The Cayman Islands has signed memoranda of understanding (MoUs) with 25 European countries, which will enable the continued marketing of Cayman Islands hedge funds throughout the European Union.
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Cindy Scotland, managing director of the Cayman Islands Monetary Authority (CIMA), has signed the MoUs on behalf of the authority.
The 25 European Securities and Markets Authority (ESMA) members belong from the Netherlands, France, Belgium, Ireland, Portugal, Romania, Luxembourg, Cyprus, Czech Republic, Sweden, Finland, Denmark, Latvia, Estonia, Poland, the UK, Bulgaria, Greece, Lithuania, Malta, Slovak Republic, Hungary, Iceland, Norway and Liechtenstein.
CIMA stated that 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.
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By GlobalDataScotland 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."
