AIFMD Consistent Regimes for the Cayman Islands

The Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2016 ("Fund Regulations") and The Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2016 (the "Manager Regulations" and together with the Fund Regulations, the "New AIFMD Regulations") were published on 16 December 2016.  The New AIFMD Regulations will be brought into force by way of a separate commencement order, which is anticipated to be published and take effect sometime next year. 

Clients may recall that in August 2015 the necessary amendments to the Cayman Islands Mutual Funds Law and the Securities Investment Business Law required to implement AIFMD¹ consistent regulatory regimes (the "AIFMD Consistent Regimes") were passed.  The New AIFMD Regulations set out the detail and the substantive provisions of the Cayman Islands AIFMD Consistent Regimes.