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Komfie Manalo, Opalesque Asia:

Cayman’s proposed EU Connect Funds are an exciting development for the hedge fund industry, as this would enable funds to passport across the European Union, said Jason Allison, a partner in the investment funds group at Walkers during the latest Opalesque Cayman Roundtable.

He said that the European Securities and Markets Authority (ESMA) is currently assessing the Cayman Islands for inclusion in the AIFMD equivalency regime. Allison added that some amendments have already been made to Cayman’s Mutual Funds Law and the Securities Investments Business Law harmonize with European requirements in order to allow passporting.

"We are now waiting on ESMA for their assessment. That is obviously going to be an exciting development when it becomes available for hedge funds, but also for closed-ended funds who might want to make use of the European passport instead of the national private placement regimes when distributing fund interests in Europe," Allison said.

Under the proposed regulation, there will be a separate opt-in regime for EU Connect Funds that would meet AIFMD requirements for passporting. "Obviously, we would like that to happen," he added.

Leanne Golding, a senior vice president at The Harbour Trust Co. Ltd., echoed th......................

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