Calderwood Newsletter - Welcome Joe
We were delighted to recently welcome Joe Gaastra to the Calderwood team.
Joe joined us as an Independent Director in September and is part of our Distressed Funds and Special Situations practice. Joe was previously a Director in Alvarez & Marsal’s Cayman Islands office and is known for his pragmatic and collaborative approach to resolving complex and contentious situations.
Away from the office, Joe has travelled extensively in South America, where he learnt Spanish, kitesurfing and rock climbing. Here in the Cayman Islands, his outside interests include practicing his golf swing and kitesurfing the North Sound. Welcome Joe!
Sunset Girls Win Big in Tampa
If you’ve been following our social media, you may have seen our Sunset Girls football team have been making huge waves overseas again. Our sponsored team won the U15 Silver Elite division in the Tampa Bay Super Cup 2025, one of the premier youth tournaments in the United States, with over 1,200 teams participating.
The achievement was even more impressive considering their exceptionally young squad. More than half of the players are eligible for U14, and one is still U13, but the group showed impressive maturity, discipline, and resilience throughout the weekend, going undefeated through four games in two days, to be crowned U15 Silver Elite Champions.
“Calderwood’s continued sponsorship and commitment to girls’ football in the Cayman Islands has enabled our players to compete, grow, and shine on an international stage,” said Sunset FC coach Tom Elliot. “Their support makes a real and lasting impact, and this championship is a testament to what their dedication helps make possible.”
CRS and Crypto Asset Reporting Framework Updates
The Cayman Islands government has amended the Common Reporting Standard (CRS) and introduced regulations for the OECD’s Crypto-Asset Reporting Framework (CARF), advancing tax transparency in the jurisdiction to prevent illicit use of virtual assets.
The CRS amendments capture the OECD’s CRS 2.0 update from 2023 aimed at strengthening due diligence and reporting. The expanded definition of Financial Assets includes crypto assets, alongside other changes to reflect industry developments in electronic money products and central bank digital currencies. The CARF will support CRS and will apply to most crypto asset service providers, requiring the collection and reporting of information on customers and transactions under that framework, among other obligations.
Under the amended CRS, the deadline for new Financial Institutions (FI) formed from 2026 to register with the Department of International Tax Cooperation (DITC) is 31 January (previously 30 April), with effect from 31 January 2027. The deadline remains 30 April 2026 for FIs that were established in 2025. Reporting FIs must now submit the CRS Annual Return and CRS Compliance Form on the earlier date of 30 June each year, from the previous deadlines of 31 July and 15 September respectively. These changes take effect for the 2026 reporting period, with a deadline of 30 June 2027.
Additionally going forward, the Principal Point of Contact (PPOC) must be resident in the Cayman Islands. Any FI that is registered by 1 January 2026 must action this change and notify the DITC by 31 January 2027. Additional information, including the role of controlling persons, and whether the account is new or pre-existing, must also now be reported by FIs. If you have any questions on the CRS amendments or the CARF please contact one of the team.
CIMA Holds VASP Regulatory Forum
The Cayman Islands Monetary Authority held a Virtual Asset Service Provider (VASP) Regulatory Forum to update industry participants on the evolving landscape for digital assets, as it continues to strengthen the framework to align with global standards. Among the key themes covered in the panel discussion, CIMA confirmed that amendments are currently being considered to clarify the regulatory treatment of tokenised fund structures, with a particular focus around custody, valuation and investor protections.
CIMA also announced the results of a desk-based review of 11 VASPs, highlighting that boards and management must meet expectations on key areas including active oversight and accountability, robust governance frameworks and strong internal controls, including segregation of duties and effective conflict of interest management. Cybersecurity controls, segregation of client assets and enhanced virtual asset custody controls that align with guidance, were also noted in the discussion.
Revised Financial Services Industry Fees
In an industry advisory, the Cayman Islands government has announced changes to streamline CIMA’s annual fee collection process for mutual and private funds. Effective January 1, 2026 both the CIMA Annual Registration Fee and CIMA’s Fund Annual Return (FAR) Filing Fee for the upcoming year will be due by January 15th (previously the FAR Filing Fee was due at the time of filing). The FAR Filing Fees are also increasing from CI$300 to CI$450 with sub funds increasing from CI$150 to CI$225.
Additionally, a new Ci$100 annual fee is required for Registered Offices of Exempted Limited Partnerships. The changes take effect from 1 January 2026.
Award-Winning Governance for Global Investment Funds
