Cayman Fund Directors – Essential Fiduciary Training

Are you a Cayman Fund Director? Satisfy your annual training requirements by joining Professor Hong, a lawyer, regulatory expert, and former fund director as he introduces the risks and fiduciary obligations for directors and the context in which they operate in the Cayman Islands. Additionally, he’ll cover two critical case studies, the Weavering Scandal and the record-setting Intertrust AML fine.

Suggested Credit: 1 Hour

Topics

Cayman’s Rise as a Financial Hub
- How restrictive US policies inadvertently fueled offshore growth.
- Capitalizing on the Euromarket and petrodollar boom.
Cayman’s Key Differentiators
- Foundational pillars: Political stability and English common law.
- The cornerstone of the model: Tax neutrality.
Cayman as a Funds Center
- Key ingredients for market leadership in alternative funds.
- Flexible structures (SPCs), deep expertise, and US alignment.
Regulating Open and Closed-Ended Funds
- The Mutual Funds Act (MFA): Oversight for hedge funds.
- The Private Funds Act (PFA): Formal regulation for private equity.
Landmark Cayman Directors Scandal: Weavering
- A case study in fraud: Hiding $500M+ in losses with sham deals.
- The catastrophic results of failed directorial oversight.
- The landmark $111M personal liability judgment for directors.
Delegation Is Not a Defense: The Intertrust Wake-Up Call
- CIMA’s record-setting fine against a major administrator for AML failures.
- Why directors retain ultimate liability, even for outsourced compliance functions.

Relevant Jurisdictions

Cayman Islands

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Let’s get started

RR – Cayman Essentials – Act 1 – Rise of the OFC RR – Cayman Essentials – Act 1 Quiz RR – Cayman Essentials – Act 2 – A Funds Center RR – Cayman Essentials – Act 2 Quiz RR – Cayman Essentials – Act 3 – Disaster in Paradise RR – Cayman Essentials – Act 3 Quiz