Fri, Feb 24, 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. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s

  2. K2 Advisors : Why We Like Activist Hedge Fund Strategies and Some Thoughts on Alpha[more]

    Matthias Knab, Opalesque: Rob Christian, Senior Managing Director, Head of Research K2 Advisors, Franklin Templeton Solutions, writes on Harvest Exchange: When d

  3. Ex-Navy SEAL backed by Mario Gabelli, Jean-Marie Eveillard and other value giants off to strong start[more]

    From Valuewalk.com: Sententia Capital Management is not your average value focused hedge fund. The fund was founded by Michael Zapata, a former Navy Seal Team 6 Officer and has attracted funding from some of the best-known names in the value space. Mario Gabelli, Jean-Marie Eveillard from First Eagl

  4. Europe - 1 trillion euro non-performing loans are clogging EU lending channels[more]

    From Centralbanking.com: As much as 1 trillion euro of non-performing loans (NPLs) are still clogging the lending channel in the European Union. An EU asset management company (AMC) could address market failures in the secondary market for NPLs as part of a suite of measures designed to tackle the b

  5. Investing - Hedge funds' novel approach: investing for longer at lower returns, U.S. hedge fund Delta Partners lifts stake in Bellamy's, Hedge funds stockpile cobalt, electric carmakers on battery alert, Facebook is racking up the likes among the world's biggest hedge funds, Einhorn affirms gold on Trump uncertainty[more]

    Hedge funds' novel approach: investing for longer at lower returns From FNLondon.com: Hedge funds are known for making short-term bets, dipping quickly in and out of markets to take advantage of swings in prices. But, under pressure to innovate, some big-name managers are looking at ways