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Offshore

Delphine Amzallag

Amsterdam Investor Forum 2016

Wed, 23/03/2016 - 16:30

There was a palpable air of excitement at the 5th Amsterdam Investor Forum, hosted by ABN AMRO AMRO Clearing at the bank's headquarters on 17 February 2016. This was the biggest event yet with approximately 280 attendees, of whom 42 per cent were institutional investors and FoHFs, 40 per cent were single hedge fund managers, and 18 per cent were service providers including hedge fund consultants.  »

Andre Perez, Horseshoe Group

ILS market could reach USD100 billion

Fri, 24/03/2017 - 13:50

The Horseshoe Group was established in 2005 and is a leading provider of insurance management services to insurers, reinsurers, as well as insurance linked securities (ILS) structures such as sidecars and catastrophe bonds.  »

Mark Baumgartner, Deloitte

Further opportunities for PE growth

Fri, 24/03/2017 - 13:43

For managers who may already be using an onshore Delaware LLC, they now have the opportunity to use a Bermuda LLC as an offshore vehicle. This follows the formal introduction of the Limited Liability Company Act 2016 (LLC Act), which was passed in the Senate in July 2016 and became operative on 1 October, 2016.  »

Sally Penrose, Appleby

Introducing the Bermuda LLC

Fri, 24/03/2017 - 13:26

By Sally Penrose (pictured), Appleby – The Limited Liability Company Act 2016 (LLC Act) came into force on 1 October, 2016 and introduced into Bermuda its first new corporate structure in 100 years. Appleby is pleased to have been able to work closely with the legislature to ensure that Bermuda's existing funds law is simultaneously amended so that LLCs are available immediately for use in investment fund structures. Appleby are ideally placed to advice with respect to LLCs. »

Melissa Morton, Bermuda Monetary Authority

A bespoke, risk-based approach to regulatory oversight

Fri, 24/03/2017 - 13:20

Bermuda's financial regulator, the Bermuda Monetary Authority, takes a risk-based approach to regulating and supervising the entities for which it is responsible, including investment funds, investment providers, fund administrators, trust companies, insurers and banks.  »

Mike Byrne, Jersey Funds Association

Streamlined funds regime welcomed as enhancing Jersey’s competitiveness

Thu, 16/03/2017 - 08:46

Jersey has introduced a new regulatory framework for private funds which the Jersey Financial Services Commission believes will enhance the island’s competitiveness as a jurisdiction in which to establish funds. »

Mike Jones, JFSC

JFSC launches Jersey Private Fund Guide

Wed, 15/03/2017 - 13:29

The Jersey Financial Services Commission (JFSC) has launched the Jersey Private Fund (JPF) Guide, setting out the criteria for Jersey’s new private fund product which can be marketed to up to 50 professional investors. »

Giorgio Subiotto, Ogier

Avoiding sledgehammers to crack nuts

Fri, 10/03/2017 - 09:23

During the crisis in 2008, investors started to appreciate how important corporate governance was but it wasn't until 2013 that Cayman introduced the Statement of Guidance to provide a clear framework for best practices. This was followed by the Directors Registration and Licensing Law, 2014, which applies to all directors of Cayman registered mutual funds and requires them to be registered with or licensed by the Cayman Islands Monetary Authority.  »

Simon Schilder, Ogier

BVI continues to introduce positive regulatory developments

Fri, 10/03/2017 - 09:21

Last year the number of hedge fund launches globally fell by an estimated 40 per cent, but despite this there have been a number of positive developments for the funds industry in the BVI. »

Geoff Cook, Jersey Finance

Jersey continues to attract private placement business

Mon, 06/03/2017 - 08:42

The number of Jersey-registered fund managers marketing into Europe through national private placement regimes (NPPRs) under the Alternative Investment Fund Managers Directive (AIFMD) continued to rise during 2016, according to the latest figures from the Jersey Financial Services Commission (JFSC). »

Robert Briant, Conyers Dill & Pearman

BVI strikes right balance on fund governance

Wed, 08/02/2017 - 13:49

Proper fund governance has long been championed by leading offshore law firm Conyers Dill & Pearman, which for the last decade has encouraged its hedge fund clients to hold at least annual directors meetings. Initially this was met with some resistance according to Robert Briant (pictured), Partner and head of Conyers' BVI office, who confirms that such resistance has softened over the last few years.  »

Niall Brooks, Castlegate

BVI’s advantage is its flexibility and affordability

Wed, 08/02/2017 - 13:43

One of the reasons as to why the BVI introduced the Incubator and Approved Fund products in May 2015 was, partly, in response to the fact that fund launch numbers in the global hedge fund industry had started to steadily decline. Rising regulatory and compliance costs were hurting start-up managers and dissuading people from coming to market.  »

Peter Jakubicka, Circle Partners

Growth is driven by Incubator and Approved Funds

Wed, 08/02/2017 - 13:35

Circle Partners is an independent fund administrator with offices in the BVI, Cayman Islands, and across the EU, the Americas and Hong Kong.  »

Guernsey’s PCC turns 20

Guernsey’s PCC turns 20

Wed, 01/02/2017 - 09:43

Guernsey is marking the the 20th anniversary of the introduction of its Protected Cell Company (PCC) Ordinance on 1 February 1997, providing the island’s captive insurance sector with the first cell company legislation of its kind anywhere in the world. »

Geoff Ruddick, IMS Fund Services

Spotlight – A decade of independent governance

Thu, 19/01/2017 - 16:05

Q&A with Geoff Ruddick (pictured), IMS Fund Services – You mentioned in your last article that ‘Governance is not a game’ – can you expand on what you meant by that statement?  »

A ‘KURE’ for regulatory fatigue: Koger Universal Regulatory Engine

Wed, 18/01/2017 - 11:03

By Ras Sipko (pictured), Koger USA – For the past four years, alternative fund managers with US investors have been coming to terms with the far-reaching effects of the Foreign Account Tax Compliance Act or FATCA. Some 60-plus countries have signed up to cooperate with the IRS in order to enforce FATCA and this year the compliance burden is set to grow yet again for international fund managers.  »

Martt Mulry, Dillon Eustace

Cayman LLC offers multiple applications to investment managers

Wed, 18/01/2017 - 10:49

The Cayman Limited Liability Companies Law (`LLC Law') was formerly introduced on 8 July 2016 and is expected to be used for a broad range of structuring situations.  »

Tim Min, BDO

Tax reporting under CRS to commence in 2017

Wed, 18/01/2017 - 10:45

The US Foreign Account Tax Compliance Act reporting cycle has been running now for two years. As such there is a good level of visibility in terms of how this tax reporting exercise needs to be done and most financial institutions are clear on the definitions used.  »

James Williams, Hedgeweek

CIMA increases fund governance enforcement powers

Wed, 18/01/2017 - 10:35

The Cayman Government is currently proposing legislative changes which would give CIMA additional powers to impose administrative fines on licensed and regulated individuals and entities. The Monetary Authority (Amendment) Bill 2016 seeks to amend the Monetary Authority Law and if passed will enable CIMA to impose a range of penalties from non-discretionary fines of USD5,000 for a minor breach up to USD1 million for a serious breach. CIMA would be able to impose cumulative fines of up to USD20,000 for a single minor breach.  »

Rayal Bodden, Apex

People and process key to effective AML framework

Wed, 18/01/2017 - 10:25

As global asset management groups increasingly adopt digital platforms to connect with counterparties and investors in today's knowledge-based economy, the risks of cybersecurity threats are rising. Funds of all shapes and sizes are susceptible to fraud committed internally by employees or external criminal groups – hactivists, terrorist groups – which can have a potentially devastating impact on shareholders, oblivious to the risks. This could lead to investors losing part or all of their investment while ongoing criminal investigations and court procedures play out. As such, the Money Laundering Reporting Officer (MLRO) is becoming a vital role in the operations of investment funds.  »

Alex Brainis, Appleby (Cayman)

Cayman finalises AIFMD‑like regime

Wed, 18/01/2017 - 10:20

In 2018, the National Private Placement Regime pathway to access European investors is scheduled to be phased out. But given that ESMA is yet to approve the next wave of jurisdictions to qualify for the AIFMD third country passport, this seems an unlikely timeframe. »

Leon den Exter, DMS Governance

Board observer rights – Is it a good idea?

Wed, 18/01/2017 - 10:01

By Leon den Exter (pictured) & Vumi Dube, DMS Governance – A professional director for a hedge fund might take an instinctive view that board observer rights are not desirable given the traditional view of separation of capital ownership and those responsible for fund governance. Professional directors confident in their abilities would, however, welcome the opportunity to show how seriously they take their fiduciary responsibilities and demonstrate their skills and knowledge of good governance under the scrutiny of a board observer.  »

Chris Humphries, Stuarts Walker Hersant Humphries

Cayman Islands compliance and transparency

Wed, 18/01/2017 - 09:54

By Chris Humphries, Stuarts Walker Hersant Humphries – The Cayman Islands is a transparent International Financial Centre which complies with all global standards on tax transparency and information exchange and whose financial services industry seeks to achieve the highest levels of professional conduct in order to service its core markets in a manner which is at all times: consistent with the high expectations of the Cayman Islands regulators; in accordance with the Cayman Islands laws and established best practices; and, to the extent possible, beyond reproach by its counterparts (and their respective regulators, law makers and governing bodies) in the traditional major financial centres around the world. In furtherance of this objective, the Cayman Islands has implemented various legislation, entered into inter-governmental agreements and otherwise adheres to other global standards so that it is compliant in all aspects of tax transparency and information exchange. »

Maree Martin, Conyers Dill & Pearman

The growing importance of independent boards

Wed, 18/01/2017 - 09:42

Such is the level of scrutiny facing alternative fund managers that the general trend towards increased usage of independent directors has risen in recent times. Maree Martin (pictured), Counsel at Conyers Dill & Pearman, confirms that fund boards are not only becoming comprised of majority independent directors but that a more recent trend is the use of split independent boards.  »

Richard Spencer, Campbells

Using SPCs as emerging manager platforms

Wed, 18/01/2017 - 09:37

Flexibility, cost-effectiveness and speed to market are just a few of the advantages to electing to launch a fund on a pre-existing Segregated Portfolio Company (SPC) fund platform.  »

Jonathan Green, Maples and Calder

Cayman LLC is flexible and cost-effective

Wed, 18/01/2017 - 09:25

The Cayman Limited Liability Company structure has been up and running since mid-July 2016 and over that short period of time close to 200 LLCs have been registered in the jurisdiction.  »

James Williams, Hedgeweek

Under the microscope: Cayman regulatory updates

Wed, 18/01/2017 - 09:16

With the introduction of the Cayman LLC, the EU Connected Fund in its final stages of approval and a general drive towards continued regulatory evolution, the Cayman Islands is putting itself just where it needs to be to support global fund managers in today’s regulatory environment.  »

Craig Cordle, Ogier

Guernsey funds sector set to benefit from pressure on legal fees, says Ogier

Fri, 13/01/2017 - 10:24

Guernsey's funds sector stands to benefit from pressure on legal fees from fund managers and investors because of lower overheads and costs in the jurisdiction, says Ogier group partner Craig Cordle. »

Dominic Wheatley, Guernsey Finance

Guernsey launches ‘smart and simple’ Private Investment Fund

Thu, 17/11/2016 - 09:40

Guernsey has introduced a Private Investment Fund (PIF) regime designed to provide fund managers with greater flexibility and simplicity. »

Sara Johns, Ogier

Ogier welcome’s Jersey’s virtual currency regulation

Thu, 06/10/2016 - 10:10

The introduction of a “regulatory sandbox” to enable businesses that provide virtual currency exchange services to experiment and test new products and applications in Jersey under light-touch regulation have been welcomed by Ogier's intellectual property, tech and digital team. »

features

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Wed, 29/03/2017 - 10:44

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Fri, 24/03/2017 - 11:55

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Mon, 20/02/2017 - 15:43

BVI Hedge Fund Services 2017

BVI Hedge Fund Services 2017

Wed, 08/02/2017 - 14:15

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