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Independent director selection is usually done on a who you know basis. With changes coming in the UK, CP 86 etc selection procedures could do more to find those with experience but without contacts to fill director positions. But what could realistically be done to help those with the right skills and experience – but without connections – become independent directors?

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The alternative fund governance gap across the Atlantic is growing wider. It is clear that what many US managers want from their Cayman directors is different from what European managers want or expect – both from their Cayman boards and especially from those that they may have in other jurisdictions such as the Channel Islands, Ireland or Luxembourg.

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Why did the FCA decide to do it? This seems to have been lost in all the interest and debate taking place – both in the UK and beyond – about the fund governance reforms to the UK. The answer to this question is key to understanding what this is all about.

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Regulators have been told to go easy of MiFID II implementation for the time being. That’s why there’s been little coverage of the impact from this measure since its introduction. Analogies have drawn with the Phoney War period from September 1939 to May 1940.

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Speaking at IFI Global’s recent New York conference Debra Franzese, a Partner with the US law firm Seward & Kissel, said that she sees a growing number of master-feeder structures with Cayman LPs at the master level, as opposed to the traditional Cayman corporate structure. She said that this is being done for various reasons, including making accounting procedures easier.

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