Special Reports

James Williams, Hedgeweek

Extension opens door to managers with non-BVI funds

On 2 January 2014, an extension to the BVI’s Approved Manager regime was brought into legal force. When this lighter touch regulation was introduced at the end of 2012 demand was strong. The product proved, perhaps, to be more popular than the Islands’ financial regulator, the BVI FSC, had originally expected. »

Susan Locke, Campbells

Assessing the options under the AIFM Directive

By Susan Lock, Campbells – The Alternative Investment Fund Managers Directive (AIFMD) is extremely broad in scope. It applies to entities performing risk or portfolio management from within the European Economic Area (“EEA”) for both non-EEA or EEA Alternative Investment Funds (“AIFs”), entities performing risk or portfolio management for EEA AIFs from outside of the EEA and/or entities that actively market an AIF to EEA investors. »

Richard Addlestone, Solomon Harris

Should company benefactors be public knowledge?

By Richard Addlestone, Solomon Harris – In response to the push towards greater global transparency on beneficial ownership, the UK has proposed a public register of ownership interests in companies, which could be searched by anyone, anywhere in the world. It hopes the other G8 members will copy its model, but has left it to the Cayman Islands Government (‘CIG’) to decide if it wants to follow suit. »

Matt Mulry, Dillon Eustace

Managers need to take a multi-adviser approach

Although the AIFM Directive is uniform EU-wide regulation each member state is likely to adjust its national private placement regime rules idiosyncratically. For managers of non-EU funds, therefore, it’s important that they are clear on the rules if they intend to continue marketing to Europe. »

James Williams, Hedgeweek

Cayman service providers adjust to the demands of global regulation

By James Williams – “In 2012, our voluntary application got approved by CIMA to have a regulated director services model, called DMS Fund Governance. What that means is that just like an auditor or an administrator in the Cayman Islands, we are regulated by CIMA as a service provider to hedge funds,” confirms Kathleen Celoria, Executive Director (New York) DMS Offshore Investment Services. With over 80 full-time directors and associate directors, DMS is the world’s largest provider of fund governance services. »

Colin MacKay, Ogier Fund Services

Corporate governance growth brings challenges

By Colin MacKay, Ogier Fund Services – At its recent annual general meeting, the Cayman Islands Directors Association reported that new member applications in 2013 grew by over 15 per cent; further evidence, if it were needed, that the provision of corporate governance to alternative funds is one of the fastest growing sectors of the Cayman financial services industry. The debate on how best to prescribe and regulate the provision of effective corporate governance remains one of the most important to the industry, both at home and abroad. »

Mike Saville, Grant Thornton

The SPC – A curious creature

“Personally I think the Segregated Portfolio Company (SPC) structure has the potential to become a nightmare,” states Mike Saville (pictured), Director, Recovery & Reorganisation for Grant Thornton Specialist Services (Cayman) Ltd. “The structure is a way to spread administration and directorship costs but because an SPC is typically composed of multiple cells operating under one legal entity investors are setting themselves up for additional risks should problems arise.” »

Cayman Islands

Meeting emergent regulatory challenges

By Ras Sipko, Chief Operating Officer of Koger – Regardless of the differences in their intent and emphasis, both the Alternative Investment Fund Managers Directive (AIFMD) and the Foreign Account Tax Compliance Act (FATCA) impose considerable demands on fund managers with regard to data management and documentation. »

Ian Gobin, Appleby

CIMA’s final Statement of Guidance

The Statement of Guidance on corporate governance for mutual funds (SoG) published by CIMA in December 2013 is one of the key regulatory developments to have come out of the Cayman Islands in recent years. »

Canover Watson, Admiral Administration

Helping managers absorb rising costs

The one known unknown facing managers amidst increased regulation is the rising cost of doing business. »

Upcoming events

Upcoming training

Mon, 12/05/2014 (All day) - Dubai
Tue, 13/05/2014 (All day) - Dubai