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ARTICLE · 15 JULY 2015

Cayman Funds Preparing For European Passport Extension

Dillon Eustace
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In a further step towards achieving European passport-ability for Cayman Funds, the Government of the Cayman Islands published two draft bills (the "Bills") on Friday 10th July...

Cayman IslandsFinance and Banking
Derbhil O'Riordan
Derbhil O'Riordan
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In a further step towards achieving European passport-ability for Cayman Funds, the Government of the Cayman Islands published two draft bills (the "Bills") on Friday 10th July which make certain enhancements to the existing Cayman Funds regime in order to provide a mechanism for compliance with the provisions of the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers ("AIFMD").

The first amendment being proposed is to the Mutual Funds Law and will result in the establishment of a new category of mutual fund, being a 'Regulated EU Connected Fund'. This Regulated EU Connected Fund will allow managers to opt-in to AIFMD style reporting in respect of that fund. In line with AIFMD, this amendment will be capable of being applied to both open and closed end funds. A Regulated EU Connected Fund will be any type of investment fund which (i) is either managed from or marketed in a Member State of the European Economic Area ("EEA") as contemplated

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