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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (39074)	3/8/2002 2:14:54 PM
From: stockman_scott	Respond to of 99280

Cayman Islands to require locally-signed audits for funds NEW YORK, March 8 (Reuters) - About 90 percent of mutual funds registered in the Cayman Islands use locally-signed audits, ahead of a new regulation that kicks in July 1 making locally-signed audits mandatory, the Cayman Islands Monetary Authority said Friday. The Authority said in a news release that it is in talks with auditing firms not established in the Cayman Islands and with funds using those firms about how they can go about meeting the new requirement. The major U.S. accounting firms and their local counterparts, as well as local firms approved by the Authority, already sign the vast majority of audits, the Authority said. The change in the law is designed to make sure firms issuing audit opinions are subject to the Authority's jurisdiction. According to the Cayman Islands government Web site, more than 2,000 funds are registered in the Cayman Islands with assets estimated at about $200 billion.

To: Zeev Hed who wrote (39074)	3/8/2002 2:14:56 PM
From: Rich1	Read Replies (2) \| Respond to of 99280

If wishes were horses beggars would ride..<gg>