Cayman Funds Newsletter - September 2017

The Contracts (Rights of Third Parties) Bill, 2014

The Cayman Islands Government has published The Contracts (Rights of Third Parties) Bill, 2014 to make a law which will provide for the enforcement of contractual terms by third parties (the "Law"). The Law was originally opened for public consultation in 2012 and is now expected to come into force shortly.The Law will bring the Cayman Islands into line with the UK and the UK and the US relation to the ability of person to enforce rights which are conferred upon him pursuant to a contract to which he is not a party ("third party"), thereby overriding the common law principle that only parties to a contract are able to enforce its terms.

FSB confirms the Cayman Islands as a Jurisdiction

The Financial Stability Board (FSB) has confirmed its designation of the Cayman Islands as a jurisdiction which demonstrates sufficiently strong adherence to international standards on cooperation and information exchange.

Statement of Guidance - Regulated Mutual Funds

The Cayman Islands Monetary Authority ("CIMA") recently issued a new Statement of Guidance for Regulated Mutual Funds (the "Statement"), which sets out CIMA's expectations regarding the corporate governance regime of regulated mutual funds. In essence, CIMA expects the oversight, direction and management of a regulated mutual fund to be conducted in a fit and proper manner. Accordingly, the purpose of the Statement is to provide the governing body of a regulated mutual fund (the "Governing Body") and its operators (the "Operators") with guidance on the minimum expectations for the sound and prudent governance of the regulated mutual fund.

Cayman Islands signs Tax Information Exchange Agreement with Brazil - "TIEA"

Cayman continues to deliver on tax transparency. As well as the developments related to AIFMD and FATCA, Cayman recently announced the signature of its 31st tax information exchange agreement (TIEA). This agreement, signed on March 19 with Brazil, is an important milestone, given that Brazil is a rapidly growing economy which already has significant financial ties with Cayman.

Investments and Securities

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

Publications

• HFM Week Cayman Report 2017
• Getting The Deal Through Private Equity 2017
• ​Hedgeweek Cayman Report 2017
• Podcast: Duties of a Director