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.
A recent case heard by The Grand Court of the Cayman Islands in which the directors of a hedge fund were found responsible for willful neglect and default and ordered to pay over $110 million each in fines, represents a timely reminder that directors of hedge funds should not only do their duty but must also be seen to do their duty.
New company incorporations in the Cayman Islands remained at similar levels in 2012 to the year before in a market that continued to be impacted by tough economic conditions. But the jurisdiction is edging back towards levels last seen in 2008.
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.
The financial services industry remains the lifeline of the Cayman economy while efforts to diversify the economy are needed and welcomed, every effort must be made to keep the heart of the economy strong.
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.
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.
Businesses on the Cayman Islands have welcomed the Cayman Islands Government’s successful conclusion of its negotiations with the US on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA).