(Grand Cayman – Friday, 18 October 2013) The Cayman Islands Monetary Authority (CIMA) has signed a Memorandum of Understanding (MOU) with Finanzmarktauficht of Austria which provides for mutual assistance regarding supervising managers of alternative investment funds who operate on a cross-border basis in both jurisdictions. Managing Director of CIMA, Mrs. Cindy Scotland, signed the MOU on behalf of the Authority.

Mrs. Scotland said “We are extremely pleased that our continuing efforts to secure MOUs with our European counterparts are bearing fruit, given the importance of Europe as a market for Cayman hedge funds.”

This latest signing with the Austrian authority brings to 26 the number of MOUs with European countries, which willenable the continued marketing of Cayman Islands hedge funds throughout the European Union. The MOUs are in relation to the Alternative Investment Funds Management Directive (AIFMD), which was implemented across Europe from 22 July, 2013. It requires that certain conditions be met before non-EU countries can market alternative investment funds – such as hedge funds – in the EU.

Earlier this year, the Cayman Islands secured MOUs with the following financial authorities – members of the European Securities and Markets Authority (ESMA):

Autoriteit Financiële Markten (The Netherlands); Autorité des marchés financiers (France); Financial Services and Markets Authority (Belgium); Central Bank of Ireland (Ireland); Comissão do Mercado de Valores Mobiliários (Portugal); Financial Supervisory Authority (Romania); Commission de Surveillance du Secteur Financier (Luxembourg); Cyprus Securities and Exchange Commission (Cyprus); Czech National Bank (Czech Republic); Finansinspektionen (Sweden); Finanssivalvonta (Finland);Finanstilsynet (Denmark); Finanšu un kapit