Changes To Financial Services Legislation In Cayman Islands
Amendments to both the Banks and Trust Companies Law and the Mutual Funds Law
in the Cayman Islands are soon to be tabled in the Legislative Assembly for
debate, it was announced recently. The Banks and Trust Companies (Amendment) Bill, 2008 and the Mutual Funds (Amendment)
Bill, 2008, were published in Supplement Nos. 2 and 3 respectively of the Cayman
Islands Gazette, No. 8, on 14th April 2008. Among the proposed changes in the Banks and Trust Companies (Amendment) Bill,
2008, is a general provision for trust company licensing exemptions to be made
by regulations. It is understood that regulations under consideration include a registration
regime for private trust companies, that is, companies that do not provide trust
services to the general public, but only to parties within a defined family
relationship. Another amendment seeks to expand the scope of activity for controlled subsidiaries
of full trust companies. The Mutual Funds (Amendment) Bill, 2008 contains a mix of provisions, including
one which enables funds from foreign jurisdictions that may not be on the Cayman
Islands Monetary Authority's approved list to nevertheless be administered by
Cayman administrators, where such funds are otherwise regulated funds under the
Mutual Funds Law. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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