Sun, Apr 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Cayman regulator agrees to database providing director transparency

Tuesday, December 31, 2013

By: Kevin Ryan, HedgeDirector Ltd

The Cayman Islands financial regulator CIMA has revealed proposals to create a public database showing details of offshore directors’ workloads. This move follows a long campaign by investor pressure groups who have been lobbying CIMA to help them in their due diligence process.

The database is part of a comprehensive review of Cayman governance that will be welcomed by the hedge fund investment community. Other governance proposals include greater regulation of Cayman fund directors, clarification of directors’ responsibilities and a requirement for a minimum number of board meetings.

Investors have been particularly frustrated by a small number of directors who have repeatedly refused to disclose their portfolios of roles. In some cases, individuals are reputed to work simultaneously on hundreds of board positions. Stories of these so-called "jumbo directors" have made their way into the mainstream press, with Cayman directors becoming the subject of a Financial Times extended investigation in 2012, and CIMA is obviously keen to restore the island’s reputation.

CIMA stopped short of introducing a cap on the number of roles undertaken by any one director, with the explanation that a transparent public database will allow market forces to dictate what investors perceive as acceptable portfolios of roles.

Investors had been concerned that the proposed database would have limited use, being searchable only by fund name, b......................

To view our full article Click here

Banner
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: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo