CIMA — statement of guidance for regulated mutual funds

As a result of the industry consultation process commissioned by the Cayman Islands Monetary Authority (CIMA) earlier this year, CIMA has published a statement of guidance (SoG) that applies to investment funds regulated under the Mutual Funds Law of the Cayman Islands.

The SoG sets out best practice and lays down minimum standards for governing bodies of funds on the topic of corporate governance.

The SoG does not impose a strict or all-encompassing code of conduct on governing bodies or operators of funds. At a concise eight pages, the SoG establishes an overall framework for good corporate governance within which funds should operate. The SoG does not contain specific restrictions on investments, risks or strategies, nor does it attempt to direct, prescribe or constrain the management or business activities of funds…

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