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The Cayman Islands Government issued a Press Release on 25 March 2013 concerning preparations for AIFMD. Recent legislative amendments authorize the Cayman Islands Monetary Authority to enter into inter–governmental cooperation agreements in line with the template MoU envisaged by ESMA. The amendments empower the Monetary Authority to use the ESMA model to complete any additional cooperation agreements that may be required with EU member states.

As for the other compliance conditions of non EU countries under AIFMD, in our view the Cayman Islands already substantially meets the remaining principal requirements as to FATF compliance and tax information exchange.

The full text of the Cayman Islands Government press release is available above.