This page is part of the Issue: November 2003

  Conferences Hosted

  Conferences Sponsored

  Conferences and Events Attended

  Articles Published

  Appointments

  International Monetary Fund

Conferences Hosted
October 3^rd 2003, Cayman Islands
In conjunction with Schulte Roth & Zabel LLP, Deloitte & Touche, New York and Cayman, UBS Funds Services (Cayman) Ltd and 3-4 South Square, Gray's Inn, London, Campbells hosted a major one day conference covering risk management and potential liabilities of directors, trustees and administrators in relation to international investment structures. The conference was chaired by Alistair Walters and speakers include partners, Ross McDonough and John Wolf and associates Robert Searle and Melanie Crinis. For a copy of the conference material on CD Rom, please contact Alistair Walters awalters@campbells.com.ky.

February 20^th 2004, Cayman Islands
Building on the success of the conference held in October 2003, Campbells will be hosting another investment fund conference in February 2004. This will cover

• Regulatory developments - SEC, FSA — best practice, market timing, late trading.
• Due diligence on hedge funds by investors, administrators, directors, auditors.
• Offering memoranda and fund agreements — important issues to check and jargon explained - key clauses for risk management.
• Trends in fund investments and products. Pricing of illiquid investments/derivatives, investments in funds of funds and independent checking.
• Interpreting pricing and leverage data — recognizing red flags for fund instability and best practice systems to manage risk (roundtable for directors, trustees and administrators).
• Delegating the AML function and other compliance issues - ensuring that an offshore hedge fund is compliant (roundtable for administrators).
• Role of auditors in fund structures.
• Litigation update.

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Conferences Sponsored
Campbells is pleased to announce that it will be a key sponsor of Cayman Business Outlook, a conference focused on previewing the business year ahead to be held on January 14th 2004. The conference is being organised by financial service group, Fidelity Cayman and the conference sessions will be led by a variety of industry leaders who will speak on local and global trends affecting business in the Cayman Islands.

Topics will include:

• The state of the tourism sector and its future prospects both short-term and long-term.
• The future of international banking under the onslaught of the IRS and OECD and the rapidly increasing hostility between Islamic fundamentalists and the Western world and its impact on international stability.
• The impact Cuba could have on the geopolitical and economic condition of the Caribbean and the Cayman Islands in particular.
• The competitiveness of the Cayman Financial sector.

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Conferences and Events Attended
19^th - 21^st November 2003, MAR/Hedge 2003 Annual Conference
John Wolf and Robert Searle attended the delayed 2003 MAR/Hedge annual conference in Miami.

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Articles Published
The Cayman Islands Journal, published an article by Robert Searle in which he reviewed the growth in the investment funds industry in the Cayman Islands and analysed some of the factors involved in hedge fund failures.

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Appointments
We are pleased to announce that Shaun McCann has been appointed a Notary Public for the Cayman Islands

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International Monetary Fund
In September, the IMF carried out a review of the Cayman Islands, their written report is still awaited but informal reports are that they left with a positive attitude to the level of regulation, compliance and professionalism demonstrated by industry and regulators in this jurisdiction. As president of the Cayman Islands Compliance Association, Alistair Walters chaired a lunch hosted by CICA for the IMF inspection team. Alistair and Simon Stephens also participated in industry meetings with members of the IMF team. The meeting with corporate and fiduciary service providers was held at Campbells offices.

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