July 31, 2015 - Following a Cayman Finance statement issued on
10 July 2015, Cayman Finance is pleased to see yesterday's
release from the European Securities and Markets Authority (ESMA)
announcing that they are moving forward with assessments and
recommendations in regards to the extension of the AIFMD Passport
to non-EU AIFMs and AIFs.
"We are happy to see this formal recommendation process
started, where ESMA is committed to taking an objective and
transparent approach to reviewing and recognising jurisdictions
around the world who play such an important role in the global
investment funds market and we look forward to ESMA reviewing and
assessing Cayman's carefully developed AIFMD regimes" said
Cayman Finance CEO Jude Scott.
The Cayman Islands remains committed to working very closely
with ESMA as it develops the additional AIFMD regimes as an
extension of its already successful investment funds
platforms. In the meantime, Cayman Islands investment funds
continue to be marketed into Europe utilising existing national
private placement regimes.
Cayman Finance is also pleased to see ESMA's recommendation
to the European Parliament, Commission and Council that they
"may wish to consider waiting until ESMA has delivered
positive advice on a sufficient number of non- EU countries, before
introducing the passport in order to avoid any adverse market
For EU investors, having access to the Cayman Islands'
global leading investment funds platform provides them with access
to investment options across a diverse range of investment products
Cayman Finance believes that Cayman's AIFMD Regimes, plus
on-going reciprocity, will enable Cayman to secure extension of the
AIFMD passport to the Cayman Islands by the European Commission,
should the Commission decide to extend passports to non-EU
countries in due course.
Cayman Finance CEO Jude Scott commented that "Cayman
Finance is fully supportive of the Cayman Islands Government and
the Cayman Islands Monetary Authority in their development of
Cayman's AIFMD Regimes. We all recognise Cayman's
important role in the global investment funds market and these new
AIFMD Regimes are the latest example of the jurisdiction continuing
to carefully evolve its legislation and regulation in a balanced
and robust manner to meet the needs of investors and managers
around the world without any disruption to our world class
On the 9 September 2016 the MFSA issued feedback to its consultation of the 1 April 2016 in relation to intra-group loans.
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