From Komfie Manalo, Opalesque Asia – Cayman Islands’ regulator has introduced an innovative rule that will make new hedge fund launches more efficient and faster.
Alric Lindsay, a corporate lawyer, an independent fund director and a director of Lindsay Fiduciary Services, said in a report on Sunday that the Cayman Islands Monetary Authority (CIMA) had introduced e-registration to enable fund managers hassle-free and paperless transaction when launching a new fund.
CIMA made the announcement last week and boasted that the new rule would allow fund managers and other service providers to handle less hard copies of documents.
With e-registration, fund managers can submit their applications electronically, which will be received by CIMA analysts real time thus allowing for quicker review of the application. It will also enable a faster response from regulators for queries coming from Cayman fund directors and fund managers.
"With the advent of e-registration, fund managers and Cayman directors will have more certainty regarding the date that the Cayman fund may commence trading," the report explains. "For example, it was previously understood by stakeholders that CIMA would issue a certificate of registration to a Cayman fund which would bear date of the submission of the hard copy of Cayman fund documentation. Th......................
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