Following a year of new regulatory changes and just days before the Private Funds Act was enacted, Cayman Funds magazine in association with EY held a roundtable discussion to take the pulse of funds professionals on Cayman. While the overall mood was optimistic, the discussion also centred on the continuous pace of change and the challenges this presents.
Together with the seismic changes we are seeing on the global geopolitical landscape, the COVID-19 pandemic has exacerbated the current dislocation in global markets, driving volatility to levels that have been absent for the last decade.
The Cayman Islands has adopted new rules to enhance the oversight of open-ended and closed-ended funds. The move is the latest demonstration of Cayman’s commitment to meeting and exceeding international standards, says Christian Victory of Appleby.
In 2020 the Cayman Islands is launching registration requirements for closed-ended funds with the CIMA, through the introduction of the Private Funds Law. Andrew Linford, chair of the communications committee at AIMA Cayman, reports on the details.
Fund managers have plenty of issues to keep abreast of, but few provide such a consistent challenge as keeping up with the rapid rate of regulatory change. Service providers, and in particular independent directors, can help, says James Macfee at International Management Services.
Two pieces of legislation have been introduced in a push to keep the Cayman Islands investment funds regime at the forefront of international best practice. Under both laws, previously unregulated entities will now be brought into the regulatory framework, as Anne-Marie Leadbetter and Kevin Huys of Harbour explain.
Following careful due diligence and best selection practices when choosing a fund administrator is most likely to result in a good partnership, says Bob Kern of U.S. Bancorp Fund Services.
The Cayman Islands continues to be one of the top 10 international financial centres in the world. A modern, flexible, yet robust regulatory framework, and collaboration with relevant stakeholders will help it maintain this position, says Cindy Scotland, managing director of the Cayman Islands Monetary Authority.
The Cayman Islands holds a leadership position in the funds sector—but to maintain this will require adaptability and innovation, says The Honourable Tara Rivers, JP, MLA, Minister for Financial Services and Home Affairs.
The Cayman Islands Funds Administrators Association has played an important role acting as an intermediary between administrators and the government during the transition to new regulatory regimes such as FATCA, as its chairman Daniel Allard explains to Cayman Funds.