Sat, Feb 13, 2016
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. Asia - Hedge fund manager Kyle Bass estimates China's foreign reserves below critical level[more]

    From Nasdaq.com: Investor Kyle Bass stepped up his attack on China's currency, arguing in an investor letter distributed Wednesday that the second-largest economy's foreign reserves are "already below a critical level." The comments mark the latest effort by hedge funds and other investors to raise

  2. Investing - Some hedge funds want to make subprime auto loans next big short, 11 hedge funds that are “all in” on the FANG stocks, Hedge funds short London luxury homes, Cynet raises $7 million from U.S. hedge fund[more]

    Some hedge funds want to make subprime auto loans next big short From Bloomberg.com: A group of hedge funds, convinced they have found the next Big Short, are looking to bet against bonds backed by subprime auto loans. Good luck finding a bank willing to do the trade. Money manage

  3. Investing - Hedge funds see selloff in European bank stocks as buying opportunity[more]

    From WSJ.com: The massive selloff in European bank stocks and bonds is overdone and presents a “phenomenal” buying opportunity, according to some of Europe’s top hedge-fund managers. Despite a 28% slump in European bank stocks this year, including a 38% fall in Deutsche Bank AG and a 34% drop in Soc

  4. Legal - Carlyle accused of fraud by ex-employee, Hedge funds win CDS breach of contract suit against Deutsche Bank, Hedge fund asks for OK on $27.5m Goldman CDO deal, SFO examines Barclays hedge fund profits[more]

    Carlyle accused of fraud by ex-employee From AI-CIO.com: A former portfolio manager claims he was fired for blowing the whistle on “crazy” and “irresponsible” investments. Carlyle Group has been sued by a former portfolio manager for one of its hedge funds, who accused the firm of “knowi

  5. Illiquid assets are all the rage for hedge funds[more]

    From Valuewalk.com: …Institutional investors are increasingly turning to illiquid assets and active management strategies to combat macroeconomic trends, anticipated market volatility and diverging monetary policy, according to a new survey by Blackrock. And this week, Bloomberg has reported that at