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ARTICLE · 10 JUNE 2020

New Cayman/BVI Registration Requirements For Private Funds And Open-ended Funds

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Private funds and limited investor funds have until August 7, 2020 to register with CIMA. With only two months before the registration deadline, investment managers should...

GlobalFinance and Banking
Catherine M. Anderson
Catherine M. Anderson
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Earlier this year, the Cayman Islands introduced new registration requirements for:

  • Closed-end funds known as "private funds; and
  • Open-ended funds known as "limited investor funds" that were previously exempt from Cayman Islands Monetary Authority (CIMA) registration.

Private funds and limited investor funds have until August 7, 2020 to register with CIMA. With only two months before the registration deadline, investment managers should be working with legal counsel now to analyze the new Cayman requirements and attend to filing requirements. Failure to register with CIMA could lead to a risk of investigation by CIMA and other enforcement action.

Similarly, the British Virgin Islands has also introduced new registration requirements for private investment funds that go into effect on July 1, 2020. Again, investment managers should be consulting with legal counsel now on compliance with this new law.

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