The Cayman Islands has issued new Beneficial Ownership Transparency Regulations and a Beneficial Ownership Act that pull private funds, mutual funds and trusts into disclosure for the first time.

The Cayman Islands has also passed a statutory framework for tokenised mutual and private funds, clarifying how digital fund tokens sit outside the virtual-asset service-provider regime.

The United States moved to federalize AI policy by executive order, with an AI Litigation Task Force to challenge inconsistent state laws, even as the Colorado AI Act takes effect on 30 June.

The mandatory USMCA review opens in July 2026, reopening questions on trade, investment, digital trade and AI rules across the United States, Mexico and Canada.

Mexico's competition-law reform and new National Antitrust Commission raise questions about enforcement independence just as the USMCA review puts the regime under scrutiny.

Cayman Pulls Funds Into Beneficial-Ownership Disclosure and Gives Tokenised Funds a Statute

The Cayman Islands issued the Beneficial Ownership Transparency (Amendment) Regulations 2026 in January, and the underlying Act now captures previously exempt structures, with private funds, mutual funds and trusts subject to disclosure and a fee-based legitimate-interest access regime. In parallel, March 2026 amendments to the Mutual Funds and Private Funds Acts created a statutory framework for tokenised funds, clarifying that digital fund tokens sit outside the virtual-asset service-provider regime.

Why it matters for counsel: Fund managers using Cayman vehicles must now map who counts as a beneficial owner under the broadened rules and prepare for register access, while anyone tokenising a fund finally has a clear statutory path. Both changes reward getting the structuring and disclosure analysis done now rather than at the next filing.

The CRA Sharpens Its Focus on Crypto, Offshore Holdings and Unreported Income

The Canada Revenue Agency is continuing to intensify audit and enforcement activity around crypto-asset transactions, offshore holdings and unreported income, backed by expanding data-sharing and reporting obligations. For taxpayers who are offside, the Voluntary Disclosures Program remains the main route to limit penalties and prosecution risk, but only before the CRA makes contact.

Why it matters for counsel: Clients with crypto gains, foreign accounts or historic non-compliance should assess their exposure and consider a voluntary disclosure now, because the window closes the moment an audit or review begins. Advising on disclosure strategy early is far cheaper than defending an assessment later.

"The integration of AI-driven analytics with CARF-based reporting represents a fundamental shift in crypto tax enforcement. What was once difficult to trace is now systematically identified and actioned by the CRA." David J. Rotfleisch  ·  Rotfleisch & Samulovitch  ·  Canada

Mexico Rebuilds Its Competition Regime, and the USMCA Review Is Watching

Mexico's constitutional and competition-law reforms have replaced its long-standing antitrust authority with a new National Antitrust Commission, reshaping how the Federal Economic Competition Law is administered. With the USMCA review opening in July, questions about the new body's independence, state-owned-enterprise carve-outs and data-access obligations are drawing close cross-border scrutiny.

Why it matters for counsel: Companies doing deals or business in Mexico need to track how the new Commission actually administers the law, since enforcement independence and process will shape merger clearances and investigations. The USMCA overlay means competition-law risk and trade risk are now tied together.

Costa Rica Lowers the Bar for Investor Residency, but Tightens How the Asset Is Held

Costa Rica has reduced the minimum investment for temporary residency as an investor from USD 200,000 to USD 150,000, opening the door wider to foreign buyers, while requiring that qualifying real estate now be held directly in the individual applicant's personal name. Capital gains on property remain taxed at 15% on net profit.

Why it matters for counsel: The lower threshold widens the pool of investor-residency candidates, but the personal-holding requirement cuts across the corporate and trust structures many buyers default to, with knock-on tax and succession consequences. Structuring advice needs to start before the purchase, not after.

The BVI Opens Beneficial-Ownership Information to "Legitimate Interest" Access

From 1 April 2026, the British Virgin Islands implemented a "legitimate interest" framework for accessing beneficial-ownership information, allowing defined categories of requester to obtain data where a qualifying interest is shown. It mirrors the wider offshore move, alongside the Cayman Islands, toward conditional transparency that balances privacy against international pressure.

Why it matters for counsel: Owners of BVI structures should understand who can now reach their beneficial-ownership data and on what basis, and revisit how they hold and document their interests. The privacy calculus that drove many structuring decisions has shifted, even if the register is not fully public.