Cayman Funds Newsletter - December 2016

US & UK FATCA & CRS Update 2016

Any financial institution that has been designated as sponsored investment entities and that has or has had US reportable accounts must, from 1 January 2017, be separately registered with the IRS and have its own Global Intermediary Identification Number. UK FATCA will be phased-out due to the implementation of the Common Reporting Standard. However, each Financial Institution that has reporting obligations under UK FATCA will need to file a return under UK FATCA for any reportable accounts held during 2016 by 31 May 2017. Financial Institutions that are subject to CRS reporting obligations will need to notify the Cayman Islands Tax Information Authority (“TIA”) by 30 April 2017 of such fact and will need to file a CRS return (in respect of reportable accounts held during 2016) by 31 May 2017.

The Cayman Islands Monetary Authority New Enforcement Powers

In a desire to remain at the forefront of relevant international regulatory standards and also to enable ESMA to complete its assessment process in favour of granting the Cayman Islands access to the EU passport regime under the Alternative Investment Fund Managers Directive, the Cayman Islands Monetary Authority (“CIMA") may be granted new enforcement powers.

Termination of Funds Registration LUT or LUL

The Cayman Islands Monetary Authority (“CIMA”) issued a notice in September 2016 advising that for funds that have been in Licence Under Liquidation (“LUL”) or Licence Under Termination (“LUT”) for more than six months, CIMA will contact the fund via its Registered or Principal Office in order to collect any outstanding documents or fees; failing which, CIMA will cancel the Certificate of Registration or Mutual Fund Licence as an administrative action. Where such an administrative cancellation takes place, CIMA may take this into consideration when assessing the fitness and propriety of the fund’s operators.

Investments and Securities Q4 2016

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

Stuarts Investment Funds Conference 2017 - 15 Years & Climbing

Stuarts Walker Hersant Humphries is pleased to be hosting the Stuarts Investment Funds Conference 2017 – 15 Years & Climbing for its 15-year anniversary at the Sofitel New York Hotel in New York City on Thursday 9 March 2017.

Publications

• American Lawyer Offshore 2016
• HFM Week Cayman
• Hedgeweek Cayman Report 2016
• Getting The Deal Through Private Equity 2016