Guernsey’s fund sector is expecting increased interest in its Private Investment Fund following a change in its rules and guidance.
The Cayman Islands has recently taken a number of measures to reinforce its position in the global financial services market.
Q&A with Gary Smith, Partner, Loeb Smith Attorneys
By Lucy Frew, Partner, Walkers – Significant developments in the regimes for data protection and cybersecurity, together with increasing investor awareness, mean that these are key issues for hedge fund businesses in 2018.
Q&A with Jude Scott, Chief Executive Officer (CEO) of Cayman Finance…
Besides the Data Protection Law, 2017, which was gazetted on 5 June 2017 and is expected to come into force in January 2019, the main regulatory development, in terms of its impact on Cayman regulated hedge funds, is The Monetary Authority (Amendment) Law, 2016.
Changes to beneficial ownership – The Companies Law and the Limited Liability Companies Law of the Cayman Islands (Regime) requires certain Cayman Islands corporate entities (each a company) to maintain a beneficial ownership register (Register) at their relevant registered office, the information of which will be stored in encrypted form on a secure, stand-alone search platform established by the Minister of Financial Services of the Cayman Islands, as the competent authority (Competent Authority).
With the global financial crisis of 2008 now a decade in the past, much has changed in terms of how offshore private funds are governed and monitored. The highly publicised Weavering case in 2009 brought the role of fund directorships into sharp focus, specifically the lack of robust independent oversight.
A number of regulatory developments have been introduced into the Cayman Islands over the last 12 months as it takes further steps to ensure the transparency and integrity of its financial funds industry stands up to global scrutiny.
Last July, the Securities Commission of The Bahamas (the Commission) embarked on a process to overhaul the Investment Funds Act. The Investment Funds Act 2003 was largely structured to be in line with the operations of fiduciary administrators and did not necessarily account for the appropriate regulation of the various roles within a fund structure.