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Cayman signs Memorandum of Understanding with Germany for AIFMD

The Cayman Islands Monetary Authority signed and memorandum of understanding with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) on 22 November 2013 providing for mutual assistance regarding the supervision of managers of alternative investment funds who operate on a cross-border basis in both jurisdictions.

The memorandum of understanding will serve as a co-operation agreement for the purpose of systemic risk oversight and will facilitate the exchange of information between CIMA and BaFin, cross-border on-site visits between the jurisdictions and also provide a framework for mutual assistance in the enforcement of the applicable supervisory laws between CIMA and BaFin.

The entry by CIMA into this memorandum of understanding will provide the necessary international regulatory framework for the marketing of Cayman Alternative Investment Funds into Germany by mangers established outside the EU and is an important step in maintaining Cayman’s competitiveness in the European market.

For more information on the AIFMD and its implementation in the Cayman Islands please follow the attached link to our brochure entitled “Cayman Islands on Track for AIFMD”: http://www.dilloneustace.ie/download/1/Cayman.AIFMD.Bulletin.df.pdf

QUESTIONS:
Matt Mulry | DD: + 1 345 949 0022 | matt.mulry@dilloneustace.ie
Derbhil O’Riordan |
DD: + 1 345 949 0022 | derbhil.oriordan@dilloneustace.ie