The Cayman Islands government will shortly be introducing new legislation to regulate and require registration of closed-ended funds (which will become known as "private funds") with the Cayman Islands Monetary Authority (CIMA), for the first time.
The Private Funds Bill, 2020 (the Bill) will be debated by the Legislative Assembly in its 30 January sitting. As a result, the exact terms are subject to change but the major components of the legislation are broadly agreed upon.
The Bill has been developed as part of the Cayman Islands’ commitment to remain a leading investment funds jurisdiction, to provide investors in private funds with greater transparency and confidence and to meet the requirements of the wider international community. The contents of the Bill are similar to requirements in other major fund jurisdictions such as Luxembourg and Ireland.
Our legal update covering all the details has been published and can be found here.