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Alternative Market Briefing

Cayman sets up AIFMD regimes

Monday, July 13, 2015

Bailey McCann, Opalesque New York:

The Cayman Islands Government is setting up new regimes that will allow managers to opt-in to reporting consistent with the European AIFMD requirements. The change is currently before the government in two bills that are expected to pass.

The measures would allow managers to fulfill the requirements consistent with existing national private placement regimes and keep their reporting framework open in the event that they plan to use the passport feature of AIFMD in the future. The opt-in component means that all other Cayman structures will be left unaffected.

According to attorneys for Cayman-based law firm Walkers, the move by the Cayman government may be based on recent guidance from European regulator ESMA. "ESMA has announced that its advice will not treat all non-EU countries as a single block, and instead will distinguish between non-EU countries to extend the benefit of the passport," attorneys wrote in a recent update on the change.

"In order to issue its advice, ESMA will assess the Cayman Islands' regulatory regime and levels of supervisory cooperation with EU regulators, with a view to getting comfortable that they present no significant obstacles regarding investor protection, market disruption, competition or the monitoring of systemic risk."

Specifically, Cayman is proposing changes to its Mutual Funds La......................

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