Clarification:

Commenting on a report earlier this month on a new hedge fund reporting initiative in the Cayman Islands, officials of the Cayman Islands Monetary Authority explained that the e-reporting initiative is not regulatory “crack down” but an operational initiative to enhance data collection. Transactional information will not be required. The majority of information that will be collected is already provided manually by licencees to CIMA in audited accounts, as part of its regulatory oversight. Under this new initiative, this data will be filed electronically. CIMA officials explained that the electronically collected data “will provide aggregate information and statistics on the Cayman Islands' fund industry,” information frequently requested but not currently available.