Sunday, 29 November 2015
Last updated 1 day ago
Jan 18 2013 | 12:39pm ET
The Cayman Islands has long been a haven for hedge funds drawn by its light-touch regulatory environment and, it must be said, the ability to operate relatively opaquely on its white sand beaches. But all of that is about to change.
The Cayman Islands Monetary Authority is set to shine a light on its secretive financial industry, forcing both hedge funds and the thousands of other companies domiciled on its shores to be publicly identified and to list their directors. CIMA is also cracking down on directors, and plans to vet them to ensure their qualifications.
CIMA has sent a proposal for the public database to hedge funds domiciled on the island, part of a consultation process that will run until March, the Financial Times reports. The database would be the first of its kind in the Caymans.
While the Caymans have been criticized by the U.S. and European Union, the changes may actually be the result of demands for increased transparency on the part of investors. A large number of other offshore jurisdictions have recently updated their regulations, CIMA said, including the Bahamas, British Virgin Islands, Jersey, Ireland and the Isle of Man.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…