Cayman Fund Focus conference to provide a regulatory update

The Cayman Fund Focus 2010 conference hosted by Campbells
on 8 October at the Ritz Carlton will provide attendees with the latest
information on regulatory changes and how these will affect the hedge fund
industry in Cayman and abroad.

Campbells Managing Partner Alistair Campbell anticipates
that the key issues at the conference under the theme “Same Game but New
Rules?” are going to be the consequences of the EU Alternative Investment Fund
Manager Directive.

There has been some speculation recently from AIMA that
some of the language of the Directive may be toned down, which could lead to a
good compromise, but this is not certain, Campbell pointed out.

“We will hear from Donnacha O’Connor [a partner with
Euston Dillon in Dublin] what is going on. We are also going to hear from Mitch
Nichter, a  partner from Haul Hastings in
San Francisco, who will be talking about the US view of the EU Directive,
because a lot of the investment managers are based in New York.”

“Tim Geithner has been writing to the EU about this,” he
added. “So that is going to be some interesting discussion from a Cayman
perspective. Will it really impact Cayman? What are the various worst case,
best case scenarios going to be? And what is the US perspective on that.”

New legislation that is going to be proposed in the
Cayman Islands will also be a topic at the one-day conference with both CIMA’s
Managing Director Cindy Scotland, as a key-note speaker, and Yolanda McCoy, the
authority’s head of investment and securities, reporting on the latest
regulatory plans.

“It will be interesting to hear from Cindy Scotland who
announced recently that the number of new funds is going up, which is good
news,” said Walters. “So we hope we can hear from her with some up to date
figures.”

Further sessions will focus on issues affecting
investors, featuring Scott F. Elphinstone from Five Continents Financial
Limited, Ethan Johnson from Morgan, Lewis & Bockius LLP and Campbells’ Ian Dillon.
Service providers Boris Onefater of Constellation Investment Consulting Corp,
dms Organization’s David Bree and Gordon Mattison of SGGG Fund Services will
debate how to provide effective services with robust internal controls
and minimum risk.

“Then there is going to be some interesting discussion
about a number of recent cases down here, dealing with different aspects of
fund problems,” Walters said, naming shareholder rights issues, redemption
rights and the general relationship between funds, service providers and
investors as examples. These relationships are strained and stressed within the
legal environment, so I think this is always good fodder for discussion.” These
latest restructuring, liquidation and litigation issues will be debated by panellists
Brian Pfeiffer of Schulte Roth & Zabel LLP, Stu Sybersma of Deloitte and
Campbells’ Guy Manning.

“In the past the conference always had a very good
feedback,” said Walters, something Campbells still aims to improve on.

“We
always ask for comments and receive them, and on the whole we try to bear those
in mind when we set the programmes and pick the speakers as well as the
format.”

 

 

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