U.S., U.K. and Cayman Regulators Address Upcoming Areas of Focus, Passporting Concerns and Intra-Agency Collaboration

The role of regulators increasingly extends beyond conducting examinations and includes sharing data-driven expertise with their regulatory counterparts domestically or abroad to achieve their common goals of protecting investors, preventing problems (such as risk from hedge funds entering the commercial banking space) and facilitating smooth resolution of known issues. These were prominent themes of a panel at Hedgeopolis New York, the annual conference of the Hedge Fund Association (HFA). Moderated by Martin Cornish, a partner at MJ Hudson, the panel featured Jennifer A. Duggins, co-head of the Private Funds Unit in the SEC Office of Compliance Inspections and Examinations; Robert Taylor, head of the Hedge Fund Management Department at the U.K. Financial Conduct Authority (FCA); and Garth Ebanks, deputy head of the Investments and Securities Division of the Cayman Islands Monetary Authority (CIMA). This article presents key takeaways from the panel discussion. For coverage of HFA’s May 2016 Global Regulatory Briefing panel, see our two-part series: “Best Ways for Hedge Fund Managers to Approach Regulation” (May 12, 2016); and “Cybersecurity, AML, AIFMD, Advertising and Liquidity Issues Affecting Hedge Fund Managers” (May 19, 2016). For guidance from CIMA, see “CIMA Enumerates Best Practices for Hedge Fund Manager AML Programs” (Mar. 17, 2016). For additional commentary from the FCA, see “FCA Director Emphasizes Regulator’s Focus on Firm’s Culture of Compliance” (Jul. 21, 2016); and “FCA Enforcement Director Emphasizes Responsibilities Under Senior Managers Regime” (Jun. 2, 2016). 

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