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The Grand Court of the Cayman Islands has established a new framework for discovery in contributory winding up petitions, favoring an 'evidence first, discovery later' approach. How will this proportionality-focused methodology impact shareholders, limited partners, and companies facing winding up proceedings, and what must petitioners now demonstrate to obtain broad disclosure?

The regulatory landscape never stands still, and staying ahead of it requires a trusted source. Each month, members of our global Regulatory & Financial Services team come together to break down the latest regulatory developments that could affect your business.

The Cayman Islands Monetary Authority has introduced new binding AML and Sanctions Rules for insurance sector licensees, elevating previously non-binding guidance to enforceable regulatory requirements. These Rules impose specific obligations around customer due diligence, risk assessments, independent audits, and sanctions screening, with varying applicability depending on whether insurers conduct 'relevant financial business' under the Proceeds of Crime Act.