The Cayman Islands have agreed with the AEMF, on behalf of EU Member States, on the form of the necessary cooperation agreements. The model agreement is currently being implemented by each of the Member States and third countries concerned (“third countries”), including the Cayman Islands. At present, CIMA has concluded cooperation agreements with 25 European regulators in the following countries: Executive Summary The announcement that the Cayman Islands have adopted changes to their monetary authority legislation to facilitate the marketing of alternative investment funds (“AIf”) on the Cayman Islands in the European Economic Area (“EU”) is good news for caymane vehicle users. With these changes, the Cayman Islands Monetary Authority (CIMA) is ready to sign the cooperation agreements with EU regulators, which are required under the Alternative Investment Fund Managers Directive (“AIFMD”), which will come into force on 22 July this year. Action Points There are no immediate actions regarding the announcement. In the run-up to 22 July 2013, the AEMF is expected to announce in the near future the conclusion of negotiations and the signing of cooperation agreements with important funding powers, including the Cayman Islands and the United States. The communication confirms that the Cayman Islands have taken all necessary measures to be involved in this process. From the beginning, Maples and Calder`s View Maples and Calder was involved in the EU and Cayman Islands consultation processes on AIFMD. Henry Smith, the company`s global management partner, participated in Strasbourg and Brussels through direct cooperation with the EU and participated in the CIMA working group on AIFMD.
Paul Govier, Head of Investment Funds in London, has been involved in major AIMA committees/working groups on AIFMD, and Peter Stapleton, the company`s main partner with AIFMD in Ireland, has been involved in the irish Funds Industry Association through AIFMD. Alternative FONDS managers based in the CAYMAN Islands in the Cayman Islands also need a cooperation agreement between the European Securities and Markets Authority and CIMA. In addition to the need for a cooperation agreement between the US Securities and Exchange Commission and the relevant EU securities authorities, one of the main conditions is that a cooperation agreement be concluded between CIMA and each of the relevant EU financial market supervisors in which the marketing takes place. The press release stresses that CIMA has been in discussions since the beginning of 2012 with the AEMF (the European securities markets authority, which negotiates the form of cooperation agreements) and that the adoption of the Monetary Authority (Amendment) Act in 2013 will allow CIMA to use the FMA model when concluding additional cooperation agreements with EU VALEUR regulators. Timing The communication indicates that the CIMA Board of Directors has already agreed that CIMA can enter into agreements with the relevant EU regulatory authorities on the basis of the AEMF model.