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From Komfie Manalo, Opalesque Asia:
The Cayman Islands’ hedge funds industry is threatened; it might be included in the European Union’s list of countries to be “blacklisted”, which means that European investors would be prevented from sending money to funds based there, according to the WSJ.
The Cayman Islands, comprised of three islands, is a British overseas territory located in the western Caribbean Sea, and a major offshore financial centre in the Caribbean. Cayman’s finance industry is anxiously watching developments in Europe dealing with proposed new hedge fund legislation.
But Cayman Finance, a body that represents and promotes the financial service industry in the area, will not take things sitting down. On Wednesday, its chairman Anthony Travers wrote to Jean-Paul Gauzès, the French MEP responsible for steering the Alternative Investment Fund Managers (AIFM) directive (aka “the hedge fund rules”) through the EU’s parliamentary process.
Travers said he wrote the letter because he was under the impression from Gauzès’ “recent comments that there may exist a misunderstanding about the nature of the transparency which exists in relation to the Cayman Islands hedge funds industry and the manner in which Cayman Islands hedge funds opera...................... To view our full article Click here
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