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CIMA Signs Memorandum of Understanding with German Counterpart

(Grand Cayman - Friday, 22 November 2013) The Cayman Islands Monetary Authority (CIMA) has now signed Memoranda of Understanding (MOUs) with 27 of its European counterparts in relation to the Alternative Investment Funds Management Directive (AIFMD).   

CIMA’s Managing Director, Mrs. Cindy Scotland, signed an MOU on behalf of the Authority with Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) today. The MOU provides for mutual assistance regarding supervising managers of alternative investment funds who operate on a cross-border basis in both jurisdictions.  

These MOUs will enable the continued marketing of Cayman Islands hedge funds throughout the European Union under the AIFMD, which was implemented across Europe from 22 July, 2013. It requires that certain conditions be met before non-EU countries can market alternative investment funds – such as hedge funds – in the EU.  

Mrs. Scotland said “This MOU is the latest success in our continuing efforts to secure MOUs with our European counterparts. Each MOU is a victory for the Cayman Islands Hedge Fund industry, as the growing collection of agreements fosters cross-border business in accordance with the AIFMD.” 

Earlier this year, the Cayman Islands secured MOUs with the following financial authorities – members of the European Securities and Markets Authority (ESMA):  

Finanzmarktauficht (Austria); 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).  

Other ESMA members which are still to sign agreements with the Cayman Islands are Italy, Slovenia and Spain.  

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