EisnerAmper Cayman Affiliate EA Governance Offers Governance Services
The Cayman Islands recently enacted legislative changes (which EisnerAmper previously reported on) to enhance the oversight of smaller open-ended mutual funds (previously exempted due to having less than 15 investors) as well as closed-ended funds (private equity funds) to boost best practices and strengthen investor confidence. EisnerAmper Cayman affiliate EisnerAmper Governance Services Ltd. (EA Governance) can be instrumental in providing governance services that clients might require for an offshore entity allowing clients to focus on investment management.
Given the conflict of interest between governance and audit, solely non-attest clients would be able to take advantage of EA Governance, which is regulated under the Cayman Islands Monetary Authority.
Some of EA Governance offerings include:
- Providing clients with Independent Board Directors, Managing Members, Independent Fund Representatives, and Members for Investment Advisory, Limited Partnership Advisory and Conflict Advisory Committees.
- Company management consisting of registered office services, board secretarial services, along with general advisory and consulting services; and also providing adequate office space for a client’s Cayman entity, along with qualified full-time employees and professional directors to manage the Cayman entity.
- International tax compliance services such as helping clients determine the best way to meet their requirements of tax regimes and make the required filings under FATCA/CRS.
- Cayman Anti-Money Laundering (AML) Compliance, providing dedicated professionals to help clients meet their compliance needs and regulatory requirements.
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Cayman Islands Law Requires Registration
On February 7, the Cayman Islands Government passed sweeping legislation to enhance oversight of investment funds to boost best practices and strengthen investor confidence. The Private Funds Law, 2020 requires private funds formed in Cayman to register with the Cayman Islands Monetary Authority (CIMA) within the next six months. The Mutual Funds Law, 2020 removed the small fund exemption (those with fewer than 15 investors) thereby subjecting substantially all private open ended and closed ended funds formed in Cayman to register with CIMA. (For more insight, please see EisnerAmper’s previous report on the Cayman Islands’ enactment of legislative changes to enhance oversight of investment funds to boost best practices and strengthen investor confidence.)
Under the new laws:
- All impacted funds will be required to register by August 7, 2020;
- Any new funds launched from the effective date will require immediate registration.
- The registration fee for the initial registration of affected funds during the transition period will be waived; and
- The first audited accounts for registered funds will not be required to be filed with CIMA until six months following the first full financial year after registration. Unlike other offshore jurisdictions that do not require local auditors, these audited financial statements must be submitted by a CIMA approved local auditor.
As always, for further instruction, please speak to your legal advisors.
By Elana Margulies-Snyderman
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Cayman Islands Enacts Legislative Changes to Enhance the Oversight of Investment Funds
The Cayman Islands Government has drafted two bills to enhance regulation for all Cayman-domiciled hedge funds and also impact private equity funds for the first time, in an effort to boost best practices, strengthen investor confidence and ensure the Islands remains the preeminent jurisdiction for investment funds formation.
Mutual Funds (Amendment) Bill, 2020 and the Private Funds Bill, 2020 would require both hedge funds and private equity funds to have annual audits issued or undertaken by a Cayman Islands Monetary Authority (CIMA)-approved local auditor.
Under the new Mutual Funds Bill, funds with fewer than 15 investors would now be required to register with CIMA, comply with annual return requirements, retain accessible records and have annual audits done by a CIMA-approved local auditor.
According to the Private Funds Bill, all private funds would have to comply with above. In addition, they would have requirements for valuation, safekeeping, title verification and cash monitoring. The bill also allows private funds the flexibility to choose the service provider(s) who would provide any required valuation, safekeeping, title verification and cash monitoring services; provided that any administrator, custodian or other independent third party appointed is independent from the fund’s manager or operator or, where any of the manager or operator or their affiliates is appointed, they identify and disclose any conflicts of interest.
The Government is planning a series of briefings and releases in the coming months with the first briefing to be held January 10.
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EisnerAmper LLP Opens London Office
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EisnerAmper Global welcomes Singapore member
EisnerAmper Cayman is delighted to welcome EisnerAmper Singapore to the EisnerAmper Global network. EisnerAmper Global is a specialist network of independent member firms operating in key financial services and international trading hubs. EisnerAmper Global member firms provide clients with access to the expertise of 200 partners and 2,000 professionals globally, with office locations including New York, Miami, San Francisco, Cayman, Dublin and Singapore.
EisnerAmper Singapore, formerly Saw Meng Tee & Partners PAC, provides specialist accounting, advisory, outsourcing,and risk & regulatory services to international and domestic clients operating in Singapore and across Asia. At EisnerAmper Singapore’s launch, Managing Partner Saw Meng Tee noted that EisnerAmper Singapore’s vision is to be “recognised as one of Singapore’s leading professional services firms in the specialist areas of financial services, corporate solutions and advisory”. EisnerAmper Ireland and Saw Meng Tee & Partners PAC have been working closely together over the past 18 months to further develop existing ties between Ireland and Singapore.
For enquiries, please contact Saw Meng Tee, Managing Partner, EisnerAmper Singapore or visit the EisnerAmper Singapore website.
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EisnerAmper LLP is awarded Best Global Accounting Firm
EisnerAmper LLP was named Best Global Accounting Firm in the 2017 Global Service Provider Awards Survey conducted for Hedgeweek Global. The Global Service Provider Awards are amongst the hedge fund industry’s most prestigious and competitive awards and are based on a rigorous peer review survey of Hedgeweek’s readers, which includes a global audience of investors, fund managers and industry service providers.
Charles Weinstein, EisnerAmper LLP’s Chief Executive Officer, said that EisnerAmper LLP was honoured to be receiving the award and to being recognised as the preeminent accounting and advisory firm in the alternative investment marketplace.
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EisnerAmper LLP & EisnerAmper Cayman attend GAIM Ops Cayman conference
Nicholas Tsafos and Peter Cogan, Audit Partners in EisnerAmper LLP and Directors of EisnerAmper Global, attended the Global Alternative Investment Management (“GAIM”) Ops Cayman conference on March 6-9 alongside Ben Leung, Managing Partner of EisnerAmper Cayman and Director of EisnerAmper Global.
GAIM was founded in 1994 and soon became the world’s largest international alternative investment event, known for its high intellectual content as well as the range, quality and quantity of the global investors and allocators it attracts. It has been held in Geneva, Monaco, Cannes, and Cayman.
GAIM is the annual global focal point for global investors to learn about the wider industry and the strategic debate within which alternatives operate, and secondly as an objective platform for the most interesting investment themes and best performing funds globally.
Peter, Nick and Ben were joined by other members of the EisnerAmper Cayman team to participate in interactive workshops and discussions.
PKF Cayman rebrand and joining EisnerAmper Global
PKF Cayman has rebranded to EisnerAmper Cayman. We have joined with leading US accountancy firm, EisnerAmper LLP and EisnerAmper Ireland, to form a new global network called EisnerAmper Global. Our vision is to be globally recognised as Cayman’s leading corporate professional services firm. Being part of a new global network, EisnerAmper Global, gives our clients access to leading minds and cutting edge services by leveraging the expertise of c. 180 partners and 1500 professionals across Cayman, the US, Ireland and London.
Our soft launch will be on August 17, 2015, details of our public launch will follow soon.
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