AIFMD update — Cayman Islands
The Cayman Islands Monetary Authority has announced that it has entered into co-operation arrangements with the securities regulators of 25 European countries. This is welcome news as it means Cayman Islands funds can continue to be marketed to professional investors in these countries under national private placement regimes after 22 July 2013, the date the European Alternative Investment Fund Managers Directive (AIFMD) is transposed into national laws of EU member states.
In addition to complying with the requirements of the applicable private placement regime, investment managers wishing to market Cayman Islands funds into these European countries after 22 July 2013 will need to comply with a number of requirements…
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Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.