In the face of the global hedge fund crisis, even the Cayman Islands may be open to a bit more transparency.
The Caribbean territory, long the domicile for much of the hedge fund industry as well as many other secretive financial doings, is getting into the regulatory action. The Cayman Islands Monetary Authority told Reuters that it might make available more information about the 10,000 hedge funds licensed in its jurisdiction.
Of course, these are the Cayman Islands, so the transparency likely to be on offer is not likely to impress such hedge fund-regulation supporters as the French and Germans. Whereas CIMA currently discloses a fund’s license number, regulatory classification and date of authorization, the agency is considering making public a fund’s directors, manager, auditors and administrators.
Nor would CIMA dream of making even that small move without checking with the hedge funds first. The agency plans to consult with the industry, and aims to offer the new information by the end of the year.