Cayman Islands: fund-specific guidance on corporate governance
In January 2013, the Cayman Islands Monetary Authority (CIMA) held a private sector consultation process regarding corporate governance for regulated entities in the Cayman Islands. In July 2013, it produced, specifically for mutual funds, a consultation paper and a draft Statement of Guidance on Corporate Governance for Mutual Funds (SoG‐MF), intended to apply to all regulated mutual funds. CIMA circulated the SoG‐MF for industry review and, on 5 December 2013, after reviewing and considering industry comments, issued a final draft of the SoG‐MF.
The SoG‐MF seeks to provide high-level guidance on the corporate governance standards expected in the oversight of regulated mutual funds by its operators (in other words, directors) including the primary duties applicable to the directors of such funds…
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