ARTICLE · 17 JANUARY 2013

Expanded Master Fund Registration Regime

Travers Thorp Alberga

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The Cayman Islands has recently introduced amendments to the Mutual Funds Law which require the registration of certain trading subsidiaries of registered funds as "master funds".

Cayman IslandsFinance and Banking

Anthony Travers OBE

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Executive summary

The Cayman Islands has recently introduced amendments to the Mutual Funds Law (the "Law") which require the registration of certain trading subsidiaries of registered funds as "master funds". Closed ended funds are unaffected by these changes and remain outside of the Law.

Recent amendments also increase the fees applicable to registered mutual funds, other than master funds.

Timeline

The amendments to the Law came into force on 10 January 2013 with fee regulations issued on 15 January 2013. Pursuant to a recent governmental advisory, existing master funds affected by the amendments to the Law have a grace period until 1 March 2013 in which to comply.

Summary of the Law

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