The Latest

27th March 2013 (Ministry for Financial Services Cayman)  A framework for incorporated cell companies in the insurance sector was created in the Cayman Islands on 25 March, when the Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies, or PICs, within segregated portfolio company insurers (SPCs).

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27 March 2013 (Cayman 27) Government approves a change in law that allows the Monetary Authority to enter into Memoranda of Understanding with its European Union counterparts. This is to allow the marketing of cayman hedge funds in the EU.

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12 March 2013 (Cayman 27) Cayman’s voice will be heard at an international hedge fund conference in Brazil next week. Gonzalo Jallas, the new CEO of Cayman Finance, feels this is an excellent opportunity to see how other tax free jurisdictions work.  Joining Mr. Jallas in rio will be Dr. Dax Basdeo from the Ministry of Finance, Heather Smith of Cayman Islands Monetary Authority and Deputy Premier Rolston Anglin.

6 March 2013 (The Cayman Journal) At the end of January Cayman Finance, the association representing Cayman’s financial services industry, appointed its first CEO, Gonzalo Jalles. The Journal met with him to discuss some of the current issues facing the financial services industry.

25 March 2013 (Caymanian Compass) Following a consultation of the financial services industry and negotiations with US officials, the Cayman Islands government confirmed it will conclude a Model 1 intergovernmental agreement with the US in response to the US Foreign Account Tax Compliance Act.