The NED is looking to launch a director ratings and due diligence service this spring. Prior to doing so it is inviting subscribers to provide their feedback on what is planned.

The due diligence service could include the following information on prospective independent directors: company ownership, regulatory sanctions, feedback from ex colleagues or other directors and court filings. In order to do this The NED may be teaming up with a firm that has this kind of investigative work in other parts of the financial industry.

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Registration is to be mandatory for Cayman private funds including partnerships, unit trusts and LLCs. With provisions for valuations, fund asset safekeeping, cash monitoring etc the Bill is extremely extensive

The Cayman Islands Government published a Private Funds Bill in early January. Its main feature is the obligation of private or closed ended funds to register with CIMA.

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