The CLOser is the Maples group's industry newsletter for the global CLO market. The Maples Global CLO Team comprises specialist lawyers and fiduciary professionals based in the Cayman Islands, Delaware, Dublin, Jersey, London and the Netherlands.
Maples and Calder advised FNZ Group on the Cayman Islands legal aspects of the acquisition of European Bank for Financial Services GmbH (ebase) from comdirect bank AG. The transaction is still subject to the approval by the banking supervisory and antitrust authorities.
As a continued testament to the strength and market leading expertise of Maples and Calder in the international trusts and private client industry, the firm is pleased to announce that it has been recognised once again within the latest edition of the Chambers High Net Worth (HNW) Guide.
The Cayman Islands has recently changed a number of regulatory provisions as part of its ongoing commitment to international standards, most notably with respect to tax transparency. In this article, partner Harjit Kaur outlines the steps that need to be taken by the managers and boards of hedge funds to ensure that their funds remain compliant with the various regulatory requirements.
This article appeared in edition 115 of the AIMA Journal, published in July 2018.
As clients of this firm will be aware from our previous communications and updates, all persons registered with the Cayman Islands Monetary Authority ("CIMA") as "Excluded Persons" under the Securities Investment Business Law (2015 Revision) ("SIBL") are regarded as carrying on "securities investment business", and therefore remain within the scope of the Cayman Islands Anti-Money Laundering Regulations (the "AML Regulations") and must continue to ensure that they comply with the requirements of the AML Regulations.
CIMA has recently contacted certain persons registered as Excluded Persons under SIBL requiring them to obtain and provide an audit report (the "Report") on the entity's AML procedures and compliance with the AML Regulations.