The Cayman Islands Monetary Authority ("CIMA") has
issued new rules that apply to mutual funds regulated under the
Mutual Funds Law (2020 Revision)1. The new rules
relate to: (i) the contents of Offering Documents (the
"Content Rules"); (ii) the Segregation of Assets (the
"Segregation Rules"); and (iii) the Calculation of Asset
Values (the "NAV Calculation Rules") (collectively, the
"Rules").
Content Rules
All regulated mutual funds with a new or ongoing offering made
pursuant to an offering document are required to comply with the
Content Rules. The disclosures required by the Content Rules
largely reflect existing disclosure practices for Cayman Islands
funds and, in many respects, simply codify what the industry had
already understood to be CIMA's requirements for inclusion in
the offering document of a regulated mutual fund. Critically,
the new Content Rules do not impact any existing duty of disclosure
under the general law or as required under the Mutual
