CIMA reveals deal with Gibraltar in wake of Brexit
Rock of Gibraltar
(CNS): The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding with the Gibraltar Financial Services Commission in the wake of the UK’s recent referendum on leaving the European Union, the results of which impacted both territories. CIMA officials said the deal would pave the way for cooperation and exchange of information regarding firms under the Alternative Investment Fund Managers Directive (AIFMD).
Cindy Scotland, the managing director of CIMA, signed the deal on behalf of the authority and explained the reasoning behind it.
“Europe is an important market for Cayman hedge funds. The fact that our continuing efforts to secure MOUs with our European counterparts are bearing fruit is a source of satisfaction. We are pleased to add the GFSC to the list of European counterparts with whom we have such agreements,” she said, but made no comment about the Brexit vote and its possible negative impacts for the sector.
Samantha Barrass, CEO of the GFSC, said, “The GFSC enjoys a close working relationship with CIMA, and the signing of this MOU represents a commitment to further communication and regulatory cooperation. This AIFMD MOU facilitates information exchange and experience sharing, important processes that will enhance our capabilities as supervisors of AIFMD entities.”
Both jurisdictions are UK overseas territories that will be directly impacted by the Brexit vote. Given its geographic location, Gibraltar’s voters took part in the UK referendum on the EU and voted overwhelmingly (95%) to stay in. Both territories now are at the mercy of the UK and EU negotiations over all of their future dealings in Europe.
Category: Finance, Financial Services
I am a proud gibraltarian but we need to be realistic, the UK is not interested in our plight even in the slightest and the current political status will increasingly impede us in the future.
It is time we became independent within in the EU (or at least with free access to it) – the european Singapour.
Gibraltar is screwed by Brexit. Spanish are going to make life impossible when the UK leaves and the UK won’t give up economic negotiating capital to protect it. Adios.