Cayman Responds To Global Regulation Challenges

Last year's Weavering case, in which Justice Jones QC examined in detail the role of independent directors and the operation of a Cayman fund, proved to be a watershed moment for the Cayman Islands.

Neither of the Weavering Macro Fixed Income Fund's directors was Cayman-based or registered with CIDA (Cayman Islands Directors Association). Rather than harm the island's reputation, their failings helped accentuate the good work of Cayman directors and "re-affirm what Cayman directors have been doing", says Matt Mulry, partner at Dillon Eustace (Cayman).

"The case shone a light on the director's role as an independent check on managers of Cayman funds, as well as monitoring fund administrators and custodians.