Caymans Leader: Islands Meet EU Hedge Fund Standards

May 19 2010 | 11:46am ET

The premier of the Cayman Islands has assured his islands’ stable of hedge funds that they have nothing to fear from impending European Union regulation.

The EU’s finance ministers yesterday approved new rules that would impose strict reporting and custody requirements, as well as possible leverage and borrowing limits, on the 27-nation bloc’s hedge funds and private equity funds. The rules, which also cleared a key committee of the European Parliament this week, would also bar non-EU funds that fail to meet certain criteria from the EU.

“We believe that Cayman, on an objective assessment, meets these criteria,” Premier McKeeva Bush said. “However, we are still seeking clarification on the specifics of the process that theyw ill put in place to assess whether the criteria are met.”

Bush said representatives of the Caymans government and the Cayman Islands Monetary Authority will meet with EU officials next month.

The Caymans are the domicile of the majority of the world’s hedge funds, with British hedge funds especially prevalent.


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