Cayman and BVI financial services regulators have announced
Memoranda of Understanding (MOU) with 25 European
countries which will enable the continued marketing of Cayman
Islands and BVI funds throughout the majority of European
Union.
The MOUs relate to the Alternative Investment Funds Management
Directive (AIFMD) which is to be implemented across Europe from 22
July 2013.
The AIFMD requires that certain conditions be met before non-EU
countries can market alternative investment funds within the EU,
including the signing of MOUs by the non-EU regulators with the
regulators of EU member states.
The Managing Director of the Cayman Islands Monetary Authority
Cindy Scotland expressed satisfaction that CIMA has now been able
to sign the 25 MOUs and said, "Given the importance of Europe
as a market for Cayman hedge funds, we have contacted the five
European countries which have not yet signed with a view to
securing signed MOUs." The remaining countries are
Austria, Germany, Italy, Slovenia and Spain.
In its announcement the BVI Financial Services Commission stated:
"The BVI FSC is pleased to have executed these agreements
which demonstrate the recognition and importance of BVI funds in
the global funds industry."
CIMA's press release can be viewed here along with the list of countries which
have signed MOUs. The BVI Financial Services Commission's press
release can be viewed here.
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