For general information about the Cayman Islands, see Practice Note: Private Client—Cayman Islands—Q&A guide. Part VIII of the Trusts Act The Cayman Islands provides for a unique form of non-charitable purpose trust referred to as a ‘STAR Trust’. The legislation which allowed for STAR Trusts to be established in the Cayman Islands is the Special Trusts (Alternative Regime) Act 1997, hence the acronym ‘STAR’. This STAR regime has been incorporated into the Trusts Act (2021 Revision) (the Trusts Act) at Part VIII. Section 96(1) of the Trusts Act provides that a STAR trust must be created by a written instrument which expressly provides that Part VIII of the Trusts Act applies to it. A typical declaration may look like this: ‘It is intended that this Trust and every trust, power, and provision contained in this instrument shall be subject to Part VIII of the Trusts Act (2020 Revision) as revised from time to time.’ Characteristics of STAR trusts The STAR trust is arguably the most flexible and

Introduction and scope Whilst there is no strict requirement for an individual that owns assets situated in the Cayman Islands (Cayman Assets) to have a Will which disposes of such assets upon their death, it is extremely practical to prepare the same for a number of reasons which we explore further below together with additional relevant considerations. Cayman Islands Wills and grants of probate If an individual domiciled outside of the Cayman Islands dies owning Cayman Assets without a valid Will which is admissible to the Cayman Islands courts, they will be deemed to have died intestate as it relates to such Cayman Assets. Whilst this may have significant implications as it relates to the beneficial devolution of such individual's Cayman Assets (particularly if they are domiciled in a jurisdiction without testamentary freedom), it is imperative to note that in absence of a grant of probate obtained in another jurisdiction which may be resealed by the Cayman courts, upon intestacy in connection with Cayman Assets an application for a grant of letters of

Arbitration analysis: In a decision which underlines the arbitration-friendly policy of the Cayman Islands, the Grand Court has ruled for the first time on the scope of its powers under section 54 of the Arbitration Act to grant interim injunctions in support of foreign arbitrations. It held that section 54 provides a broad discretion to grant interim relief, and was sufficiently wide to encompass not only relief which is in issue and sought to be enforced in the arbitration, but also quia timet relief in order to protect the value of the right claimed in the arbitration. Furthermore, in appropriate circumstances, that power could be exercised notwithstanding that no application had first been made to the arbitral tribunal. That approach affords significant comfort to parties concerned to ring-fence assets whilst arbitrations are ongoing. Written by Nick Dunne & Stuart D'Addona, partners, at Walkers.

What is a Cayman Islands foundation company? The Foundation Companies Act, 2017 (FCA) permits the establishment of Cayman Islands foundation companies (Foundation Companies, each a Foundation Company) in the Cayman Islands. For general information on foundations, See Practice Note: Private foundations—a summary. A Foundation Company is a form of company incorporated under the Companies Act (Revised). Like any other Cayman Islands companies, a Foundation Company can be a company limited by shares or a company limited by guarantee with or without share capital. A Foundation Company with separate legal personality owns assets in its own name and has all the powers and capacity unless it is restricted by its constitution. It can be set up for purposes, or for persons, or both. The day-to-day operation of a Foundation Company is managed by its board of directors. There are several distinctive features for a Foundation Company: • a Foundation Company can cease to have members at any time following incorporation, provided this is permitted by its memorandum and there is a person acting as a supervisor who has the

This Practice Note provides an introduction to the Cayman Islands in the context of offshore trusts. For general information about the Cayman Islands, see Practice Note: Private client—Cayman Islands—Q&A guide. Government The Cayman Islands is an autonomous British Overseas Territory, run as a parliamentary democracy. The Cayman Islands has a Governor, appointed by the Government of the United Kingdom. The Cayman Islands has its own Constitution, the most recent coming into effect on 6 November 2009, by which a Bill of Rights was brought into effect as the ‘cornerstone of democracy’ in the Islands (see paragraph 1(1) of the Bill of Rights (Laws of the Cayman Islands)). The Constitution was amended in 2016 to, among other things, raise the retirement age of judges of the Grand Court and to remove the power of the Governor to exercise disciplinary control over the Chief Justice and the President of the Court of Appeal. The Cayman Islands has its own parliament, the Parliament of the Cayman Islands , consisting of nineteen elected members

Trusts laws of the Cayman Islands The principal statute governing trusts in the Cayman Islands is the Trusts Act (2021 Revision) (the Trusts Act). The Trusts Act incorporates a number of other statutes relevant to trusts in the Cayman Islands, which includes, but is not limited to, the Special Trusts (Alternative Regime) Law 1997 and the Trust (Amendment) (Immediate effect and Reserved Powers) Law 1998. See also The Rule on Perpetuities. It is essential to note that Cayman Islands' trusts law has its foundations in English common law and equity, which continue to be of guidance in the interpretation and application of trusts law in the Cayman Islands. However, it should be noted that as Cayman Islands’ trusts law has matured, a number of statutory differences have developed between the Cayman Islands and England and so it should not be assumed that Cayman Islands' trusts law would be applied in the same manner as English trusts law in every instance. Certain key features of Cayman Islands trusts legislation

Most common types of trusts Cayman Islands trusts laws permit the establishment of various types of trusts such as: • Discretionary trusts • STAR trusts • Life interest trusts • Fixed interest trusts • Charitable trusts • Exempted Trusts Each of these trusts have been expanded upon below. Discretionary trusts A discretionary trust generally provides maximum flexibility. It is the most widely used and often the most effective solution for both the settlor and beneficiaries. The trustee is given wide discretionary powers as to when, to what extent and to which beneficiaries, the income and capital of the trust should be distributed. Such a trust is useful where at the time of creation of the trust, the future needs of beneficiaries cannot be accurately determined and are likely to change over time. The beneficiaries are not regarded as having any direct legal rights over any particular portion of the trust fund but only a right to be considered when the trustee exercises its discretion. While the beneficiaries of a discretionary

The Society of Trust and Estate Practitioners (STEP) has reported that the Cayman Financial Services Ministry has introduced the Perpetuities (Amendment) Bill 2024. This allows a trustee, settlor, enforcer or beneficiary to ask the Grand Court of the Cayman Islands for an order disapplying the rule against perpetuities. It also contains a provision governing changes to the governing law of a trust of unlimited duration.

Restructuring & Insolvency analysis: The Privy Council held that a just and equitable winding-up petition by a minority shareholder in a Cayman Islands company, alleging a loss of trust and confidence in the majority shareholder and the management of the company's affairs, and an irretrievable breakdown in the relationship of the shareholders, must be stayed. The shareholders’ agreement between the parties provided that any and all disputes between them be the subject of an arbitration in Beijing. The Privy Council determined that an arbitral tribunal would not have the power to determine whether it was just and equitable to wind up the company, or to determine whether alternative relief such as a buy-out order should be granted: those decisions were within the exclusive jurisdiction of the Cayman Islands court. However, the other matters for determination in the petition were arbitrable—namely whether there had been a loss of trust and confidence, and an irretrievable breakdown in the shareholder relationship. A mandatory stay of the petition was ordered. Written by Mac Imrie KC, consultant and Ryan Hallett, associate, at the Maples Group.

[Alleged infringer’s name and address] [Date] Dear [insert name] [Insert title of the letter here, which should refer to the IP rights relied on, eg ‘UK trade mark registration number XYZ’’] [I am OR We are] writing on behalf of [name and address of the right holder]. [Name of the right holder] is [insert background information about the right holder— eg details of their business/products/services/works/inventions/designs]. [It

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the abandonment of the transaction on 20 March 2018; it is no longer maintained. See further, timeline. Case facts ARCHIVE 20/03/2018 Outline European Commission merger investigation into the proposed joint venture between Celanese and Blackstone in relation to acetate flake and acetate tow (Case M.8547). The transaction involves horizontal overlaps in market for acetate tow. Latest developments On 20 March 2018, the Commission ended its investigation after the parties withdrew the notification as a result of their decision to abandon the transaction. Parties Celanese Corporation is a US-based global technology and speciality materials company headquartered in Irving, Texas. Blackstone is a US-based private equity group. The joint venture will comprise Celanese’s Cellulose Derivatives business (including existing joint ventures with China National

IP & IT analysis: Victoria Beckham recently registered the name of her daughter as a trade mark, and China has granted preliminary approval for three new trade marks which use the name of Ivanka Trump. Jeremy Blum, partner at Bristows, and Sarah Blair, associate at the firm, explore some of the questions around the topic of celebrities who register their names as trade marks.