The Cayman Islands have moved forward in terms of peer reviews and AIFMD compliance.
OECD – Successful Compliance Ratings
The Global Forum of the Organisation for Economic Co-operation and Development met in Jakarta during November 2013 and, as part of the actions taken, published a new set of compliance ratings of a number of countries and jurisdictions on practical implementation of the Global Forum's information exchange standard.  This is a key measure of compliance with the leading global requirements of transparency and good regulatory standards.  The Cayman Islands recently completed the second level review and were awarded a successful 'Largely Compliant' rating. This places the Cayman Islands in the same band as many of the other leading global financial centres including, among others, the US, UK, The Netherlands and Germany.
Cayman's favourable rating is a clear indication of its long standing and continuing tradition of meeting and exceeding its international cooperation obligations and adherence to high standards. Over the years, Cayman has also achieved excellent reviews from other international organisations such as the International Monetary Fund and the Financial Action Task Force.
AIFMD – Cayman Funds to continue to be available for offering across the EU
The Cayman Islands Monetary Authority ("CIMA") announced that it has entered into Memoranda of Understanding ("MOU") with 27 European countries which will enable the continued marketing of Cayman Islands funds throughout the European Union, with the latest MOU being signed with Bundesanstalt für Finanzdienstleistungsaufsicht of Germany ("BaFin").
The MOUs relate to the Alternative Investment Funds Management Directive ("AIFMD") which requires that certain conditions be met before Cayman (and other non-EU countries) can market alternative investment funds within the EU, including the signing of MOUs by CIMA with the regulators of EU member states.
The Managing Director of CIMA, Mrs Cindy Scotland, said "This MOU is the latest success in our continuing efforts to secure MOUs with our European counterparts. Each MOU is a victory for the Cayman Islands hedge fund industry, as the growing collection of agreements fosters cross-border business in accordance with the AIFMD."
CIMA's press release can be viewed here along with the list of other countries which have signed MOUs with CIMA.
The Cayman Islands are the world's leading jurisdiction for alternative investment funds. They have for years been at the forefront of robust and balanced regulation of such vehicles and boasts an unmatched infrastructure of high quality service providers, a sophisticated dedicated judicial system with particular expertise in financial matters, and the trust of global institutional and individual investors. 

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