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ARTICLE · 11 OCTOBER 2016

CIMA Notice - Regulated Mutual Funds In LUL Or LUT

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Any operator or liquidator of a regulated mutual fund placed in Licence Under Liquidation or Licence Under Termination will need to be mindful of the Fund's continuing notification and filing obligations...

Cayman IslandsFinance and Banking
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Any operator1 or liquidator of a regulated mutual fund placed in Licence Under Liquidation ("LUL") or Licence Under Termination ("LUT") will need to be mindful of the Fund's continuing notification and filing obligations to the Cayman Islands Monetary Authority ("CIMA").

In a notice published on 29 September 2016 (the "Notice"2), CIMA set out the duties of operators and liquidators of funds in LUL or LUT, and outlined certain of CIMA's powers under the Mutual Funds Law (as amended) ("MFL").

Obligations for operators and liquidators

During the six months following a fund being placed into LUL or LUT, the operator or liquidator will need to provide CIMA comprehensive and ongoing updates on the status and progress of the winding down/liquidation of the fund. Failure to do so will result in CIMA cancelling the Certificate of Registration or Mutual Fund Licence under Section 30(16) of the MFL (a "Section 30(16) Cancellation").

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