Cayman Funds Newsletter - September 2016

US & UK FATCA Update 2016

Further to our last newsletter, the Department of International Tax Cooperation (“DITC”) issued a further advisory confirming a final extension of both the notification and the reporting deadlines in respect of US FATCA and UK FATCA to 2 September 2016. The notifications and reporting by Reporting Financial Institutions are done through the Cayman Islands AEOI Portal.

AIFMD Update 2016

On 18 July 2016, the European Securities and Markets Authority (ESMA) published its second advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in accordance with Article 35 and Articles 37 to 41 of the AIFMD.

Cayman Finance Supports Beneficial Ownership System Updates with the UK

Cayman Finance has supported the Cayman Islands Government in its announcement of the signing of an agreement by the UK and the Cayman Islands on enhancements to its existing beneficial ownership system.

Cayman Islands on Italy's Whitelist

The Cayman Islands has recently been included on Italy’s whitelist. The inclusion in the whitelist means that Cayman domiciled funds are allowed to invest in Italian securities like; bonds, credit and real estate funds, and receive interest disbursements gross of withholding tax.

Cayman LLC in Force

The new Cayman Islands’ Limited Liability Companies Act, 2016 was implemented in mid-July, partly as a result of requests made by the US financial services industry for such a vehicle.

Termination of Cayman funds - Advance Planning to Minimise 2017 Fees

This is the time of year to consider if the winding up process should be initiated to minimise or eliminate 2017 fees which for a master/feeder fund could be over US$10,000 per year incurred in January 2017.

Investments and Securities Q3 2016

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

Publications

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