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Is Cayman too complacent or too innocent?

Was Cayman really blacklisted just because it was a bit slow in passing its substance legislation? And is it certain to come off the blacklist in October? This is the view of CIDA and others in Cayman. But is it correct?

A raft of circulars, press releases and various other statements have come out of Cayman since the decision was made by the EU to place this Caribbean jurisdiction on its uncooperative list. They have all said much the same thing.

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Cayman: Time to lose the secrecy

Now is the time for Cayman to revisit its approach to transparency, especially in some of its fund governance practices.

There is a culture of secrecy in the offshore fund industry, especially in the Caribbean, including in Cayman. It is a hangover from past practices and is, to a certain extent, embedded in the way business is still conducted today. To understand why this is it is necessary to know something about how these jurisdictions developed over the past few decades.

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Liquidity risk: Are boards up to speed?

Are boards getting all the information they need from managers to determine if their fund has passed its liquidity stress test? Some may not and it is their responsibility if something then goes wrong.

These tests, incidentally, are almost certainly going to be required to be done more frequently and will become more comprehensive.

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More responsibilities for EU directors

There was surprisingly little coverage in the press, back in 2018, of the EU Commission’s proposals for a much more comprehensive degree of financial regulation and market integration in Europe post Brexit. The Commission published a lengthy paper on this topic in September 2018.

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Director ratings and due diligence plans finalised

Thanks to all those who have given their feedback on The NED’s plans for its director ratings and due diligence service. Comments made by investors and their advisors have been especially welcome.

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