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Alternative Market Briefing

Cayman releases advisory on responsible officer role on FATCA

Thursday, March 13, 2014

Bailey McCann, Opalesque New York:

The Cayman Islands Government has released a new advisory note relating to the responsible officer role and FATCA. The advisory is meant to address any confusion regarding Cayman Islands implementing legislation, expected later this year, and the role of the FATCA Responsible Officer required under the U.S. Treasury regulations. In the note the government says definitively that the implementing legislation will not impact U.S. Treasury regulations.

According to the advisory, the intergovernmental agreement (IGA) that will be the governing agreement for how Cayman implements FATCA does not specify a responsible officer role. The concept of a responsible officer as included in US Treasury rules will not be "imported into the Cayman Islands legal framework."

Cayman says instead that it will be implementing FATCA with specific compliance obligations and responsibilities with domestically enforceable rules and penalties. DMS Offshore, a governance services provider in Cayman said in a statement, "This government advisory is welcome news to those fund sponsors that were adopting a "wait and see" approach and relying on the release of Cayman Islands legislation before finalizing their FATCA preparations. {...} Fund sponsors should now consult with their counterparties and seek advic......................

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