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Cayman Islands Hedge Fund Services 2017
Cayman Islands Hedge Fund Services 2017

Wed, 18/01/2017 - 09:12

With the introduction of the Cayman LLC, the EU Connected Fund in its final stages of approval and a general drive towards continued regulatory evolution, this special report looks at how the Cayman Islands - the world's leading hedge funds jurisdiction - is putting itself just where it needs to be to support global fund managers in today's regulatory environment.

The 'Cayman Islands Hedge Fund Services 2017' special report comprises 16 separate articles listed below, these can be read individually or as a sequence.

James Williams, Hedgeweek

Under the microscope: Cayman regulatory updates

Wed, 18/01/2017 - 09:16

With the introduction of the Cayman LLC, the EU Connected Fund in its final stages of approval and a general drive towards continued regulatory evolution, the Cayman Islands is putting itself just where it needs to be to support global fund managers in today’s regulatory environment.  »

Jonathan Green, Maples and Calder

Cayman LLC is flexible and cost-effective

Wed, 18/01/2017 - 09:25

The Cayman Limited Liability Company structure has been up and running since mid-July 2016 and over that short period of time close to 200 LLCs have been registered in the jurisdiction.  »

Richard Spencer, Campbells

Using SPCs as emerging manager platforms

Wed, 18/01/2017 - 09:37

Flexibility, cost-effectiveness and speed to market are just a few of the advantages to electing to launch a fund on a pre-existing Segregated Portfolio Company (SPC) fund platform.  »

Maree Martin, Conyers Dill & Pearman

The growing importance of independent boards

Wed, 18/01/2017 - 09:42

Such is the level of scrutiny facing alternative fund managers that the general trend towards increased usage of independent directors has risen in recent times. Maree Martin (pictured), Counsel at Conyers Dill & Pearman, confirms that fund boards are not only becoming comprised of majority independent directors but that a more recent trend is the use of split independent boards.  »

Chris Humphries, Stuarts Walker Hersant Humphries

Cayman Islands compliance and transparency

Wed, 18/01/2017 - 09:54

By Chris Humphries, Stuarts Walker Hersant Humphries – The Cayman Islands is a transparent International Financial Centre which complies with all global standards on tax transparency and information exchange and whose financial services industry seeks to achieve the highest levels of professional conduct in order to service its core markets in a manner which is at all times: consistent with the high expectations of the Cayman Islands regulators; in accordance with the Cayman Islands laws and established best practices; and, to the extent possible, beyond reproach by its counterparts (and their respective regulators, law makers and governing bodies) in the traditional major financial centres around the world. In furtherance of this objective, the Cayman Islands has implemented various legislation, entered into inter-governmental agreements and otherwise adheres to other global standards so that it is compliant in all aspects of tax transparency and information exchange. »

Leon den Exter, DMS Governance

Board observer rights – Is it a good idea?

Wed, 18/01/2017 - 10:01

By Leon den Exter (pictured) & Vumi Dube, DMS Governance – A professional director for a hedge fund might take an instinctive view that board observer rights are not desirable given the traditional view of separation of capital ownership and those responsible for fund governance. Professional directors confident in their abilities would, however, welcome the opportunity to show how seriously they take their fiduciary responsibilities and demonstrate their skills and knowledge of good governance under the scrutiny of a board observer.  »

Prasana, Walkers

Hedge fund redemptions show market is maturing

Wed, 18/01/2017 - 10:09

The third quarter of 2016 saw an estimated USD28 billion of hedge fund net outflows – the highest since 2009. This brought year-to-date redemptions to USD51.5 billion. Those suffering significant outflows included high-profile stalwarts of the industry such as Brevan Howard, which saw USD3 billion in redemptions in the first six months of 2016. »

Chris Duggan, CAIS

Davos for alternative investment fund managers

Wed, 18/01/2017 - 10:14

The fourth annual Cayman Alternative Investment Summit (CAIS), scheduled for 15-17 February in the Cayman Islands, will convene leading thinkers and decision makers from across the industry as they explore this year's theme: Defying Gravity: The Future of Alternative Investments in Exceptional Times. »

Alex Brainis, Appleby (Cayman)

Cayman finalises AIFMD‑like regime

Wed, 18/01/2017 - 10:20

In 2018, the National Private Placement Regime pathway to access European investors is scheduled to be phased out. But given that ESMA is yet to approve the next wave of jurisdictions to qualify for the AIFMD third country passport, this seems an unlikely timeframe. »

Rayal Bodden, Apex

People and process key to effective AML framework

Wed, 18/01/2017 - 10:25

As global asset management groups increasingly adopt digital platforms to connect with counterparties and investors in today's knowledge-based economy, the risks of cybersecurity threats are rising. Funds of all shapes and sizes are susceptible to fraud committed internally by employees or external criminal groups – hactivists, terrorist groups – which can have a potentially devastating impact on shareholders, oblivious to the risks. This could lead to investors losing part or all of their investment while ongoing criminal investigations and court procedures play out. As such, the Money Laundering Reporting Officer (MLRO) is becoming a vital role in the operations of investment funds.  »

James Williams, Hedgeweek

CIMA increases fund governance enforcement powers

Wed, 18/01/2017 - 10:35

The Cayman Government is currently proposing legislative changes which would give CIMA additional powers to impose administrative fines on licensed and regulated individuals and entities. The Monetary Authority (Amendment) Bill 2016 seeks to amend the Monetary Authority Law and if passed will enable CIMA to impose a range of penalties from non-discretionary fines of USD5,000 for a minor breach up to USD1 million for a serious breach. CIMA would be able to impose cumulative fines of up to USD20,000 for a single minor breach.  »

Giorgio Subiotto, Ogier

Avoiding sledgehammers to crack nuts

Fri, 10/03/2017 - 09:23

During the crisis in 2008, investors started to appreciate how important corporate governance was but it wasn't until 2013 that Cayman introduced the Statement of Guidance to provide a clear framework for best practices. This was followed by the Directors Registration and Licensing Law, 2014, which applies to all directors of Cayman registered mutual funds and requires them to be registered with or licensed by the Cayman Islands Monetary Authority.  »

Tim Min, BDO

Tax reporting under CRS to commence in 2017

Wed, 18/01/2017 - 10:45

The US Foreign Account Tax Compliance Act reporting cycle has been running now for two years. As such there is a good level of visibility in terms of how this tax reporting exercise needs to be done and most financial institutions are clear on the definitions used.  »

Martt Mulry, Dillon Eustace

Cayman LLC offers multiple applications to investment managers

Wed, 18/01/2017 - 10:49

The Cayman Limited Liability Companies Law (`LLC Law') was formerly introduced on 8 July 2016 and is expected to be used for a broad range of structuring situations.  »

Geoff Ruddick, IMS Fund Services

Spotlight – A decade of independent governance

Thu, 19/01/2017 - 16:05

Q&A with Geoff Ruddick (pictured), IMS Fund Services – You mentioned in your last article that ‘Governance is not a game’ – can you expand on what you meant by that statement?  »

A ‘KURE’ for regulatory fatigue: Koger Universal Regulatory Engine

Wed, 18/01/2017 - 11:03

By Ras Sipko (pictured), Koger USA – For the past four years, alternative fund managers with US investors have been coming to terms with the far-reaching effects of the Foreign Account Tax Compliance Act or FATCA. Some 60-plus countries have signed up to cooperate with the IRS in order to enforce FATCA and this year the compliance burden is set to grow yet again for international fund managers.  »

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