Latest updates

Impact of side letters on core provisions of Cayman Islands funds
  • Cayman Islands
  • 13 October 2015

The Cayman Islands Court of Appeal recently issued a decision concerning the impact of side letters on the constitutional arrangements of Cayman funds. One of the critical questions raised by the case was whether a side letter was enforceable when made between the investment manager of a fund and an individual institutional investor in that fund, where the investment manager had no actual or ostensible authority to make it.

Revised CSX Listing Rules 2011
  • Cayman Islands
  • 07 February 2012

The Cayman Islands Stock Exchange recently revised its Listing Rules. The main amendments have rebranded the rules relating to equity securities in Chapter 6 to facilitate listings by mineral companies, mineral exploration companies, start-ups, and companies offering securities to "specialist investors". A new provision in Chapter 5 allows suitably qualified corporate advisers to act as listing agents to equity issuers.

Suspension of redemptions: Privy Council provides welcome guidance
  • Cayman Islands
  • 25 January 2011

The Privy Council recently provided helpful and authoritative guidance on how provisions in a fund's contractual documentation addressing redemptions and suspensions of redemptions should be interpreted, and on how to determine which of the various documents constituting the investment agreement between a fund and its investor should take priority if the documents contain inconsistent provisions.

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