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Amendment paves way for AIFMD compliance

CayCompass – To facilitate the marketing of Cayman hedge funds in the European Union, the Cayman Islands government has passed an amendment that allows the jurisdiction’s regulator to enter into memoranda of understanding with its EU counterparts, using a model MoU developed by the European Securities Markets Authority.

The Monetary Authority (Amendment) Law, 2013, comes in response to the EU’s Alternative Investment Fund Managers Directive. The EU directive, which is set to become fully effective this July, prevents alternative investment funds from non-EU jurisdictions, like Cayman hedge funds, to be marketed within EU countries unless certain conditions are met.

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