Foley Hoag LLP (JD Supra Cayman Islands)

Investment advisers and managers of private investment funds organized in the Cayman Islands should take note that on September 30, 2019, the Data Protection Law, 2017 (the "DPL"), is set to come into effect.

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...

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.

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...

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.

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.

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

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...

Cayman Islands investment entities are currently subject to three separate regimes relating to financial account information reporting: U.S. FATCA, U.K. FATCA and the OECD Common Reporting Standard (CRS). Although these regimes are similar, each has its own unique set of rules. Accordingly, investment advisers that manage Cayman Islands investment entities should be aware of the separate...

The Cayman Islands announced the further extension of its FATCA registration and reporting deadlines, as follows... ...Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial Institutions” for purposes of FATCA (or their “sponsoring entities,” if applicable) may register and file reports, as applicable, with the Cayman government by these...

On May 11, 2015, the Cayman Islands announced the extension of its FATCA registration and reporting deadlines, as follows...

Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial Institutions” for purposes of FATCA should make every effort to enroll with the Cayman government by the April 30, 2015 deadline in order to comply with their obligations under FATCA, regardless of whether they will be required to file 2014 FATCA reports with the Cayman government. See the Foley...

Under the Cayman Islands Directors Registration and Licensing Law 2014 (the “Law”), beginning June 4, 2014 directors of (a) “mutual funds” regulated under the Cayman Islands Mutual Funds Law (2013 Revision) and (b) companies registered as “Excluded Persons”1 under the Cayman Islands Securities Investment Business Law (2011 Revision) (collectively, “Covered Entities”) must register with, or obtain

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 registered and in compliance by May 21, 2012.

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 established in the Islands that holds investments and conducts trading activities and has one or more...

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, many master funds were exempt from registration with CIMA in reliance on an exception...