Worldwide: The Islamic Finance And Markets Review – The Cayman Islands

Last Updated: 20 January 2017
Article by Anthony Oakes

Most Read Contributor in Jersey, August 2018

i Legislative and regulatory regime

The Cayman Islands are a British overseas territory of the United Kingdom. They were also a dependency of Jamaica for administrative purposes between 1863 and 1962. Cayman law is therefore a common law system largely based on English common law and statutes, with some influences from Jamaica.

The legal system has not diverged far from that of England and Wales. Many of the divergences are a result of the Cayman Islands being an international financial centre (IFC). Companies and partnerships established in IFCs are commonly used in structuring financial transactions, including Islamic finance transactions. Accordingly, many of the divergences between Cayman and English laws have arisen because of the Cayman Island's legislature's desire to facilitate, and provide confidence around, financial transactions. For example, there is no restriction on a Cayman company giving financial assistance for the purposes of the acquisition of its own shares or shares of a holding company.

The financial services industry in the Cayman Islands is regulated by the Cayman Islands Monetary Authority (CIMA).

The relevant legislation is summarised below.

Banking

'Banking business' is a regulated activity. Section 2 of the Banks and Trust Companies Law (2013 Revision) (the Bank Law) defines 'banking business' as: 'the business of receiving (other than from a bank or trust company) and holding on current, savings, deposit or similar account money which is repayable by cheque or order and may be invested by way of advances to customers or otherwise.'

The Monetary Authority Law (2013 Revision) and the Bank Law give CIMA the responsibility for both licensing and regulating 'banking business'. In relation to licensing, CIMA may issue the following categories of banking licences:

a Category A Banking Licence;

b Category B Banking Licence; and

c Restricted Category B Banking Licence.

The Category A Licence is the broadest and permits domestic business with residents of the Cayman Islands as well as offshore business. The Category B Licence permits only business conducted outside of the Cayman Islands. The Restricted Category B Licence is subject to the same limitations as the Category B Licence, but the licensee is further restricted to a pre-approved customer base.

CIMA further categorises each type of bank into two further categories – home-regulated banks and host-regulated banks. CIMA's policy has different requirements for each type of entity. Home-regulated banks are banks incorporated in the Cayman Islands and are financially regulated by CIMA. Host-regulated banks are usually branches of a foreign parent bank which are subject to regulation by the parent's home regulator. CIMA's approach to the licensing (and continuing regulation) of home-regulated banks is stricter, including in relation to:

a capital adequacy requirements;

b financial resources;

c information required to be provided to key shareholders;

d financial resources of key shareholders;

e audit requirements; and

f  the bank's local presence in the Cayman Islands.

While Section 17(1)(a) of the Bank Law states that it is the duty of CIMA to maintain a general review of the banking practice, Cayman statute does not regulate the type of banking products that can be offered by licensee banks. Accordingly, there is no regulation in relation to Islamic banking products.

In addition to the regulation of 'banking business', 'money services business' is also regulated by CIMA. The Money Services Law (2010 Revision) defines 'money services business' to include:

a money transmission;

b cheque cashing;

c currency exchange; and

d the issuance or, sale or redemption of, money orders or travellers cheques.

Capital markets

The Securities Investment Business Law (2011 Revision) (the Securities Law) provides for the regulation of persons carrying on 'securities investment business', including market markers, broker-dealers, securities arrangers, securities advisories and securities managers in or from the Cayman Islands.

'Securities' are broadly defined in Schedule 1 of the Securities Law to include:

a shares;

b debentures, bonds and certificates of deposit;

c warrants;

d options;

e futures; and

f certain types of swaps.

The regulated activities are set out in Schedule 2 of the Securities Law and include:

a dealing in securities;

b arranging deals in securities;

c managing securities; and

d advising on securities.

No distinction is made in the Securities Law between Islamic securities and other securities.

Under the Securities Law, a person who engages in securities investment business must hold a Securities Investment Business Licence unless exempted under:

a Schedule 3 – Excluded Activities; or

b Schedule 4 – Excluded Persons.

Excluded Activities include where a company is dealing in securities on its own account or providing finance to enable a person to deal in securities. Excluded Persons include persons who carry on a securities investment business exclusively for sophisticated or high network persons and persons regulated by a recognised regulatory authority in the jurisdiction where the securities investment business is being conducted.

Offering of securities

In relation to the specific issue of the offering of securities:

a if the issuer of securities is a Cayman exempted company, pursuant to Section 175 of the Companies Law (2013 Revision) (the Companies Law), it is prevented from offering its securities to members of the public in the Cayman Islands unless it is listed on the Cayman Islands Stock Exchange; and

b if the issuer of securities is not incorporated or established in the Cayman Islands, it can offer its securities to investors established or operating in the Cayman Islands, but subject to the provisions of the Securities Law.

Again, there is no distinction between Islamic securities and other types of securities.

Insurance

Engaging in 'insurance business' is also a regulated activity. Section 2 of the Insurance Law 2010 (the Insurance Law) defines 'insurance business' as: 'the business of accepting risks by effecting or carrying out contracts of insurance, whether directly or indirectly, and includes running-off business including the settlement of claims.'

The Insurance Law gives CIMA the responsibility of regulating the insurance business in the Cayman Islands. This includes licensing, ongoing supervision and enforcement. The day-to-day regulatory oversight of the sector falls to CIMA's Insurance Supervision Division.

Similarly to the Bank Law, the Insurance Law focuses on the licensing requirements for insurers and their continued monitoring (particularly in relation to capital requirements, solvency, reporting and risk management).

Also, similarly to the Bank Law, the Insurance Law does not stipulate what insurance products (be they Islamic or otherwise) a licensee may provide. However, Section 23(1) of the Insurance Law does state that CIMA may direct a licensee, in relation to a policy, a line of business or the licensee's entire business, to refrain from conduct that constitutes unsafe or unsound practice.

Funds

The Mutual Funds Law (Revised) (the MF Law) is the principal legislation applicable to investment funds, and determines whether an investment fund is required to be registered, administered or licensed with CIMA. In general terms, the MF Law applies to open-ended funds whose interests are redeemable at the option of the investor and that do not qualify or elect for exemption or other exclusion. One of the most commonly used exemptions is for funds with no more than 15 investors (the majority of whom are capable of appointing or removing the operator of the fund). 'Open-ended' refers to funds that have no fixed end date. We shall refer to funds to which the MF Law applies as 'regulated funds'. As a general rule, regulated funds tend to be hedge funds and in the form of a Cayman exempted company.

Under the MF Law, a regulated fund must not carry on business in or from the Cayman Islands unless a current offering document is filed with CIMA. The offering document must contain such information as is necessary to enable a prospective investor in the fund to make an informed decision as to whether or not the subscribe for equity interests in the fund.

The MF Law also imposes on regulated funds a number of continuing obligations, including:

a to file with CIMA material amendments to the current offering document within 21 days;

b to have its accounts audited annually by an auditor approved by CIMA and to file those accounts with CIMA within six months of the end of its financial year;

c to pay an annual filing fee; and

d to have appointed to its board of directors at least two directors at any one time. Generally, these should be individuals.

If CIMA is satisfied that a regulated fund:

a is or is likely to be unable to meet its obligations as they fall due;

b is carrying on or attempting to carry on business or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors;

c has not been directed and managed in a fit and proper manner; or

d has a person holding a position as a director, manager or officer who is not a fit and proper person to hold that position,

then CIMA may:

a cancel the fund's registration;

b require the substitution of any promoter or operator of the fund;

c appoint a person to advise the fund on the proper conduct of its affairs; or

d appoint a person to assume control of the affairs of the fund.

The MF Law applies equally to Islamic and non-Islamic funds. However, the majority of Islamic funds tend to be close-ended private equity or property funds, which are structured either as exempted limited partnerships or exempted companies (see Section II.ii, infra).

ii Regulatory and supervisory authorities

As you will have gathered from subsection i, supra, CIMA is the principal regulator in the Cayman Islands. As discussed above, each governing legislation gives CIMA certain power in relation to the particular regulated sector and lists the measures that CIMA may take, as regulator. Pursuant to the Monetary Authority (Amendment) Law 2002, CIMA is an operationally independent authority. In May 2011, CIMA published a revised regulatory handbook which sets out the policies and procedures to be followed by CIMA. In particular, the handbook describes the policies and procedures for:

a giving warning notices to persons affected adversely by proposed actions of CIMA;

b giving reasons for CIMA's decisions; and

c receiving and dealing with complaints against CIMA's actions and decisions.

The handbook further states that CIMA is to have due regard to international standards governing banking, insurance and securities supervision.

The handbook also describes CIMA's approach to:

a licensing approval and cancellation – including for the banking, insurance and funds sectors;

b reviewing licensees' financial statements and on-site inspections of licensees' premises;

c anti-money laundering procedures to be followed by licensees; and

d enforcement – including applying for court orders.

The handbook is binding on all of CIMA's committees and officers.

Also worthy of mention is the Government General Registry. Its primary function is to develop and implement policies and procedures for all registers under its administration to ensure continued effective contribution to the financial services industry and the public. The registers maintained by the General Registry include the register of Cayman companies and Cayman partnerships. As we will discuss below, Cayman companies and partnerships are widely used in Islamic finance transactions.

II COMMON STRUCTURES

i Islamic transactions

As described in Section I.i, supra, the Cayman Islands is an IFC. The benefits of companies incorporated in IFCs have been well documented – including trusted legal systems (typically based on English law), low cost and efficient company incorporation, little or no taxation, no exchange control, trusted court systems and sophisticated professional infrastructure (with an array of experienced professional service providers).

Accordingly, Cayman exempted companies are used as the issuer (often described as the trustee) in many Islamic financing transactions, including sukuk, wakalah and ijarah. Exempted companies are the most common type of company incorporated in the Cayman Islands and are formed to conduct business outside of the Cayman Islands. Exempted companies are similar in structure to companies formed in other common law jurisdictions: shareholders' liability is limited (typically by shares) and the directors manage the business of the company.

Specifically, the Cayman company is set up as an 'orphan' special purpose vehicle (SPV). The company is referred to as an SPV because it is formed solely for the purpose of the relevant financing transaction. The SPV is referred to as an 'orphan' because the beneficial interest in the shares of the SPV, rather than being held by a parent company, are held by a trustee (either pursuant to a charitable trust or Cayman STAR trust1) for charitable or other specific purposes. As a result of the trust structure, the SPV is not part of the company group which is the ultimate borrower in the financing transaction. In that way, in the event of the insolvency of the borrower, a court is unlikely to find that the SPV should be included within the assets of the borrower's insolvent estate. The SPV is also made 'bankruptcy remote' under its constitutional documents or the transaction documents, or both, because it is prohibited from undertaking any activities other than the financing transaction. In that way, the SPV is unlikely to be liquidated, with a view to the transaction remaining in tact and the lenders being repaid.

The sukuk structure essentially works as follows:

a The Cayman SPV issues certificates to investors.

b The proceeds are used by the Cayman SPV to purchase an asset from the borrower. The asset is then leased back to the borrower.

c The borrower pays rent to the Cayman SPV so that the SPV may pay principal and coupon payments on the certificates.

d If specific events of default occur, the borrower is obliged to repurchase the asset at a certain exercise price, so that the SPV may redeem the certificates.

ii Close-ended funds

As discussed in Section I.i, 'Funds', supra, open-ended funds are typically regulated by CIMA. These funds are usually hedge funds established in the form of Cayman exempted companies.

On the other hand, closed-ended funds (i.e., funds with a fixed end date) are not regulated by CIMA. These funds typically include private equity and property funds and are often established as Cayman exempted limited partnerships (ELPs) under the Exempted Limited Partnership Law 2014 (the ELP Law).

The structure of an exempted limited partnership is essentially as follows:

a The general partner (GP) is alone responsible for the management of the ELP. Limited partners (LPs) are excluded from the management.

b Any debt or obligation incurred by the GP in the conduct of the business of an ELP is a debt or obligation of the ELP.

c In order to meet such debts or obligations, the GP may call on the capital commitments of the LPs.

d That is, under the terms of the ELP agreement, each LP will agree to contribute amounts to the ELP up to a certain fixed amount (i.e., its total capital commitment).

The Cayman ELP is one of the most commonly used investment vehicles in the world and commonly used for both Islamic and non-Islamic funds. Islamic funds are established in compliance with applicable shariah principles. For example, an Islamic fund may only invest in industries or properties that comply with Islamic law, but will be established using an ELP, similar to a conventional fund.

III TAXATION

Being an IFC, there is little taxation. The Cayman Islands have no form of income or capital gains tax nor do they have any estate duty, inheritance tax or gift tax. Where transaction documents are executed in, or taken into, the Cayman Islands, stamp duty will generally be payable. In most cases, the stamp duty will be nominal. However, ad valorem stamp duty will be payable where the transaction involves a transfer of, or security over, Cayman real property or shares in a Cayman company which holds Cayman real property. In relation to transfers, stamp duty is payable at the rate of 7.5 per cent on the purchase price or market value of the property, whichever is higher. In relation to security, stamp duty is payable on a sliding scale of 1 to 1.5 per cent depending on the amount secured by the mortgage. The Cayman Islands is not party to any double tax treaties. The tax position is the same for both Islamic and other types of finance transactions.

IV INSOLVENCY

i Rescue procedures

Adopted to address the needs of the Cayman Islands as an IFC, the Cayman insolvency regime focuses on the rights of creditors. The Cayman insolvency regime has rescue procedures aimed at resuscitating near-insolvent companies, notably:

a provisional liquidation – the company itself or its creditors or shareholders may apply for a provisional liquidator to be appointed. The objective is usually to preserve or protect the company's assets until the hearing of the winding-up petition. However, a provisional liquidator may give the company time to restructure its business or to obtain financing; and

b schemes of arrangement – the objective is to allow the company to enter into an agreement with its shareholders and for creditors to either:

  • restructure its affairs while solvent so that it can continue to trade and avoid liquidation; or
  • reach a compromise or arrangement with creditors or shareholders after liquidation proceedings have commenced.

A scheme of arrangement requires the sanction of the Grand Court in order for it to be binding on the company and its creditors.

ii Liquidation

In relation to liquidation proceedings, a company may be wound up:

a compulsorily by the court;

b voluntarily; or

c under the supervision of the court – this is in the scenario where the company voluntarily appoints a liquidator but it becomes clear that:

  • the company is or is likely to be become insolvent; or
  • court supervision will facilitate a more effective, less expensive or quicker liquidation.

iii Creditor protection

The insolvency regime is friendly to creditors in a number of ways:

a there is an express provision that secured creditors may enforce their security without the permission of the court or reference to the liquidator;

b there are provisions dealing with fraud in anticipation of the winding up, with criminal penalties applying; and

c the court may require liquidators to assist in criminal investigation of liquidated companies.

The Cayman insolvency regime applies equally to Islamic and non-Islamic transactions.

V JUDICIAL FRAMEWORK

The Cayman Islands (Constitution) Order 2001 establishes the Grand Court, the Court of Appeal and an independent judiciary. The Grand Court has five divisions to manage cases: the Admiralty, Civil, Criminal, Family and Financial Services Divisions. The majority of commercial cases are held in the Financial Services Division.

The Court of Appeal sits as a three-judge bench. Final appeal lies to the Judicial Committee of the Privy Council, in London.

In the absence of specific Cayman decisions, relevant decisions of the superior courts of England and Wales and of the countries of the Commonwealth, while not strictly binding, are highly persuasive. There have been no significant cases in relation to Islamic finance products or structures.

VI OUTLOOK

There has been a recent development in Cayman law which may affect the type of Cayman entity used in Islamic finance transactions: the Limited Liabilities Companies Law 2016 (the LLC Law) has created a new class of Cayman entity – a limited liability company (LLC), which is similar to a Delaware limited liability company. Going forward, these LLCs may be used as hedge fund vehicles, orphan SPVs or as GPs of ELPs, rather than Cayman exempt companies, particularly where the transactions are structured in jurisdictions that are familiar with Delaware limited liability companies. The advantages of an LLC include – flexible treatment of profits and losses free from capital-maintenance rules and the ability to stipulate, in the LLC agreement, that a person appointed to the board by a particular member may act in the interests of that member, rather than the LLC.

Reproduced with permission from Law Business Research Ltd. This article was first published in The Islamic Finance and Markets Law Review, 1st edition (published in November 2016 – editors Andrew M Metcalf and Michael Rainey).

Footnote

1 A STAR Trust is a form of statutory trust which can be established for persons, purposes (charitable and non-charitable) or both. The STAR Trust statutory provisions only apply where the trust instrument expressly states that they are to apply.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions