The Cayman Islands continues to strengthen its legal and
regulatory framework relating to the provision of international
financial services. As anticipated, these changes include an
expansion to the regulatory oversight of investment funds, in
particular through the registration of private funds and the
elimination of an exemption for mutual funds with fifteen or fewer
investors.
Lesley Connolly, Regional Head of Regulatory and Compliance
Services and Operations in Cayman, provides an overview of the
changes expected.
Both bills were published on 8 January 2020 and, while it
remains subject to industry consultation and adjustment prior to
being passed into law, it's expected that the final form of the
bill will be passed by 30 January 2020. Accordingly, while the
following summarises key elements of the bills and accompanying
legislative guidance notes as published, Intertrust will provide a
further update once the final terms of the laws are confirmed.
