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ARTICLE · 16 OCTOBER 2012

The Retail Mutual Funds (Japan) (Amendment) Regulations 2012

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The Cayman Islands Government passed amendments to the Retail Mutual Funds (Japan) Regulations (2007 Revision) (the "Regulations") on 31 August 2012.

Cayman IslandsFinance and Banking
Bryan Hunter
Bryan Hunter
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The Cayman Islands Government passed amendments to the Retail Mutual Funds (Japan) Regulations (2007 Revision) (the "Regulations") on 31 August 2012.

The Regulations were introduced in 2007 to provide for a regulated regime to enable licensed Cayman Islands domiciled funds to offer their securities to the public in Japan ("Retail Funds").

The aim of the changes to the Regulations is to address one or two practical issues and to ensure that they keep in step with changes to the regulatory regime in Japan.

The Regulations had previously provided that the Cayman Islands Monetary Authority ("CIMA") must give prior consent to any change to the directors of an investment adviser of a Retail Fund. Now the investment adviser simply has to obtain prior consent of the operator (eg the trustee of a unit trust) of each Retail Fund it manages and the relevant Retail Fund needs merely to give at least one month's notice to CIMA of the proposed change.

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