Cayman Funds Newsletter - September 2015

AIFMD Passport Regime Update

The Cayman Islands is confident it will be granted the EU’s Alternative Investment Fund Managers Directive passport, according to the Alternative Investment Management Association, the global hedge fund industry association. Cayman is awaiting assessment by the European Securities and Markets Authority, which it hopes will lead to its approval for the pan-European marketing passport.

Mutual Funds Filings

CIMA has implemented a new regulatory procedure (the “New Procedure”) in connection with the cancellation of a licence or certificate of registration of a Cayman Islands regulated mutual fund.

Cayman Companies (Amendment) Act: Extension of the Notification Period to Submit Director and Officer Details

The Ministry of Financial Services advises that The Companies (Amendment) Act 2015 will commence on 2 November 2015.

FATCA and Common Reporting Standard Update

FATCA Notifications and 2014 Returns should have already been completed and successfully submitted. Further to our last update when we reported that the Cayman Islands Ministry of Finance had announced its plans to introduce regulations in October 2015 dealing with the implementation of the Common Reporting Standard (the “CRS”), the Cayman Islands Ministry of Financial Services has circulated, for industry feedback, draft regulations, The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Draft Regulations”).

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 Q3 2015

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

Publications

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