Caymans Not Looking to Tighten Regulations: Official Says

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MIAMI (Reuters) - The Cayman Islands, the Caribbean offshore financial center that is now home to many of the world's hedge funds, will not tighten regulations on the booming industry until the rest of the world does, a senior official said.

Once regularly branded a haven for tax cheats by critics as it developed into the world's fifth-largest financial center, officials are aware of the risk to the British territory's reputation if one of the hedge funds collapsed, said Timothy Ridley, chairman of the Cayman Islands Monetary Authority.

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Caymans Not Looking to Tighten Regulations: Official Says

However, Mr. Ridley said it did not have the resources to draw up global rules for hedge funds. Nor did it want to under...

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