The claim that uncertified lawyers in Hong Kong are guilty of money laundering simply because they do not have a certificate here is simply not legally correct. Everyone worries about big companies with few Caymanians. As a client, I can tell you that birth rights mean nothing to a client. Local qualifications alone are not enough. Expensive gold jewelry does not impress. What we need are qualifications such as a top-notch degree, admission to a courthouse, QC qualification, experience in London or New York, etc. I can`t really get there without leaving the island, but it`s what it takes to get the customers that make a business great. On the plus side, you can now do bodily injury work on the unexpected. Need to open up space for large billboards.
In England, yes. English law does NOT make it a criminal offence to provide legal advice in English in another jurisdiction. And if anyone is wondering what a protectionist nationalist approach to the legal profession would look like, we don`t need assumptions – just look at the Bahamas. A thousand thumbs up. Everyone in the industry understands the pressures CIMA faces internationally. And the vast majority of business service providers and lawyers all work toward the same goal, seeking to eliminate money laundering and improve the reputation of the justice system. There is no reason for CIMA to treat the industry as an enemy and not issue clear guidelines for its expectations. If they were able to do that, the industry would be able to comply, and then it would be justified to throw the gavel at those who do not. “At least four government administrations have taken on this legislation and I know that not passing it has harmed not only our jurisdiction, but also the interests of Cayman lawyers. I am therefore pleased that we will be able to introduce the bill in the next session of the Legislative Assembly. They merge two different themes: access to the profession for locals and the needs of the most elite companies. What I mean is that all over the world – including here – quality varies from one professional to another.
I accept that the best companies need the best people to serve the best customers. But those same companies are the ones that are big enough to offer quality training programs, and that`s the catch. I trained at a company that promised me the world, and then sat at a desk while they discovered their corporate mess. Only the biggest companies really care about education, and you can`t get into it unless you get a scholarship to school (which you may not need or can`t research for reasons other than your grade grades). So nothing stops me – I`m afraid I won`t agree. Equality should not be achieved by lowering the reference point, but can also be achieved by raising those below the reference point. It`s actually quite selfish that it doesn`t happen. That`s what I was told during my training. “I came to make money and because I was tired of companies moving to London.
I am here on a mission. Why should I take billable time to train you? Why should I do this? Think. And that`s what we`re seeing here – nest feathers, nepotism, etc., while Caymanian quarries run out of steam. b) a legal profession guided by a Caymanian approach first, which views the practice of Caymanian law as negative everywhere else in the world (whether or not practitioners have certificates of practice) and which is slowly becoming less relevant. That said, the Cayman legal profession must adapt to changing times and real worlds. The financial services sector is fragile, too valuable and too important to be sacrificed on the altar of protectionism. Although there have been many changes to the Legal Practitioners Act (2015 Revision) over the years to reflect the evolution of legal practice in the Cayman Islands, the fact is that the current framework is insufficient to regulate the contemporary nature of the legal profession of the 21st century operating in the Cayman Islands with a significant international component. There is concern that it will bring to the legal profession the same arbitrary, capricious, baseless and unnecessary approach as elsewhere. CIMA invents contradictory requirements without legal basis and does so without consultation or warning. They claim to be a pure opponent of the industry, which contributes most of the government`s revenues, rather than a partner in creating a modern, rationally regulated, outward-looking financial services sector that can continue to support these islands for decades to come. The new requirements of the ICA should be welcomed by the Cayman Islands insurance industry and the Cayman Islands legal profession.
However, it seems likely that there will be increasing regulatory scrutiny of compliance with the ICSA, as well as occasional disputes arising from allegations related to the unauthorized exercise of Cayman Islands law. All legal, professional and corporate service providers (and their liability insurers) should prepare accordingly. The law has been a recurring problem for nearly 19 years, with Caymanian lawyers arguing that it does not go far enough to protect them and that, if passed, it would actually allow people practising Caymanian law abroad to receive the full blessing of the law. Previously, they were fined a paltry $200. Section 24(5)(f) exempts a person licensed or registered under a regulatory instrument that includes the Insurance Act, 2010 (the “Insurance Act”), the Corporations Management Act (2021 Revision) (the “CMA”) and the Companies Act (2021) (the “Companies Act”) if that person carries on a licensed activity. This exemption provides regulated insurance managers with comfort and protection when carrying out activities that are specifically listed or contemplated under applicable regulatory legislation, including: the provision of head office services under the CMA and related filings required by the Companies Act and the Insurance Act.