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Alternative Market Briefing

CIMA releases guidance on fund governanace

Friday, January 17, 2014

Bailey McCann, Opalesque New York:

The Cayman Islands Monetary Authority (CIMA) has finalized new guidance on fund governance. The new rules apply to all funds regulated under the terms of Mutual Funds Law. The guidance has been developed following a broad review of fund governance by CIMA. According to a report from global offshore law firm Mourant Ozannes, which worked with CIMA throughout the process, governance will have to take on a more regulated feel going forward.

Opalesque previously reported on a move by CIMA to provide a director transparency database spurred on by coverage of robo-boards offshore. The Weavering case also had a direct impact on the new language. This new guidance document aims to ensure that funds provide investors with accurate and sufficient disclosure of matters such as the fund's investment strategy, relevant conflicts of interests and descriptions of the equity interests being offered to investors.

Other requirements in the guidance require more consistent meetings of the board, better internal and external communication and more active risk management. The regulator noted that it is aiming to provide a baseline for offshore fund governance, d......................

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