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ARTICLE · 04 AUGUST 2015

Cayman Islands Introduces Opt-In Regime For AIFMD Compliance

Walkers
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ESMA has announced that its advice will not treat all non-EU countries as a single block, and instead will distinguish between non-EU countries to extend the benefit of the passport.

Cayman IslandsFinance and Banking
Daniel Wood
Daniel Wood
Denise Wong
Denise Wong
Hughie Wong
Hughie Wong
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Today two draft bills (the "Bills") were published by the Cayman Island's Government which make certain amendments to the Mutual Funds Law ("MFL") and Securities Investment Business Law ("SIBL").

Key Points

  • The Cayman Islands has published bills for the amendment of key legislation regulating Cayman Islands funds and asset managers. The bills have been published in preparation for ESMA's advice to the European Commission on whether the EU AIFMD passport should be extended to non-EU managers that manage and/or market non-EU funds in the EU
  • The Mutual Funds Law is to be revised to allow Cayman Islands funds marketed into the EU or managed by an EU manager, including closed ended funds, to submit voluntarily to regulation by CIMA

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