The AIFMD and the Cayman Islands — implementation update
The Cayman Islands has moved a step closer to compliance with the Alternative Investment Fund Managers Directive (AIFMD) with the recent introduction of a bill to amend the Monetary Authority Law (2011 Revision) of the Cayman Islands.
One of the key aspects of the AIFMD is the status of so‐called third countries, being those countries situated outside of the EU (Third Countries). The AIFMD will require EU regulators to interact with Third Country regulators, such as the Cayman Islands Monetary Authority (CIMA), after the 22 July 2013 transposition date of the AIFMD. The Bill is designed to strengthen the provisions of the Law relating to consultation, co‐operation and the exchange of information between CIMA and external regulators and provides for the mechanisms, instruments and procedures that will assist with the practical requirements of the AIFMD in respect of exchange of information, oversight and implementation vis‐à‐vis overseas regulatory authorities. Specifically, the Bill amends the Law to allow CIMA to act in accordance with any request made to CIMA by an overseas regulatory authority (such as the UK Financial Services Commission) pursuant to, and in accordance with, the terms of a memorandum of understanding (MoU) entered into between CIMA and the overseas regulatory authority; and to permit an overseas regulatory authority to carry out, in relation to an entity in the Cayman Islands that is subject to its supervision or regulation, an on‐site inspection or visit in a manner agreed in writing by CIMA and the relevant overseas regulatory authority…
If you are registered and logged in to the site, click on the link below to read the rest of the Conyers Dill & Pearman briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Conyers Dill & Pearman
News from The Lawyer
Briefings from Conyers Dill & Pearman
Financial institutions will need to adopt onboarding procedures for new investors
All regulated entities should implement a ’risk policy’ on outsourcing, and other requirements.