Japan opens to Cayman funds

The Cayman Islands has amended its regulations to ensure mutual funds are acceptable to Japanese distributors.

The Cayman Islands Monetary Authority CIMA will introduce new regulations effective November 19th to provide a new regulatory regime for mutual funds that are marketed to the public in Japan. The Caymans is the largest offshore centre in the world, with 3,593 registered funds as of December, 2002, many of which are hedge funds.

Spencer Privett, an associate at Caymans law firm Maples and Calder, says the standards for selection of foreign unit trusts set by the Japan Securities Dealer's Association were vague regarding requirements for foreign regulatory regimes. Privett will become a partner as of December 1st. Although the JSDA did not object to the distribution of Cayman-registered funds, it was unwilling...

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