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…
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