The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding (MoU) with Finanzmarktauficht of Austria which provides for mutual assistance regarding supervising managers of alternative investment funds who operate on a cross-border basis in both jurisdictions.
The latest signed is the 26th MoU for the Austrian authority with European countries.
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According to CIMA, the MoU will enable the continued marketing of Cayman Islands hedge funds throughout the European Union.
The MoUs are in relation to the Alternative Investment Funds Management Directive (AIFMD), which was implemented across Europe from 22 July 2013.
Cindy Scotland, managing director of CIMA, said: "We are extremely pleased that our continuing efforts to secure MOUs with our European counterparts are bearing fruit, given the importance of Europe as a market for Cayman hedge funds."
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