CAYMAN 2012 - HFMWeek

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Award winning international legal and fiduciary services Welcome to Ogier We advise on BVI, Cayman, Guernsey and Jersey Law and associated fiduciary services through our network of offices across the globe and recently opened a boutique legal office in Luxembourg. Ogier has over 850 professional and support staff, including over 200 lawyers and 300 professional administrators with the strength in depth to deliver service excellence to our clients. We offer a proactive and flexible approach and have the expertise to handle the most complex offshore structures across all time zones. To find out more about how Ogier can assist you, please visit us at www.ogier.com or e-mail us at welcome@ogier.com Best Offshore Law Firm, 2012 HFMWeek, European Hedge Fund Services Award Best Offshore Law Firm, Cayman 2012 & 2011 Hedgeweek Best Offshore Law Firm 2011 HFMWeek U.S. Hedge Fund Services Awards Leading Hedge Funds Law Firm of the Year - Offshore Intercontinental Finance Fund Administrator of the Year, 2011 Private Equity News Private Funds Law Firm of the Year, 2011 Lawyers World Law Awards Law firm of the Year – Private Funds (Cayman Islands) Dealmakers Country Awards 2011 Information on the Ogier Group and details of its regulators can be accessed via our website www.ogier.com Bahrain • British Virgin Islands • Cayman Islands • Dublin • Guernsey Hong Kong • Jersey • London • Luxembourg • Shanghai • Tokyo
CAYMAN 2012 LEGAL FINDING THE BALANCE ALEX BODDEN OF RSM DISCUSSES WHY CHANGES TO THE REGULATORY REGIME, ALTHOUGH OF GREAT IMPORTANCE, DO NOT SUBSTITUTE THE NEED FOR SOUND DUE DILIGENCE AND A QUALITY SERVICE PROVIDER TO OPERATE A FUND Alex Bodden is an assurance partner and the managing partner of RSM Cayman Ltd., formerly McGladrey & Pullen, Cayman. He has more than 23 years of experience in the audit and finance sector markets in the UK, US and the Cayman Islands. In an investment environment plagued by market crises, corporate scandals, increasing investor demands for operational oversight and continued concern about risk of all types, the fine line between excessive regulatory creep and appropriate, risk-based regulation is an ever-sharper razor’s edge. The Cayman Islands, as the largest domicile of offshore funds, must always be looking for the equilibrium by paying close attention to and meeting the demands of investors, while standing firm in its regulatory philosophy, which is based on providing the right amount of intelligent regulation in the appropriate places. In its latest move to bolster Cayman Islands hedge fund regulation, the jurisdiction has implemented new legislation that requires Cayman master funds to register with the regulator, the Cayman Islands Monetary Authority (CIMA). This legislation makes some clarifications and improvements to the Cayman Islands hedge fund regulatory regime in response to trends in the international marketplace and to suggestions from various international regulatory bodies, including the OECD, which have stated that the regulatory status of these funds could be improved. The amendment to the Mutual Funds Law (2009 Revision), which came into effect on 22 December 2011, applies to every mutual fund that is incorporated or established in the Cayman Islands that holds investments and conducts trading activities, issues equity interests redeemable at the option of the investor and has more than one shareholder, including feeder funds, which are registered with CIMA. A regulated feeder fund is defined as a “regulated mutual fund that conducts more than 51% of its investing through another mutual fund”. In a traditional Cayman master-feeder structure, the majority of assets are usually held at the master fund level, so it is understandable that the structure be regulated at the master level, along with any Cayman regulated feeder fund investing into the Cayman master fund. The registration process and the duties and obligations of the fund operators (directors, general partners or trustees) and service providers are similar to those that Cayman Islands hedge funds already registered with CIMA are subject to. The registration requires: a confirmation of which Cayman-based service provider will be the point of contact for queries and will be responsible for the payment of the registration fee of CI$2,500 (US$3,048.79); the submission of a registration form (the MF4 form); and the fund’s certificate of incorporation or equivalent. For those Cayman master funds that already have a specific offering document, this will also need to be filed, and where one does not already exist, the MF4 must include a summary of the material terms of the master fund’s offering. CIMA must be notified within 21 days of any changes to these offering documents or the terms outlined in the MF4 and the regulator must also be advised as to whether there are investors in the master fund other than the regulated feeder funds. Future requirements subsequent to registration THE CAYMAN ISLANDS, AS THE LARGEST DOMICILE OF OFFSHORE FUNDS, MUST ALWAYS BE LOOKING FOR THE EQUILIBRIUM ” HFMWEEK.COM 31
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