Regulatory Update: Q3 2020
Athena’s Quarterly Regulatory Update summaries the latest legal and regulatory developments in the Cayman Islands affecting the alternative investment industry.
Last month, the big news for Cayman was the European Union’s (EU) confirmation of Cayman’s removal from the EU list of noncooperative jurisdictions for tax purposes. This followed Cayman’s adoption of changes to its regulatory framework to address EU economic substance requirements by, amongst other things, introducing the requirement for registration and thus regulatory oversight of investment funds, including private funds, operating in or from the Cayman Islands.
Many of the jurisdictional enhancements made by the Cayman Islands this year and over the last several years have been designed to keep up with the increased globalisation of the international finance community. As a leading offshore jurisdiction, Cayman has been an early adopter of many global initiatives to meet the global standards set by the Organisation for Economic Cooperation and Development and the EU in relation to tax transparency and the inclusive framework on base erosion and profit shifting.
Below is a look at the Q3 regulatory developments in case you missed them: