opennav

EisnerAmper Cayman | new Cayman

EisnerAmper Global

new

10.1.2020

Cayman Islands Enacts Legislative Changes to Enhance the Oversight of Investment Funds

The Cayman Islands Government has drafted two bills to enhance regulation for all Cayman-domiciled hedge funds and also impact private equity funds for the first time, in an effort to boost best practices, strengthen investor confidence and ensure the Islands remains the preeminent jurisdiction for investment funds formation.

Mutual Funds (Amendment) Bill, 2020 and the Private Funds Bill, 2020 would require both hedge funds and private equity funds to have annual audits issued or undertaken by a Cayman Islands Monetary Authority (CIMA)-approved local auditor.

Under the new Mutual Funds Bill, funds with fewer than 15 investors would now be required to register with CIMA, comply with annual return requirements, retain accessible records and have annual audits done by a CIMA-approved local auditor.

According to the Private Funds Bill, all private funds would have to comply with above. In addition, they would have requirements for valuation, safekeeping, title verification and cash monitoring. The bill also allows private funds the flexibility to choose the service provider(s) who would provide any required valuation, safekeeping, title verification and cash monitoring services; provided that any administrator, custodian or other independent third party appointed is independent from the fund’s manager or operator or, where any of the manager or operator or their affiliates is appointed, they identify and disclose any conflicts of interest.

The Government is planning a series of briefings and releases in the coming months with the first briefing to be held January 10.

By Elana Margulies-Snyderman


Latest News
9.12.2015

Article on FASB’s Accounting Standards Update (ASU) No. 2015-09

EisnerAmper Cayman Ltd. has posted an article with Captive Insight (www.captiveinsight.ky) and Captive Review (see article here) about the latest FASB ASU No. 2015-09.

Preparers of financial statements need to be aware of the additional disclosure requirements introduced by ASU No. 2015-09, as well as consider the time impact and increased level of detail on reserving and claims data to be compiled in order to enable preparation of financial statements that comply with accounting principles generally accepted in the United States of America (U.S. GAAP).

The article published in Captive Insight can be downloaded through the link below.

 

 


Download Latest Publications