Cayman Islands continue towards AIFMD readiness
The Cayman Islands Government (CIG) confirmed on 25 March its continuing implementation of measures that will ensure that the Cayman Islands Monetary Authority (CIMA) will be ready for the July 2013 implementation of Europe’s Alternative Investment Fund Managers Directive (AIFMD).
The AIFMD seeks to create a harmonised regulatory regime which addresses the management and distribution of alternative investment funds within the European Union (EU), whether or not the funds or the managers in question are themselves established within the EU. As part of the new regime, AIFMD requires that non-EU member states (third countries) satisfy certain key requirements as a precursor to funds which are domiciled in, or which are managed by investment managers domiciled in, those third countries being marketed to investors in the EU…
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Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
The interpleader proceedings in Guernsey are dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.