OECD black list could be fatal to fund industry

(CNS Business): The legislation that is providing for the creation of the registration of master funds does not meet any OECD or other current regulatory requirements. According to the Law Society president, the OECD is scheduled to visit the Cayman Islands next year, which is “of fundamental importance to the future wellbeing of these islands”. Charles Jennings said that if Cayman were to be placed on a black or grey list, the damage to Cayman’s fund industry could be fatal. In the Legislative Assembly as the bill was passed, Premier McKeeva Bush had insisted that the regulation would help to improve Cayman’s international standing, which had improved significantly after his government managed to remove Cayman from the black list. Read more on CNS Business