The Cayman Islands Monetary Authority’s (CIMA’s) recently published statement of guidance (SOG) on matters of fund governance takes effect on 13 January 2014 and applies to all funds regulated under the terms of the Mutual Funds Law.
The SOG follows a broad review of fund governance by CIMA and should be read as a statement of what CIMA considers to be a baseline of adequacy as opposed to a statement of aspiration.
The SOG establishes key principles of good governance that must be observed by funds that CIMA regulates. Many funds will not be phased by the requirements of the SOG for their governance models will exceed the standards that the SOG demands, although others may find the SOG challenging and should seek to improve their governance standards accordingly…
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