Offshore legal trends
In the Offshore world, we have seen a continuation of several of the themes discussed in previous launches, with the increase in regulation featuring heavily in our conversations with lawyers.
Focus on regulation and ESG principles
The Cayman Islands has long been noted for being both highly regulated and highly transparent, factors which have contributed to it becoming the most popular Offshore jurisdiction globally. In 2023 however, there were some small signs that certain clients were seeking to move their businesses to the BVI, due to the perception that it is a more relaxed jurisdiction from a regulatory point of view.
Regulation has been a further theme in our Bermuda research, where lawyers were keen to talk to us about the revised code of conduct issued by the jurisdiction’s insurance regulator. This code of conduct has been devised with ESG principles in mind, reflecting the increasing focus on ESG within the business sector worldwide.
More generally, Offshore disputes lawyers have been kept busy by two significant new areas of work. Firstly, insolvencies arising in the cryptocurrency arena, as this sector continues to feel the effects of the recent Crypto Winter. Secondly, it has been observed that there is an ongoing generational shift among high-net-worth families with assets in Offshore jurisdictions, with issues around succession and estate planning the cause of many significant disputes.
