untitled099jThe Cayman Islands has long been a haven for hedge funds attracted by its relatively low regulatory environment however that could be about to change. The Caymans Monetary Authority (CIMA) is set to force both hedge funds and thousands of other companies domiciled in the Caymans to be publically identified and to list their directors. CIMA is also implementing new requirements for the appointment of directors to ensure they are adequately qualified for their position. As part of a consultation process CIMA has sent a proposal for the public database to hedge funds domiciled on the island. The consultation period will run until March. While the Cayman Islands have been criticised by the US and the EU, the changes are thought to have been driven by the demands from investors who are keen to see increased transparency. A large number of other jurisdictions have recently updated their regulations including the Bahamas, BVI, Jersey, the Isle of Man and Ireland.