Over the past years, the Cayman Islands have become the largest domicile of choice for hedge funds and other alternative investment funds. Nevertheless a significant number of these funds are administered in Luxembourg. Cayman funds differ significantly from Luxembourg funds from a legal and regulatory environment perspective but also from a legal structures perspective. Moreover, Cayman funds are subject to specific requirements such as reporting procedures to the CIMA, the local regulator, and required sign off of annual accounts by a local auditor, despite the fact that all accounting records are being kept in Luxembourg.
Going forward, the Cayman fund industry is facing significant challenges to maintain its dominant position. In this context and thanks to the Circular 02/08 issued by the CSSF in 2002 (which set specific rules for Luxembourg alternative investment funds) and to the “UCITS III” Directive (which enlarged the range of eligible assets and strategies for UCITS vehicles), some offshore promoters decided to change the seat of their existing funds in Luxembourg or decided to launch new fund ranges in Luxembourg. The current fund market turmoil and the new proposed European Directive on Alternative Investment Fund Managers are two additional factors pushing up such a trend.
PwC ACADEMY is pleased to offer this new training dedicated to provide participants with a comprehensive overview of latest industry trends as well as a thorough analysis of Cayman funds-specific aspects regarding issues such as risk management, legal and regulatory, reporting as well as tax.

At the end of the training, participants will be able to:

- describe the major aspects of the funds market in the Cayman Islands
- explain the nature and characteristics of different mutual funds and investment vehicles operating in the Cayman Islands
- master all reporting requirements in relation to CIMA registered Cayman funds
- assess all aspects of a re-domiciliation of a Cayman fund to Luxembourg

The training course is composed of four sections:

Section 1: General overview of the Cayman market and its players

• Overview of industries
• The investment fund industry
• The CIMA (Cayman Islands Monetary Authority)
• The Cayman Stock Exchange
• Legal and regulatory framework
• Tax framework

 Section 2: Investment funds in the Cayman Islands

• Categories of mutual funds
• Fund managers and advisers
• Categories of investment vehicles
• Application for a license
• Management shares
• Annual reporting
• E-filing
• Exempt versus non-exempt funds
• The audit process of Cayman funds
• Delays in filing
• Roles and responsibilities of different parties

Section 3: Anti-money laundering regulations

• Legal framework
• Example of checklist

Section 4: Re-domiciliation of Cayman funds

• Presentation of different techniques
• Tax implications
• Legal aspects
• Regulatory substance
• Governance
• Distribution issues
• Audit requirements
• Operational aspects

• Accountants
• Administrators
• Compliance officers
• Staff of fund service providers (TA, custody,…)
• Client relationship managers

The training is coordinated by Robert Castelein, Audit Director, PricewaterhouseCoopers Luxembourg. The different sessions will be animated by PricewaterhouseCoopers subject matter experts dealing with Cayman funds issues.

English

Limited to 20 participants, to ensure good interactivity

0.5 day

The premises of PwC ACADEMY located 400, route d’Esch, Z.I. Cloche d’Or, Luxembourg-Gasperich.

An invoice will be sent to you at the end of the training.

For organisational purpose or in case of absolute necessity, we reserve the right to delay or cancel training events. In such cases, participants will be advised at the latest five business days before the event.

Any cancellation should be communicated in writing at the latest five business days before the event. Thereafter, full fees will be invoiced. Substitution of one participant by another is possible and can be done at any time upon written notice.

An attendance certificate will be sent to participants.

The modules described here can be organised in your premises or can be adapted to your specific needs. Do not hesitate to contact us if you are interested by tailored solution.

Registration fees are eligible for State co-financing in accordance with the legislation relating to the support and development of continuing vocational training. PwC ACADEMY is authorised as a provider of continuing vocational training under registration number 94523/C.