The Cayman Islands Government has approved an important
amendment to the Private Funds Law 2020 (PF Law)
that will increase the number and categories of closed-ended Cayman
investment vehicles required to register with the Cayman Islands
Monetary Authority (CIMA). As the deadline for
registration remains 7 August 2020, all Cayman investment vehicles
must promptly be re-assessed to achieve compliance. Open-ended
mutual funds and hedge funds are unaffected.
New definition of "private fund"
The amendment changes the definition of "private fund"
so that it now includes any company, unit trust or partnership that
offers or issues or has issued its non-redeemable investment
interests, the purpose or effect of which is the pooling of
investor funds with the aim of enabling investors to receive
profits or gains from such entity's acquisition, holding,
management or disposal of investments, where (a) the holders of
investment interests do not have day-to-day control over
