The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding (MoU) with the German counterpart Bafin in relation to the Alternative Investment Funds Management Directive (AIFMD).

The agreement provides for mutual assistance regarding supervising managers of alternative investment funds that operate on a cross-border basis in both jurisdictions.

The MoU will allow alternative fund managers based on the Island to market their investment products in Germany.

The latest signed is the 27th MoU that CIMA has entered into with financial regulators in the EU in relation to the AIFMD.

The other ESMA members who have not signed AIFMD-related MOUs with CIMA include Italy, Slovenia and Spain.

Cindy Scotland, managing director CIMA, 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."