Cayman investment funds is a testament to Darwin's theory of evolution, which takes place over a long period of time. Even if it takes years, as thousands of years, however, seems to modernize the rules governing the fund industry is a complex process, Cayman.
The rapid growth of the hedge fund industry in Cayman is the context in which the revision of the scheme in progress. The number of funds registered or approvedwith the Cayman Islands Monetary Authority (CIMA) growth has been incredible.
CIMA, a working group comprising representatives of the Fund Managers Association of Cayman Islands, Cayman Islands, the Society of Chartered Accountants has been established that the bar of the Cayman Islands and the Cayman Islands Bar Association review of the recommendations of the policy itself, the CIMA and The research examined the regulation of mutual fundsIndustry.
The working group aims to improve the regulation of fund industry to meet the needs of a competitive offshore financial center and international standards have a balance of offshore financial center request made by a number of international organizations.
It is likely that created four instead of two categories. The categories are the chances of a common standard for funds offered to the publicpublicly managed funds (no subscription minimum) with a private fund manager Cayman License relating to registration of the registered (minimum subscription of U.S. $ 10,000), companies of funds held prescribed or approved or approved in a prescribed area license and professional fund offered only to professional investors, with a minimum of formats.
Confusion, the name of the law "mutual funds" has caused the Cayman Islands so that the work of The group proposes to change the name of the Investment Company Act, the law on investment funds. Those who would be the difficulty of reconciling a mutual fund as an investment fund that can accept a hedge fund is a mutual fund.
Another proposal of the working group, which may not save money to cover the market participants have this result, namely to release the proposal to grant more powers to CIMA for the purposes of reviewing a license or registration> Fund. If a fund has been launched, or when a compensation fund for investors with only a few examples in which this exemption may be desirable to have it.
The above is only an idea of the changes can be expected, is not a complete list of all possible reforms into practice. The timing of application is difficult to predict, but the review process is current year and conclude in May, although the new laws and regulations should be developeddeveloped and approved by the granting of time, the new rules.
Previously Cayman regulators were able to achieve the delicate balance of finding the right balance between regulation and the sector needs money and wants more in a foreign jurisdiction is bound to increase already in high demand. Their hope is that the Cayman Islands remain the natural choice of professional backgrounds.
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