Cayman Funds Newsletter - December 2014

Cancellation of a Certificate of Registration of a Regulated Mutual Fund

The Cayman Islands Monetary Authority proposes new rule for the cancellation of a licence or certificate of registration of regulated mutual funds.

The Directors Registration and Licensing Act 2014 Annual Fees

The Directors Registration and Licensing Act, 2014 (the “Law”) came into force on 4 June 2014. The Law requires that the directors (both natural persons and corporate directors) of “covered entities” be either registered or licensed with the Cayman Islands Monetary Authority (“CIMA”) in accordance with the Law.

FATCA Guidance Notes Updated - Cayman Islands

The Cayman Tax Information Authority (“TIA”) has issued an updated version of the FATCA Guidance Notes.

AIFMD Update

The European Securities and Markets Authority (“ESMA”) has confirmed that it will shortly commence an assessment of the Cayman Islands for its inclusion within the passport regime under the terms of the Alternative Investment Fund Managers Directive.

Investments and Securities Q4 2014

Read the latest Licences / Registrations figures in effect in the Cayman Islands.

Update on the Cayman Exempted Limited Liability Company

Draft legislation relating to the creation of an Exempted Limited Liability Company (“ELLC”) continues to make progress and it is anticipated that ELLCs will, in the near future, be available as an alternative legal form of vehicle for the formation of funds in the Cayman Islands.

Cayman Islands Signs Multilateral Competent Authority Agreement (MCAA)

The Cayman Islands has joined more than 50 countries and jurisdictions in signing the Multilateral Competent Authority Agreement (“MCAA”).

Richard Annette Promoted to Head of Litigation

Stuarts Walker Hersant Humphries is pleased to announce the promotion of Richard Annette to Head of the Litigation department.