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Cayman government clarifies Mutual Funds Law

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The CIG noted that some practitioners interpreted the law differently, but said that both the government and CIMA disagreed. The industry memo said that to avoid any ambiguity, the government would be drafting a further amending bill to the Mutual Funds Law to ensure absolute clarity on its position. It is expected that thisamendment will be passed before the current 21 March 2012 deadline by which master funds that were in existence prior to 22 December 2012 are currently required to register with CIMA. 

Master funds that were created after 22 December 2012 should have already been registered.
“Government's intention with this proposed legislation is to further strengthen the financial services industry,” the Financial Services Secretarial said. “As such, following the 15 February issuance of this advisory to industry, government has continued discussions with persons in the private sector regarding the definition of ‘master fund’. These discussions are being held in order to define the term in the way that best supports industry growth.” {sharethis}