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ARTICLE · 24 MAY 2007

Cayman Funds Update

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The Mutual Funds (Amendment) Law 2006 came into effect on 14 November 2006 and amended certain provisions the Mutual Fund Law (2003 Revision) ("Law"). Set out below is a brief summary of the key amendments

Cayman IslandsWealth Management
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The Mutual Funds (Amendment) Law 2006 came into effect on 14 November 2006 and amended certain provisions the Mutual Fund Law (2003 Revision) ("Law"). Set out below is a brief summary of the key amendments:

  • The minimum subscription level for funds registered under Section 4(3) of the Law on or after 14 November 2006 has been increased from US$50,000 to US$100,000
  • CIMA now has the power to waive the requirement for registered funds to file annual audited accounts: CIMA has indicated that each case will be assessed individually and the power will be used sparingly
  • The Law has been amended to allow for the implementation of CIMA’s new e-reporting initiative, under which the auditor of each regulated fund will be required to file electronically with CIMA the fund’s annual audited accounts, and an annual data form containing a summary of certain basic information about the fund

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