Offshore

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Cayman fund managers prepare for FATCA

Cayman fund managers prepare for FATCA

After signing Model 1 inter-governmental agreements (IGA) with both the US and the UK in November 2013, in July 2014 the Cayman Islands government passed the necessary regulations to provide legal obligations with respect to US and UK FATCA as a matter of Cayman Islands law. Also in July 2014, the Cayman Islands Tax Information Reporting Authority (‘TIA’) issued the first official version of the Cayman Islands FATCA guidance notes. 

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Perfect partnerships – Singing the praises of Cayman Islands ELPs

Perfect partnerships – Singing the praises of Cayman Islands ELPs

By Nicholas Butcher, Maples and Calder – Cayman Islands exempted limited partnerships (“ELPs”) are currently riding the crest of a wave. Consistently a popular form of investment vehicle for hedge and especially private equity funds, 2013 saw a record 2,368 ELPs formed and registered in the Cayman Islands, and with the tally of new registrations in the calendar year to November 2014 already standing at 2,580, that record is set to be eclipsed this year. 

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Split boards favoured as fund governance intensifies

Split boards favoured as fund governance intensifies

On 6 December 2013, after a period of consultation with industry practitioners, the Cayman Islands Monetary Authority (CIMA) – the Islands’ financial regulator – released its Statement of Guidance for Regulated Mutual Funds (‘SoG-MF’).  In essence, the SoG-MF codifies and sets guidance on the minimum corporate governance standards required by operators of regulated mutual funds (directors, general partners) and gives the operators a clear understanding of their primary duties.