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Regulatory Blog

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Changes in investment strategy reporting impact funds: Important updates from CIMA
On 8 November 2023, the Cayman Islands Monetary Authority published a general industry notice to advise that effective 15 November 2023, it will implement changes to enhance monitoring and reporting accuracy for Mutual Funds and Private Funds. These changes will impact the information required when registering funds.
AIMA and other fund industry associations join forces to challenge US Securities and Exchange Commission’s new Private Fund Advisers Rules
On 1 September 2023, the Alternative Investment Management Association Limited, along with the National Association of Private Fund Managers and four other business trade associations, filed suit in the US Court of Appeal for the Fifth Circuit, asking the Court to set aside the final Private Fund Advisers Rules, adopted by the Securities and Exchange Commission on 23 August 2023 on the grounds that they exceed the agency’s statutory authority and are contrary to law.
CIMA rules on corporate governance and internal controls will come into effect October 2023
The Cayman Island’s Monetary Authority recently issued a rule on corporate governance for regulated entities and a rule and statement of guidance on internal controls for regulated entities. These rules and guidance are aimed at enhancing corporate governance and internal control practices for CIMA regulated entities and will come into effect on 14 October 2023.
EU reaches provisional agreement on AIFMD II and UCITS “plain-vanilla EU investment funds”
On 20 July 2023, negotiators from the European Council and the European Parliament reached a provisional agreement on new regulations aimed at improving European capital markets and strengthening investor protection in the EU. The agreement focuses on revising the Alternative Investment Fund Managers Directive (AIFMD), broadly referred to as AIFMD II, which governs managers of various investment funds including hedge funds, private equity funds, and real estate funds in the EU. Additionally, it modernises the framework for “plain-vanilla” EU-harmonised retail investment funds known as undertakings for collective investment in transferable securities (UCITS).
Further enhancement of Luxembourg’s fund regime
On 21 July 2023, Luxembourg's Parliament voted in favour of a new fund law that implements a range of legal and tax measures aimed at enhancing the appeal of the Luxembourg financial centre and ensuring its continued prominence as a hub for alternative investment funds. The legislative changes affect five sectoral laws, namely the laws on SICARs, SIFs, RAIFs, UCIs, and AIFMs, and encompass a range of improvements and tax-related provisions. The law has entered into effect as of 28 July 2023 and is published in the Memorial A n°442, page 1.
Cayman Islands regulator published Statement of Guidance for Nature, Accessibility and Retention of Records
The Cayman Islands Monetary Authority (CIMA) has issued a new Statement of Guidance for Nature, Accessibility and Retention of Records (SOG). The SOG applies to all persons and entities regulated or registered with CIMA, including mutual funds and private funds registered under the Mutual Funds Act and Private Funds Act, respectively.
CySEC Circular on risk-based supervision and electronic reporting for 2022
On 12 May 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 573 announcing the release of the new version of the RBSF-MC Form (Version 6). This form is an annual requirement for all regulated entities and collects statistical information.
CIMA publishes new governance guidance for operators of Cayman Islands Mutual and Private Funds
The Cayman Islands Monetary Authority recently issued a new Statement of Guidance for the governance of regulated mutual funds and private funds that is in immediate effect. This guidance outlines minimum expectations for fund governance and aims to ensure sound and prudent operations of Cayman Islands funds.
CySEC suspends redemption of UCITS and AIF units
On 23 March 2023, the Cyprus Securities and Exchange Commission published Circular 544.
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