On 8 January 2020, the Cayman Islands Government published a
draft Private Funds Bill, 2020 (the Bill) and a
draft amendment to the Mutual Funds Law (2019 Revision)
(MFL Amendment). The proposed legislation is
a result of certain EU and other international recommendations and
has been developed to align the Cayman Islands investment fund
regulatory regime with other jurisdictions. The Bill and the
MFL Amendment are expected to be put before the Cayman Islands
Legislative Assembly on 30 January 2020, where final amendments may
be made before they are passed into law. It is expected that there
will then be a transition period for existing structures.
However, given the significance of the Bill and the MFL
Amendment to many of our clients, this advisory summarises key
features of the Bill and the MFL Amendment in their current draft
form.
