Updating the Mutual Funds Law in the Cayman Destinations
Cayman's mutual finance industry is proof of Darwin's theory that evolution takes place over very long periods. Admittedly it is taking years rather than millennia, however, the process of modernizing the legislation regulating Cayman's mutual fund industry appears to be a complex process. Rapid growth in Cayman's hedge fund industry is the backdrop against that the current review of the regulatory regime is taking place. The number of cash registered or qualified with the Cayman Islands Monetary Authority (CIMA) has already been growing at a not possibly believable pace. CIMA established a working group of representatives from the Cayman Islands Fund Administrators Relationship, the Cayman Islands Modern society of Professional Accountants, the Cayman Islands Law Society and the Cayman Destinations Bar Association to assess the advice of CIMA's own Policy and Analysis Division which has analyzed the regulation of the mutual funds industry. The particular work