The Cayman Islands Monetary Authority (CIMA) issued its Statement of Guidance of Corporate Governance for Regulated Mutual Funds (SOG) in January 2014. In response to the SOG it is clear that regulated mutual funds (Funds) should take some immediate steps to ensure continued compliance with the expectations of CIMA.
Susan Lock, Campbells Partner, assesses the options under The Alternative Investment Fund Managers Directive (AIFMD). She discusses the potential impact on the Cayman Islands, how Campbells is helping clients navigate this challenge, the establishment of European regulated structures, and the risks of non-EU managers to European investors.
CAMPBELLS CAYMAN FUND FOCUS CONFERENCE. Campbells hosted its eleventh annual Fund Focus conference on 15 November 2013 with a record number of delegates attending and a wide range of topics covered.
Campbells is pleased to announce that Susan Lock (previously Susan Taber) has joined the firm from Ogier to be a Partner in our Funds group.
In June 2011, the Cayman Islands Government announced its intention to introduce legislation providing for the registration of master funds domiciled in the Cayman Islands.
Following months of consultation with industry and stakeholders, the Cayman Islands Government has, on 5 December 011, passed the Mutual Funds (Amendment) Bill, 2011 providing for the registration of master funds of the Cayman Islands. There remain certain procedural steps to bring this piece of legislation into effect, although it is expected that it
will happen in the coming days and weeks, and in any event before the end of 2011, following
which Cayman Islands master funds will be required to be registered with CIMA.
Frostbitten and 25 pounds lighter, Cayman Islands-based climber Guy Manning has arrived back in Grand Cayman after conquering Mount Everest.
The Cayman Islands looks well placed to ensure the Alternative Investment Fund Managers Directive (AIFMD) does not adversely impact the use of Cayman Islands vehicles when it comes into force on 22 July 2013.
Effective from 1 March 2013, the Companies Winding Up (Amendments) Rules 2013 introduce amendments to the Winding Up Rules 2008. The advisory sets out the significant amendments to the Rules.
The Cayman Islands’ Court of Appeal has now delivered its judgment in the case involving the winding up of FIA Leveraged Fund (the “Fund”). In dismissing the appeal, the Court of Appeal held that based on the wording in the offering documents for the Fund, the in specie distribution in question could only be made using assets from the Fund’s portfolio (the Fund was fully invested in the ultimate master fund, Fletcher International Ltd. (“The Master Fund”)) that were held by the Fund at the time when the investor was entitled to be paid its redemption monies. Further, even if the Fund’s documents stated that the directors of the Fund had a complete discretion as to the value of the assets to be distributed to the investor, that discretion is still limited as a matter of necessary implication by concepts of honesty, good faith and genuineness and a need for the absence of arbitrariness, capriciousness, perversity and irrationality.
The recent judgment on side letters from the Cayman Islands Grand Court in Re Medley Opportunity Fund Ltd (21 June 2012) confirmed that there is a clear distinction between beneficial shareholders and investors of record for enforcing side letters for investments in Cayman Islands domiciles hedge funds.