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Minister cleans up problems in mutual funds law

| 11/09/2014 | 0 Comments
CNS Business

Minister of Financial Services, Commerce and Environment

(CNS Business): A requirement for non-resident mutual fund administrators on funds registered here to pay licensing fees and file returns has been removed from the 2012 Mutual Funds law. In what Financial Services Minister Wayne Panton described as a “clean-up exercise” he said that the requirement in the law was not feasible and the industry found it was unable to implement the provision. He told the Legislative Assembly that the requirement had been put into the law as part of the previous administration’s revenue raising measures. It had also been envisaged that the requirement would encourage the administrators to re-domicile.

The minister explained, however, that stakeholders and government officials were all in agreement that it was not possible to implement the requirements and it was not possible to meet the aims. Panton confirmed that feedback from the regulator, Cayman Islands Monetary Authority, had also indicated that the provision in the law be removed.

Panton presented an amended bill to the parliament on Thursday removing both provisions, which was supported by all members.

 

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Category: Finance, Financial Services

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