Mutual fund legislation was introduced into Cayman in 1993 and Cayman as a result has now joined the ranks of the regulated offshore financial centres. However, this is a piece of pragmatic legislation and it has significantly enhanced Cayman's reputation in the international business community. Cayman is a leading centre for offshore collective investment schemes and with the continuing development of this business and the arrival of new service providers, it is taking on more and more of a servicing role, ensuring full compliance with Regulation 864 in the U.S.A. Conclusion Much of the credit for Cayman's growth and endurance as a leading offshore centre must be attributed to the responsive and responsible government referred to already and what Cayman has succeeded in doing is achieving an optimum mix of free enterprise and pro-business pragmatic regulation. Cayman has worked very hard to enhance its reputation as a superior offshore financial centre and it is very proud of its recognised status today. It continues to develop to meet the changing needs of the world of international finance and, based on the excellent partnership which has been forged between the government and the business community.
Cayman is well positioned to occupy a dominant role for some time to come.