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20 Apr 2018
Maples and Calder's latest edition of our Funds Update - Ireland, a quarterly summary of Irish legal & regulatory, tax and listing developments in recent months.
18 Apr 2018
On 6 April 2018, CIMA released a notice (the "Notice") in which it addressed three points raised by Cayman Finance in relation to unclear provisions of Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands: (i) the designation / appointment of natural persons as MLROs, DMLROs and AMLCOs for investment funds; (ii) the need to carry out a gap analysis where AML functions have been delegated to a service provider outside the Cayman Islands and where relying on Eligible Introduction Letters; and (iii) whether subscription payments by an investor from a Cayman Islands bank, or equivalent jurisdiction bank, negated the need for full AML verification.
In response to the Notice, a Cayman Finance working group, including a Maples and Calder representative, met with CIMA on 11 April 2018 for the purpose of discussing the practical implementation – both of the three points raised in the Notice and a number of other issues.
11 Apr 2018
Welcome to Maples and Calder's quarterly newsletter on fund management where we provide you with a global update on issues affecting the cross border marketing and distribution of investment funds.
9 Apr 2018
Further to our previous updates, the Department for International Tax Cooperation, on 29 March 2018, released Guidance on the Country-by-Country Reporting requirements of entities that are resident in the Cayman Islands.
The Guidance sets out the Notification and / or Reporting requirements of Constituent Entities of an MNE Group. It also addresses a number of technical issues.
This update is not exhaustive and its purpose is primarily for prompting consideration as to the applicability of the CbCR rules to Cayman Islands entities and the steps that will need to be taken by Constituent Entities.
3 Apr 2018
On 29 March 2018 the Central Bank of Ireland (the "Central Bank") published a Consultation Paper ("CP119") proposing to consolidate and amend the Central Bank UCITS Regulations, which form the basis for the Irish regulatory framework for UCITS.