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Cayman Islands signs agreement with Germany

Tuesday, November 26, 2013
Opalesque Industry Update - Maples and Calder announced that contrary to recent press reports, the Cayman Islands Monetary Authority ("CIMA") announced last Friday, 22 November 2013 that it has signed a Memoranda of Understanding ("MOU") with the Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin"), the German competent authority, pursuant to the Alternative Investment Fund Managers Directive ("AIFMD").

The execution of the MOU ensures that Cayman Islands AIFs are now able to be marketed to professional investors in Germany if they comply with the notification procedure to BaFin as set out in Germany's new Capital Investment Law. The historically available private placement regime that was available for non-EU funds prior to the passing of the new Capital Investment Law will be grandfathered out by 21 July 2014.

We understand that the notification review process with BaFin under the Capital Investment Law currently takes approximately two months from the time of filing, so clients wishing to offer their products to professional investors in Germany should consult their relevant AIFMD adviser as soon as possible.

CIMA has now signed AIFMD-related MOUs with the majority of European Union members, with the exception of Italy, Slovenia and Spain.

The CIMA press release can be read here.

Press release

bc

Article link

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