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Article: The Evolution of the Cayman Islands Fund Industry.
- Article from:
- Mondaq Business Briefing
- Article date:
- October 28, 2005
CopyrightCOPYRIGHT 2005 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Darwin believed that evolution takes place over long periods of time and the development of the Cayman Islands mutual fund industry may be further proof of his theory. Admittedly it is taking years rather than millennia, however, rumour has it that the process of modernizing the Cayman Islands legislation governing the mutual fund industry in the British Overseas Territory is a complex and careful process.
One legislative change, the Cayman Islands law implementing the EU Savings Tax Directive has been relatively swift, however. The Reporting of Savings Income Information (European Union) Law (the "Law"), 2005, has provided guidance as to what obligations, if ...