ARTICLE
27 July 2016

Cayman Islands Enhances Role As Premier Global Financial Hub With Innovative New LLC Law

CF
Cayman Finance

Contributor

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Cayman Finance is the association representing the financial services industry of the Cayman Islands, a premier global financial hub that efficiently connects law abiding users and providers of investment capital and financing around the world, benefitting developed and developing countries. Learn more about Cayman Finance at www.caymanfinance.ky.
Mr Jude Scott, CEO of Cayman Finance said the Cayman Islands financial services industry welcomed the Cayman Islands limited liability company (LLC) regime which became operational, following the 8 July publication of the Limited Liability Companies Law, 2016 (Commencement) Order 2016, and the publication of underlying related regulations
Cayman Islands Corporate/Commercial Law

Mr Jude Scott, CEO of Cayman Finance said the Cayman Islands financial services industry welcomed the Cayman Islands limited liability company (LLC) regime which became operational, following the 8 July publication of the Limited Liability Companies Law, 2016 (Commencement) Order 2016, and the publication of underlying related regulations.

"This new LLC law will give our industry a competitive advantage in the international market and enhance the critical role we play in the global economy," Mr Scott said. "It is the most recent example of Cayman's constant focus on evolving our industry to anticipate and meet the ever-changing needs of our clients."

"The success of those efforts demonstrates why the Cayman Islands is by far the largest domicile for global offshore alternative investment funds – home to over 11,000 regulated investment funds, many thousands of private equity funds and international commercial asset financing transactions, with the world's top managers using Cayman Islands vehicles in their structures."

According to the Cayman Islands Ministry of Financial Services, the new Cayman LLC is similar to a Delaware limited liability company.  It is a business vehicle with separate legal personality, like a Cayman Islands exempted company, but with certain features and flexibility akin to a Cayman Islands exempted limited partnership - including, with reference to the nature of a member's interest in an LLC, the manner in which accounts are maintained and with parties having substantial freedom of contract amongst themselves to determine the LLC's governance and other internal workings.

"The Cayman Islands financial services industry's collaborative relationship with government supports continuous enhancements to our legal infrastructure to create innovative new products and services like the Cayman LLC," Mr Scott said.

"We are proud to have worked with the Cayman Islands Ministry of Financial Services to make the Cayman LLC a reality and now look forward to working with industry customers to make it a success."


Cayman Finance's mission is to protect, promote, develop and grow the Cayman Islands financial services industry through cooperation and engagement with domestic and international political leaders, regulators, organisations and media; to promote the integrity and transparency of the Industry by legislative and regulatory enactment and to encourage the sustainable growth of the Industry through excellence, innovation and balance.

For more information about Cayman Finance visit www.caymanfinance.ky

Cayman Finance Contact: 
Lynne Byles, Tower:  345 623 6700   lynne@tower.com.ky

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