• JD Supra Cayman Islands

Publisher:
JD Supra
Publication date:
2019-04-29

Latest documents

  • Cayman AML Officers – Further Clarification from CIMA Regarding Deadlines

    Further to our recent Foley Adviser, the Cayman Islands Monetary Authority (CIMA) has clarified today that the deadline for the appointment by a Cayman unregulated fund of an Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and Deputy MLRO has been extended to December 31, 2018. However, any regulated fund still needs to appoint these officers by September 30, 2018, but now has a grace period until December 31, 2018 to notify CIMA through its REEIS portal of these appointments. Currently unregulated funds do not have a CIMA notification requirement of these officers. We suggest that clients attend to these appointment and notification (as required) requirements as soon as possible.

  • Cayman AML Officer Appointment Deadline Extended for Existing Funds to December 31, 2018

    On September 24, 2018, the Cayman Islands Monetary Authority (CIMA) announced the deadline for the appointment by a regulated or unregulated fund of an Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and Deputy MLRO has been extended to December 31, 2018.

  • Cayman Islands Fund Managers Face New Anti-Money Laundering Requirements

    The Cayman Islands Monetary Authority (“CIMA”) made a number of key changes to its anti-money laundering (“AML”) regulations in 2018 (the “AML Regulations”) including expanding their reach to unregulated entities, including private equity, venture capital and real estate funds, insurance entities and finance vehicles like collateralized loan obligations (“CLOs”)....

  • Reminder: Appointment of AML Officers for Cayman Funds Due by September 30, 2018

    Advisers that manage any Cayman Islands regulated or unregulated funds, investment entities including hedge funds, private equity funds or any other “financial services business” are reminded that September 30, 2018 is the date by which the Cayman Islands entity must have appointed an...

  • Cayman Islands Requires Companies to Maintain Beneficial Ownership Register; Is Your Fund In or Out (of Scope)?

    As of July 1, 2018, companies and limited liability companies incorporated or registered in the Cayman Islands are required to maintain a beneficial ownership register at their Cayman Islands-registered offices (or appointed service provider), unless an exemption applies. Hedge funds and private investment companies registered as companies or limited liability companies in the Cayman Islands should check with their Cayman service providers to confirm whether they comply.

  • Cayman Islands FATCA/CRS Reporting Deadlines Extended

    On May 30, 2018, the Cayman Islands announced that 2017 FATCA and Common Reporting Standard (CRS) reporting obligations may be completed by July 31, 2018 without adverse consequences, enforcement measures or penalties.

  • LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Cayman Islands

    1 .What role does the government of the Cayman Islands play in approving and regulating foreign direct investment? 
 
 The Cayman Islands Government has put in place and continues to maintain a regulatory structure whose goal to ensure that investors with assets held by Cayman Islands registered/regulated bodies have recourse against the risk of insolvency, mismanagement or fraud.
 
 The financial industry of the Cayman Islands remains reliable, stable and internationally respected due (in no small part) to Government regulation. The Cayman Islands Government also plays its part in insuring that the value of the financial services industry of the Cayman islands is enhanced while at the same time ensuring the privacy of investors and customers as well as ensuring that the Cayman islands are not used by criminals for the laundering of the proceeds of drug trafficking or crime.
 
 Please see full Chapter below for more information.

  • Cayman Islands FATCA/CRS Deadlines Extended Further

    On July 19, 2017, the Cayman Islands announced another extension of the filing deadline for 2016 FATCA and Common Reporting Standard (CRS) reports to August 31, 2017. The deadline for notification (registration) remains unchanged at July 31, 2017.

  • Cayman Islands FATCA/CRS Deadlines Extended

    On June 22, 2017, the Cayman Islands extended deadlines relating to 2016 FATCA and Common Reporting Standard (CRS) compliance, as follows...

  • Cayman Islands FATCA Compliance Deadlines Extended Again

    The Cayman Islands announced the further extension of the 2016 registration and reporting deadlines for U.S. FATCA and U.K. FATCA (also known as U.K. CDOT), as follows...

Featured documents

  • LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Cayman Islands

    1 .What role does the government of the Cayman Islands play in approving and regulating foreign direct investment? 
 
 The Cayman Islands Government has put in place and continues to maintain a regulatory structure whose goal to ensure that investors with assets held by Cayman Islands...

  • New Registration Requirements for Cayman Islands Master Funds

    As the result of a recent amendment to the Cayman Islands Mutual Funds Law, master funds formed in the Cayman Islands may be required to register with the Cayman Islands Monetary Authority (CIMA). Prior to the passage of the Mutual Funds (Amendment) Bill 2011 (the “Amendment”) in December 2011,...

  • Cayman Islands FATCA/CRS Reporting Deadlines Extended

    On May 30, 2018, the Cayman Islands announced that 2017 FATCA and Common Reporting Standard (CRS) reporting obligations may be completed by July 31, 2018 without adverse consequences, enforcement measures or penalties....

  • Cayman Islands Master Fund Registration Update

    Under the recent Cayman Islands Mutual Funds (Amendment) Law, 2011 (the “Amendment”), certain master funds formed in the Cayman Islands are required to register with the Cayman Islands Monetary Authority (CIMA). The Amendment defines “master fund” as “a mutual fund that is incorporated or...

  • Cayman Islands Requires Companies to Maintain Beneficial Ownership Register; Is Your Fund In or Out (of Scope)?

    As of July 1, 2018, companies and limited liability companies incorporated or registered in the Cayman Islands are required to maintain a beneficial ownership register at their Cayman Islands-registered offices (or appointed service provider), unless an exemption applies. Hedge funds and private...

  • Cayman Islands Master Fund Registration Deadline Extended March 21, 201

    On March 20, 2012, the Government of the Cayman Islands approved a 60-day extension to the deadline by which master funds must register under the new Cayman Islands Mutual Funds (Amendment) Law, 2011 (the “Amendment”). Master funds subject to the Amendment’s registration requirements must now be...

  • Reminder: Appointment of AML Officers for Cayman Funds Due by September 30, 2018

    Advisers that manage any Cayman Islands regulated or unregulated funds, investment entities including hedge funds, private equity funds or any other “financial services business” are reminded that September 30, 2018 is the date by which the Cayman Islands entity must have appointed an......

  • Cayman Islands to Enter into a Model 1 IGA

    The Cayman Islands announced on March 15 that it intends to enter into a Model 1 Intergovernmental Agreement (IGA) with the Internal Revenue Service for Foreign Account Tax Compliance Act (FATCA) compliance purposes......

  • Cayman Islands Fund Managers Face New Anti-Money Laundering Requirements

    The Cayman Islands Monetary Authority (“CIMA”) made a number of key changes to its anti-money laundering (“AML”) regulations in 2018 (the “AML Regulations”) including expanding their reach to unregulated entities, including private equity, venture capital and real estate funds, insurance entities...

  • Cayman Islands Government Announces FATCA Intergovernmental Agreement

    The Cayman Islands government announced on August 13, 2013 that it has concluded negotiations with the US government on a “Model 1” intergovernmental agreement (“IGA”) with respect to the US Foreign Account Tax Compliance Act (“FATCA”) and a new tax information exchange agreement (“TIEA”). Both...