The Cayman Island’s Government has published two draft bills which create regimes to allow managers to opt-in to reporting consistent with the Alternative Investment Fund Managers Directive (AIFMD) requirements.
The bills will make changes to both the Mutual Funds Law (MFL) and Securities Investment Business Law (SIBL).
The regimes will regulate both EU connected funds and EU connected managers which are consistent with the AIFMD.
It gives funds and managers based on the Cayman Islands the option to elect an extra layer of regulation that is consistent with relevant requirements of AIFMD.
The broad framework for the regimes is included in the bills, which it is anticipated will pass into law during August 2015.
Jude Scott, Cayman Finance chief executive officer, said: “The Cayman Islands Government, the Cayman Islands Monetary Authority and the Cayman Islands financial services industry all recognise Cayman’s important role in the global investment funds market, and these new AIFMD regimes are the latest example of the jurisdiction continuing to evolve its legislation and regulation in a balanced and robust manner to meet the needs of investors and managers around the world.”
Cayman Island Government, Alternative Investment Fund Managers Directive, Cayman Finance, Jude Scott, Cayman
Source: Cayman Funds