The Cayman Islands has seen a raft of new regulation as the jurisdiction shores up its legal infrastructure to meet global standards. This report outlines how service providers must be nimble and adaptable to meet changing client needs.
The 'Cayman Islands Fund Services in Focus 2021' special report comprises six separate articles listed below, these can be read individually or as a sequence.
By Jude Scott, CEO, Cayman Finance – As the unprecedented year that has been 2020 draws to a close, we can look to the year ahead with some optimism. That’s in part due to the resilience of the Cayman Islands financial services industry, which continues to meet evolving global best practices.
By A Paris – In what has been a rollercoaster year from all perspectives, 2020 saw the Cayman Islands being first placed on the European Union blacklist in February, followed by its removal from said list in October, after it made improvements to its tax framework.
Despite an unprecedented number of new regulations being introduced into the Cayman Islands over the past 18 months, the jurisdiction has shown itself to be remarkably resilient, with the Islands’ funds industry in particular rising to the challenge and demonstrating its adaptability and flexibility.
The number of private funds being established in the Cayman Islands has continued to rise. This sector proved to be resilient and flexible as it swiftly adapted to a new regulatory regime and turned the additional oversight into an advantage.
As the hedge fund industry continues to grow and mature, managers are considering options beyond the traditional hedge fund structure. To this end, the managers and their service providers must be flexible and nimble to create custom solutions for the benefit of all parties involved.
By Jude Scott, Cayman Finance – In August 1864, 900 miles almost due North of the Cayman Islands, US Navy Rear Admiral David Farragut faced a pivotal moment. Leading a squadron charged with attacking Confederate forces in Mobile Bay, Alabama, Farragut’s flotilla encountered tethered mines known then as “torpedoes” which ultimately threatened his mission and his men. Acting decisively to navigate around the threat and pursue his objective, Farragut uttered the phrase that has now passed into military lore: “Damn the torpedoes! Full steam ahead!”