Regulatory and Compliance

Our Cayman Regulatory and Compliance team provides legal advice and support to investment managers, administrators, banks, trustees and other financial services entities operating in Cayman. Our service covers regulatory applications and continuing obligations – including anti-money laundering requirements, international tax compliance requirements, data protection requirements and local regulatory audits.

Mutual funds services

The administration of a mutual fund in or from Cayman – or from outside Cayman where the administration is carried on by a Cayman established or registered entity – is a regulated activity under the Mutual Funds Law (Revised) of the Cayman Islands. We advise administrator clients on: applications for full or restricted administration licences under the Mutual Funds Law (Revised); annual filing requirements; changes in ownership structure; changes in senior officers; the implementation of anti-money laundering procedures; adopting and implementing procedures to comply with FATCA and CRS; and compliance with annual and special regulatory audits.

Securities services

Dealing in, arranging deals in, managing and advising on securities by a Cayman-established or registered entity – or by any entity carrying out these activities from Cayman – is a regulated activity under the Securities Investment Business Law (Revised) of the Cayman Islands. We advise investment managers operating in Cayman on: the availability of exemptions under the Securities Investment Business Law (Revised); applications for licences for securities investment business; annual filing requirements; changes in ownership structure; changes in senior officers; the implementation of anti money laundering procedures; and compliance with regulatory audits. If the European fund passport regime is extended to Cayman, the Dillon Eustace Regulatory and Compliance team is the ideal choice for clients wishing to set up an EU Connected Manager.

Banking and trust services

Banking and the carrying on of trust business by a company is regulated in the Cayman Islands under the Banks and Trust Companies Law (Revised) of the Cayman Islands. We advise banks and trustees on: making applications for category A or category B banking licences and restricted and nominee trust licences; net worth requirements; capital adequacy requirements; insurance requirements; annual filing requirements; changes in ownership structure; changes in senior officers; the implementation of anti-money laundering procedures; adopting and implementing procedures to comply with FATCA and CRS; and compliance with regulatory audits.