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ARTICLE · 17 JULY 2020

Amendment To Cayman Islands Private Funds Law

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Further to our previous updates in relation to the new Cayman Islands investment fund legislation, the Private Funds Law, 2020 was amended on 7 July 2020 and the definition of a private fund

Cayman IslandsFinance and Banking
Kendra Foster
Kendra Foster

Further to our previous updates in relation to the new Cayman Islands investment fund legislation, the Private Funds Law, 2020 was amended on 7 July 2020 and the definition of a private fund has changed.

Therefore, vehicles which were previously out of scope, may now in fact be required to register with the Cayman Islands Monetary Authority.

The key changes which have been made to the definition of a private fund under the Private Funds (Amendment) Law, 2020 are highlighted in bold below:

"private fund" means a company, unit trust or partnership whose principal business is the offering and issuing of its that offers or issues or has issued investment interests, the purpose or effect of which is the pooling of investor funds with the aim of spreading investment risks and enabling investors to receive profits or gains from such entity's acquisition, holding, management or disposal of investments, where —

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