Cayman Finance News

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Dear Monsieur Gauzes,

Cayman Finance represents the financial service industry in the Cayman Islands.  I appreciate that you are no doubt currently engaged in what is a very complex reconciliation process. Nevertheless, I felt it appropriate to write because I have  impression from your recent comments  that there may exist  a misunderstanding about the nature of the transparency which exists in relation to the Cayman Islands hedge funds industry and the manner in which Cayman Islands hedge funds operate. 

The chair of Cayman Finance has turned his attention to MEP Jean-Paul Gauzes, the man leading the debate in the European parliament, regarding the latest proposed clampdown on the offshore fund industry.

As a result of the change in economic and regulatory circumstances, the Cayman Islands financial services industry must undergo significant change if it is to continue to develop and maintain its contribution to public revenues.

Despite the recent changes to the immigration law in order to facilitate key employee status for a number of posts related to the financial services sector, the chair of Cayman Finance said the country’s highly restrictive immigration and rollover policies, as he described them, need further reform.