Regulatory Compliance Association Reviews

Current Offshore Compliance Issues – Cayman Islands Overview™

Practice Edge 02

Date: June 4, 2015
General Session: 12 Noon to 1:30 PM
Location: Webcast (Free)

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This course is designed to provide industry executives with an overview of key compliance and regulatory issues relevant to the operation of investment funds in the Cayman Islands. This course will examine certain key pieces of legislation which have been recently introduced in the Cayman Islands, including FATCA, the Director Registration and Licensing Law and CIMA’s Statement of Guidance on Corporate Governance for Regulated Mutual Funds, and give practical insight into how investment funds and their service providers have implemented new legislative requirements. This course will reflect upon the first year of FATCA reporting in the Cayman Islands and identify successful practices and areas for focus to implement in the coming months ahead of UK FATCA and CRS. This course will also address FAQs on these areas of regulation and give an ‘on-the-ground’ perspective on issues that have arisen and how investment funds are adapting in reality to the changing regulatory regime in the Cayman Islands.

Students will master the following at the conclusion of this session:

  • Recognize the practical implications of recent changes to key Cayman Islands legislation.
  • Recognize the characteristics of a robust corporate governance program.
  • Differentiate between the requirements of US FATCA and UK FATCA, including documentation required in the client onboarding process.
  • List the documentary changes necessary in connection with Cayman Islands FATCA compliance.
  • List key considerations applicable to preparing accurate reports for FATCA purposes.
  • Apply lessons learned from the 2014 US FATCA reporting year.
  • Recognize the information their business needs to include and for whom the information needs to be reported for in the 2015 US FATCA report and 2014 and 2015 UK FATCA reports.
  • Outline the impact of UK FATCA and CRS on their business.

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:

Michael Padarin, Partner, Investment Funds Group, Walkers Global

Guest Lecturers:

David Conen, CPA, Partner, Tax, KPMG
Dorothy Scott Crumbley, Partner, Walkers
Dawn Howe, Partner, Walkers
William J. Messer, BA, LLB, TEP, Managing Director, Five Continents Financial
Andrea Williams, LLB, General Counsel, UBS Fund Services

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