Cayman Finance has welcomed the news from the European Securities and Markets Authority (ESMA) that they are moving forward with assessments and recommendations in regards to the extension of the AIFMD Passport to non-EU AIFMs and AIFs.
“We are happy to see this formal recommendation process started, where ESMA is committed to taking an objective and transparent approach to reviewing and recognising jurisdictions around the world who play such an important role in the global investment funds market and we look forward to ESMA reviewing and assessing Cayman’s carefully developed AIFMD regimes,” said Cayman Finance CEO Jude Scott.
Cayman Finance also welcomed ESMA’s recommendation to the European Parliament, Commission and Council that they “may wish to consider waiting until ESMA has delivered positive advice on a sufficient number of non- EU countries, before introducing the passport in order to avoid any adverse market impact.”
For EU investors, having access to the Cayman Islands’ global leading investment funds platform provides them with access to investment options across a diverse range of investment products and strategies.
Cayman Finance believes that Cayman’s AIFMD Regimes, plus on-going reciprocity, will enable Cayman to secure extension of the AIFMD passport to the Cayman Islands by the European Commission, should the Commission decide to extend passports to non-
EU countries in due course.
Scott commented: “Cayman Finance is fully supportive of the Cayman Islands Government and the Cayman Islands Monetary Authority in their development of Cayman’s AIFMD Regimes. We all recognise Cayman’s important role in the global investment funds market and these new AIFMD Regimes are the latest example of the jurisdiction continuing to carefully evolve its legislation and regulation in a balanced and robust manner to meet the needs of investors and managers around the world without any disruption to our world class services.”
Cayman Finance, ESMA, AIFMD, Jude Scott, Cayman Islands, Europe