Thu, Jun 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The Auditors Oversight Law 2011 comes into force on the Cayman Islands

Tuesday, May 08, 2012

Beverly Chandler, Opalesque London: Cayman Islands’ law firm Appleby has published an update on The Auditors Oversight Law 2011 which was passed by the Legislative Assembly of the Cayman Islands in September 2011 and came into force on 1 May 2012, by Governor’s Order.

Appleby partner Sherice Arman writes that the law provides for the regulation of auditors of market-traded companies. "The main purpose for this legislation is to facilitate the recognition of the auditor oversight regime in the Cayman Islands by other auditor oversight bodies including those in the European Union".

For the purposes of the law, Arman writes that a market-traded company is defined as an entity (including a company, partnership or unit trust), whether or not incorporated in the Cayman Islands, of which some or all of its transferable securities are admitted to trading on a regulated market (excluding an exempted entity specified as such by regulation).

In her update, she says that most significantly, the Law provides for the establishment of a new corporate body – the Auditors Oversight Authority (the "Authority") – which functions to regulate and supervise auditors who audit the accounts of market-traded companies. "This includes subjecting "recognised" auditors to systems of quality assurance, investigation and penalties. Recognised auditors are defined as auditors that are entered on the register (which the Authority is required to establish and maintain).

In particular, the La......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment: For emerging market debt, a sustainable recovery[more]

    Matthias Knab, Opalesque: Standish Mellon Asset Management Company writes on Harvest Exchange: After several difficult years, the outlook for emerging market debt (EMD) denomin

  2. J.P. Morgan Global Alternatives raises distressed shipping fund[more]

    From Institutionalinvestor.com: J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies. The firm, which has been investing in maritime for more than a decade, initially targeted $400

  3. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  4. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  5. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is