In 2011, ahead of the introduction of the AIFMD in Europe, an article entitled “A foot in both camps”, was written by Derek Delaney, Managing Director of DMS Offshore Investment Services (Europe) Limited. In it, Delaney (pictured) wrote: “There is an enduring perception that the established European domiciles such as Ireland and Luxembourg are in direct competition with the leading offshore domiciles such as Cayman. This perception has transcended reality to the extent that leading participants in both camps deem it necessary to fight their corner.”
UBS Fund Services has had one of its strongest years in terms of winning new clients according to Monette Windsor (pictured), who heads up the Cayman Islands business.
After signing Model 1 inter-governmental agreements (IGA) with both the US and the UK in November 2013, in July 2014 the Cayman Islands government passed the necessary regulations to provide legal obligations with respect to US and UK FATCA as a matter of Cayman Islands law. Also in July 2014, the Cayman Islands Tax Information Reporting Authority (‘TIA’) issued the first official version of the Cayman Islands FATCA guidance notes.
By Giorgio Subiotto (pictured) & Shameer Jasani, Ogier – We have witnessed a clear evolution in how the composition of boards of directors on Cayman investment funds has been structured.
By Nicholas Butcher, Maples and Calder – Cayman Islands exempted limited partnerships (“ELPs”) are currently riding the crest of a wave. Consistently a popular form of investment vehicle for hedge and especially private equity funds, 2013 saw a record 2,368 ELPs formed and registered in the Cayman Islands, and with the tally of new registrations in the calendar year to November 2014 already standing at 2,580, that record is set to be eclipsed this year.
On 6 December 2013, after a period of consultation with industry practitioners, the Cayman Islands Monetary Authority (CIMA) – the Islands’ financial regulator – released its Statement of Guidance for Regulated Mutual Funds (‘SoG-MF’). In essence, the SoG-MF codifies and sets guidance on the minimum corporate governance standards required by operators of regulated mutual funds (directors, general partners) and gives the operators a clear understanding of their primary duties.
Dominic Wheatley (pictured), Chief Executive of Guernsey Finance, explains how the Island provides Latin American fund managers and investors with a unique offering.
Guernsey’s financial services regulator approved 42 new investment funds during the second quarter of this year, bringing the total number of additions in the 12 months to the end of June to 131.