During 2020 we were met with an unprecedented global pandemic, and now continue to navigate the challenges of operating in a world with COVID-19. As the global leader in alternative funds, the Cayman Islands lead in its response to the crisis. We are proud that our past investments in technology, and people, and our strong global relationships enabled us to meet all stakeholders’ needs throughout the period of uncertainty. Our swift and effective response to our new environment solidified the Cayman Islands as the optimal partner in times of crisis.
Meanwhile, global regulatory bodies such as the OECD and FATF had been working to harmonize global practices on tax transparency and cooperation. In February 2020, the Cayman Islands continued its response to such efforts by enacting the Mutual Funds (Amendment) Act, 2020 and the Private Funds Act, 2020 which are discussed further in this document. Other legal and regulatory updates were also introduced including changes to the anti-money laundering regime, Securities Investments Business Act, and economic substance regulations. These changes and recent technical accounting updates remain outside of the scope of this document. We would be happy to discuss these industry developments with you further.
We hope that you find this publication helpful. Deloitte Cayman Islands is comprised of over 180 professionals across audit, tax, risk advisory and financial advisory, focused on serving the alternative asset management industry. As always, we encourage you to contact us or your local Deloitte partners for additional information or assistance.
Partner | Audit
Deloitte & Touche, Cayman Islands