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
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
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
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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