Bailey McCann, Opalesque New York: The Cayman Islands government has passed an amendment that will allow its financial services regulator to enter into a memoranda of understanding (MoU) with the European Securities Markets Authority (ESMA). The amendment will allow the country to prepare itself for the marketing of Cayman hedge funds in compliance with the Alternative Investment Fund Managers Directive (AIFMD). The report follows another noted by Opalesque earlier today, which outlines similar preparations happening in the UK.
Under the Monetary Authority (Amendment) Law, newly passed in the Caymans, the Cayman Islands Monetary Authority (CIMA), the country's financial regulator, will now be able implement the requirements necessary to market funds in the EU. 'Without the amendment to the law, about 26% of Cayman’s funds would have been blocked from being marketed in the EU’, explained the Minister for Financial Services, the Hon. Rolston Anglin, in a statement.
Now, with the amendment the country will be able to move forward with marketing, and will also harmonize its international agreements within Europe, as it already had one in place in the UK.
The AIFMD comes into force on 22 July 2013, for funds to market their products to EU th......................
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