The Cayman Islands Government expects to announce the timeframe for the signing of intergovernmental agreements (IGA) with both the US and the UK on FATCA in the near future.
Business leaders in the Cayman Islands have welcomed comments by UK Prime Minister defending Crown dependencies and overseas territories from having a reputation as tax havens.
While the implications of the Foreign Account Tax Compliance Act (FATCA) and US regulatory rules arising out of the Dodd-Frank Act have generally been considered by US based fund managers, the European Union's Alternative Investment Fund Managers Directive (AIFMD) also has the potential to raise regulatory issues that may not be well understood.
Carne Group, a provider of governance solutions to the global fund management industry, is expanding its Cayman Islands office with the appointment of Vanessa Barrett to its team of independent fund directors.
With the approval of the Secretary of State for Foreign and Commonwealth Affairs, the Rt. Hon William Hague MP, His Excellency the Governor of the Cayman Islands has appointed four individuals to be Queen's Counsel.