Cayman Funds Newsletter - June 2015

AFS and FAR Filing Deadline Extension

Funds with a financial year end ("FYE") of 31 December 2014 are required to file audited financial statements and a FAR form with the Cayman Islands Monetary Authority (the “Authority”) through the Authority's online portal by 30 June 2015. However, the filing deadline has been extended by one (1) month to 31 July 2015 for all such funds. Funds with FYEs falling subsequent to 31 December 2014 are still obligated to file within six (6) months of the FYE or submit an extension request and pay the requisite fee.

Cayman Common Reporting Standard and FATCA Update

Each Cayman Islands Financial Institution should by now have filed its first report with the Cayman Islands Tax Information Authority. The Cayman Islands Ministry of Finance has recently announced that it plans to introduce regulations in October 2015 dealing with the implementation of the Common Reporting Standard.

Caledonian Bank Limited (In Official Liquidation) Update

In our last quarterly update we detailed the events leading up to the liquidation of Caledonian Bank Limited (In Official Liquidation) (the “Bank”) and Caledonian Securities Limited (In Official Liquidation) (“Securities”) and informed you that the Grand Court of the Cayman Islands had appointed Mr. Keiran Hutchison and Claire Loebell as Joint Official Liquidators of the Bank and Securities (the “JOLs”).

Investments and Securities Q2 2015

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

Growth in Company Formations

New incorporations in the Cayman Islands are now reaching a pre-recession peak and with the total number of companies at the end of 2014 being 99,459 companies, the Cayman Islands Registrar of Companies is poised to break through the 100,000 barrier for the first time in its history.

Side Letters - Lancelot Investors Fund, Ltd. - Case Law Review

On 27 April 2015, the Court of Appeal handed down their reasons for judgment in In the Matter of Lancelot Investors Fund, Ltd. This case is of importance to any investor proposing to enter into a side letter with a fund.

Cayman Islands Responds To Its Inclusion On The EU Blacklist

The European Commission has included the Cayman Islands on a list it has now published of the top 30 ‘non-cooperative’ jurisdictions. The list includes those jurisdictions that are blacklisted by at least 10 member states of the EU. This has led to some other intriguing inclusions on the list with jurisdictions such as Bermuda, the British Virgin Islands, Hong Kong, Guernsey, Liechtenstein and Monaco all being included on the list.

Publications

• Hedgeweek Cayman Report 2016
• Getting The Deal Through Private Equity 2016