Cayman Islands Signs Memoranda of Understanding with 25 European Securities and Markets Authority Members
(Grand Cayman - Thursday, 11 July 2013) The Cayman Islands has now signed Memoranda of Understanding (MOUs) with 25 European countries, which will enable the continued marketing of Cayman Islands hedge funds throughout the European Union.
Managing Director of the Cayman Islands Monetary Authority (CIMA), Mrs. Cindy Scotland, has signed the MOUs on behalf of the Authority. On 22 May, 2013, her counterparts from the following financial authorities – members of the European Securities and Markets Authority (ESMA) – signed the MOUs:
Autoriteit Financiële Markten (The Netherlands); Autorité des marchés financiers (France); Financial Services and Markets Authority (Belgium); Central Bank of Ireland (Ireland); Comissão do Mercado de Valores Mobiliários (Portugal); Financial Supervisory Authority (Romania); Commission de Surveillance du Secteur Financier (Luxembourg); Cyprus Securities and Exchange Commission (Cyprus); Czech National Bank (Czech Republic); Finansinspektionen (Sweden); Finanssivalvonta (Finland); Finanstilsynet (Denmark); Finanšu un kapitāla tirgus komisija (Latvia); Estonian Financial Supervision Authority (Estonia); Polish Financial Supervision Authority (Poland); Financial Conduct Authority (United Kingdom); Financial Supervision Commission (Bulgaria); Hellenic Capital Market Commission (Greece); Bank of Lithuania (Lithuania); Malta Financial Services Authority (Malta); Národná banka Slovenska (Slovak Republic); Pénzügyi Szervezetek Állami Felügyelete (Hungary); Fjármálaeftirlitið (Iceland); Finanstilsynet (Norway); and Finanzmarktaufsicht (Liechtenstein).
The MOUs are in relation to the Alternative Investment Funds Management Directive (AIFMD), which is to be implemented across Europe from 22 July, 2013. It will require that certain conditions be met before non-EU countries can market alternative investment funds – such as hedge funds – in the EU.
Other ESMA members which are still to sign agreements with the Cayman Islands are Austria, Germany, Italy, Slovenia and Spain.
Mrs. Scotland expressed satisfaction that CIMA has now been able to sign the 25 MOUs. She said “Given the importance of Europe as a market for Cayman hedge funds, we have contacted the five European countries which have not yet signed with a view to securing signed MOUs.”