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The Cayman Islands are now one of the world's leading fund management centres due to the welcoming regime, well-constructed legislation, good reputation, and the recent opening of the Stock Exchange, whose regime is particularly well-suited to mutual funds. |
Under the Mutual Fund Law 1996, investment or mutual funds with more than 15 members must be individually licensed, or must be administered by licensed mutual fund administrators. Licenses are issued by the Governor in Executive Council ('ExCo') after scrutiny of the application by the Monetary Authority.
The Cayman Islands Stock Exchange opened in July 1997 under the Stock Exchange Company Law 1996, specifically targeted at mutual funds and specialised debt securities (SPVs). Funds of funds and umbrella funds are both accepted, and there are no restrictions on investment policies. Funds can be established locally, or in a recognised jurisdiction, meaning the EU, the USA, Japan, Switzerland, Canada, and a number of other IOFCs. Listing takes as little as 1-2 weeks.
The Stock Exchange was quickly successful, and more than 370 issues have been listed, with market capitalisation of US$33bn.
Source:www.lowtax.net
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