Italy has now included Cayman Island funds on its white list. This means Cayman funds will be free to invest in Italian securities such as bonds and securitisation instruments and receive interest payments gross of withholding tax.
The European Securities Markets Authority (Esma) has issued its advice on the extension of the alternative investment fund managers' directive (AIFMD) passport to investment fund managers and investment funds based in 12 non-EU countries.
Investment funds are on the radar of the G20, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD). They will play a key role in the future vis-à-vis economic stability and in the world economy, said Luxembourg’s finance minister Pierre Gramegna.