CIMA signs MOU with Austria

The Cayman Islands Monetary Authority (CIMA) has signed a Memorandum of Understanding (MOU) with Finanzmarktauficht of Austria, which provides for mutual assistance regarding supervising managers of alternative investment funds who operate on a cross-border basis in both jurisdictions.

Cindy Scotland, managing director of CIMA, signed the MOU on behalf of the Authority. She said: “We are extremely pleased that our continuing efforts to secure MOUs with our European counterparts are bearing fruit, given the importance of Europe as a market for Cayman hedge funds.”

This latest signing with the Austrian authority brings the number of MOUs with European countries to 26, which will enable the continued marketing of Cayman Islands hedge funds throughout the European Union. 

The MOUs are in relation to the Alternative Investment Funds Management Directive (AIFMD), which was implemented across Europe from 22 July, 2013. It requires that certain conditions be met before non-EU countries can market alternative investment funds – such as hedge funds – in the EU.

Earlier this year, the Cayman Islands secured MOUs with a number of other financial authorities that are members of the European Securities and Markets Authority (ESMA). ESMA members which are still to sign agreements with the Cayman Islands are Germany, Italy, Slovenia and Spain.