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Cayman Islands Firm Files Lawsuit Against Regulators

May 05, 2013
Jing Chen

Cayman Islands-based hedge fund services firm DMS Management has filed a lawsuit against the region’s financial services regulator.

Caribbean News reported that DMS filed the lawsuit to prevent the Cayman Islands Monetary Authority from moving forward with a slew of proposed transparency and corporate governance reforms to avoid “poor predetermined outcomes deriving from CIMA’s arbitrary and exclusionary consultation process.”

The article also said that DMS founder Don Seymour argued that while he agrees with some of CIMA’s reforms, some of the regulatory system’s plans were “misguided.” Seymour added that CIMA’s proposed reforms would not have prevented some of the islands’ most severe hedge fund disasters from happening.

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