client Advisories

Primeo v HSBC: Privy Council further narrows the reflective loss principle

11 Aug 2021

In a significant judgment delivered on 9 August 2021 in the long-running litigation between Primeo Fund (in Official Liquidation) and HSBC, the Privy Council granted the first limb of Primeo’s bifurcated appeal against the lower courts’ dismissal of its claims on the grounds of reflective loss. The decision further narrows the reflective loss principle in important respects following the UK Supreme Court decision in Sevilleja v Marex Financial Ltd last year.

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Implications of the BVI Data Protection Act for Investment Funds

28 Jul 2021

The Data Protection Act, 2021 (the “Act”) was brought into force in the BVI with immediate effect on 9 July 2021 and introduces, for the first time in the British Virgin Islands, a legislative framework for data protection based on a set of internationally recognised privacy principles. 

The Act provides that its objects are to:

– safeguard personal data processed by public bodies and private bodies by balancing the necessity of processing the personal data and protecting personal data from unlawful processing; and
– promote transparency and accountability in the processing of personal data.

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Cayman Islands and BVI Economic Substance requirements extended to Partnerships

12 Jul 2021

In line with ongoing commitments given by the Cayman Islands, regulations came into force in the Cayman Islands on 30 June 2021, expanding the categories of entities that are now in scope for the purposes of the Economic Substance regime to all types of partnerships (including general partnerships, exempted limited partnerships and foreign limited partnerships). 

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Enforcement of foreign judgments and arbitration awards in the Cayman Islands

07 Apr 2021

Successful litigants in foreign proceedings will often be required to take steps to enforce any judgment or order obtained outside of the jurisdiction in which it was made. The Grand Court of the Cayman Islands routinely recognises and enforces foreign judgments and arbitral awards from countries such as the United States, the United Kingdom, Singapore, Hong Kong and the PRC (amongst others) against individuals, entities and assets domiciled or situated in the Cayman Islands.

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