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ARTICLE · 09 FEBRUARY 2012

New Registration Requirements For Cayman Islands Master Funds

Foley Hoag LLP
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As the result of a recent amendment to the Cayman Islands Mutual Funds Law, master funds formed in the Cayman Islands may be required to register with the Cayman Islands Monetary Authority (CIMA).

Cayman IslandsWealth Management
Peter Rosenblum
Peter Rosenblum
Jeffrey Collins
Jeffrey Collins
Meredith Haviland
Meredith Haviland
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As the result of a recent amendment to the Cayman Islands Mutual Funds Law, master funds formed in the Cayman Islands may be required to register with the Cayman Islands Monetary Authority (CIMA). Prior to the passage of the Mutual Funds (Amendment) Bill 2011 (the "Amendment") in December 2011, many master funds were exempt from registration with CIMA in reliance on an exception for funds with "not more than 15 investors". With the passage of the Amendment, master funds will no longer be able to rely on this exception and clients now need to determine whether any Cayman Islands master funds in their master-feeder fund structures will be required to comply with the new registration and filing requirements.

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