Double full stop: Difference between revisions

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Now in a business as dependent on [[margin lending]] as is the [[Cayman Islands]]’ [[hedge fund]] industry, this is quite the intrusive bolt from the blue. The industry, and its professional advisers, rose up as one. “What,” they enquired, “on ''Earth'' do you think you are playing at?”
Now in a business as dependent on [[margin lending]] as is the [[Cayman Islands]]’ [[hedge fund]] industry, this is quite the intrusive bolt from the blue. The industry, and its professional advisers, rose up as one. “What,” they enquired, “on ''Earth'' do you think you are playing at?”


Of course, this was not what [[CIMA]] meant at all. There followed a hasty “reverse ferret”. But in that fascinating way of modern life, wherein it will no longer do to just admit to a cock-up and fix it properly, websites were updated, correspondence reissued, and the guidance was ''clarified''. “For the purposes of Rule 5.5,” the [[amended]] circular carried on, “the following shall not in itself, constitute the financing of the Service Providers own operations:
Of course, this was not what [[CIMA]] meant at all. There followed a hasty “reverse ferret”. But in that fascinating way of modern life, wherein it will no longer do to just admit to a cock-up and fix it properly, websites were updated, correspondence reissued, and the guidance was ''clarified''. The offending sentence was deleted, hastily, you fancy, with some CIMA boxwallah standing over the editors desk, temple veins throbbing.


:''{{helvetica|use or transfer of assets as consented to [[by or on behalf of]] the Fund, [[provided]] that the possibility of use or transfer is disclosed ... to investors.}}''
“Fix it. ''Now''.”


Thus, a contractually binding right of [[rehypothecation]], provided it is disclosed, is okay. To reach this conclusion, one must assemble the logical components of Rules 5.5, 5.6 and 5.6.5 into a single juridical proposition. It runs like so:
Track changes. Select. Delete. Save. Circulate.


:''{{helvetica|A Fund must not allow its Service Providers to use the Portfolio to finance their own operations. However, allowing Service Providers to use the Portfolio to finance their own operations doesn’t count as “financing the Service Providers’ own operations” as long as the Fund tells its investors they are doing this.}}''
“Please see attached herewith for your appr—”


In world more apt to admit its own mistakes this might read, “a fund must tell its investors when it allows its Service Providers to use its assets to finance their operations.”
“JUST PUBLISH THE GODDAMN THING OR SO HELP ME—”


But there wouldn’t be much to write about if the world were like that, would there?
And so are embattled trainee accept changes and uploads, with the offensive sentence removed.
 
:''{{helvetica|5.5. The overriding requirement of Rule 5.2 is that a Fund must ensure that none of its Service Providers use the Portfolio to finance their own or any other operations in any way..}}''
 
The superfluous full stop remains to this day, mute testament to the intractable vacuity of regulatory practice.


{{sa}}
{{sa}}
*[[Cayman Islands rum cake]]
*[[Cayman Islands rum cake]]
*[[:category:Cayman Islands history|Cayman Islands history]]
*[[:category:Cayman Islands history|Cayman Islands history]]
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