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ARTICLE · 01 OCTOBER 2015

Cayman Publishes Two Laws On Pathway To AIFMD Equivalency

Dillon Eustace
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As a formal step towards achieving European passport-ability for Cayman Funds, the Government of the Cayman Islands have now gazetted the laws (the "Laws")

IrelandCorporate/Commercial Law
Derbhil O'Riordan
Derbhil O'Riordan
Jonathan Law
Jonathan Law
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As a formal step towards achieving European passport-ability for Cayman Funds, the Government of the Cayman Islands have now gazetted the laws (the "Laws") recently approved by the Islands' Legislative Assembly which will 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 Mutual Funds Law and the Securities Investment Business Law.

The changes to the Mutual Funds Law 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

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