And the Oscar for the best result from an offshore initiative goes to… the Cayman Islands.
Maybe it was the scene-stealing performance from the leader of government business in the hallowed halls of Whitehall. Maybe it was the surprising denouement as the Cayman Islands negotiators obtained from the lead characters, UK and Ireland, last-minute recognition of undertakings for the collective investment of transferable securities (UCITS) status for about 90% of Cayman Islands-regulated funds. But the result shows the benefit of constructive engagement on international initiatives, regardless of how unpalatable they may seem at first sight.
