Cayman Finance Statement on ESMA's AIFMD Passport Advice

With the news today from the European Securities and Markets Authority ("ESMA") deferring its recommendation to the European Commission ("EC") that the Cayman Islands (along with several other countries) be considered for a "third country passport" under the Alternative Investment Fund Managers Directive ("AIFMD"), Cayman Finance CEO Jude Scott, stated that:

"Given the large number of alternative investment funds domiciled in Cayman, we play a critical role in the success of the global economy. Cayman has also been recognized for decades as a strong partner of EU members and other states in combatting corruption, money-laundering and tax evasion because we meet or exceed all globally-accepted standards for transparency and cross border cooperation and regulation. Our leadership on international standards compliance includes the introduction of the tax information exchange and co-operation agreements with EU regulators required by the AIFMD, as well as the development