The financial services regulators of the Cayman Islands and Gibraltar have agreed to cooperate, consult, and exchange information regarding firms subject to the Alternative Investment Fund Managers Directive.
The Alternative Investment Fund Managers Directive (AIFMD) is a European Union (EU) law on the financial regulation of hedge funds, private equity, real estate funds, and other Alternative Investment Fund Managers (AIFMs) in the EU. Cayman Island funds marketed to EU investors or with an EU-based manager are affected by AIFMD.
The agreement, contained in a memorandum of understanding (MoU), was signed by Cindy Scotland of the Cayman Islands Monetary Authority (CIMA) and Samantha Barrass of the Gibraltar Financial Services Commission (GFSC).
Scotland commented: “Europe is an important market for Cayman hedge funds. The fact that our continuing efforts to secure MoUs with our European counterparts are bearing fruit is a source of satisfaction. We are pleased to add the GFSC to the list of European counterparts with whom we have such agreements.”
Barrass said: “The GFSC enjoys a close working relationship with CIMA, and the signing of this MoU represents a commitment to further communication and regulatory cooperation. This Alternative Investment Fund Managers Directive MoU facilitates information exchange and experience sharing, important processes that will enhance our capabilities as supervisors of AIFMD entities.”