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Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

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Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

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Alternative Investment

Cayman Islands Legislation: Changing Requirements for Private and Mutual Funds

Articles by: Richey May, Jan 28, 2020

January 2020 – The Cayman Islands Ministry of Financial Services and Home Affairs recently announced draft legislation affecting open- and closed-ended funds. The Mutual Funds (Amendment) Bill, 2020 and the Private Funds Bill, 2020 promise to modernize and strengthen regulation and oversight to increase transparency and confidence—and will require some operational changes for private and mutual funds.

A number of changes are outlined in the bills, including:

  • Private/closed-ended funds will be required to register with the Cayman Islands Monetary Authority (CIMA) and be subjected to its regulations.
  • Private/closed-ended funds will be required to file annual audits with CIMA through one of its approved local auditors.
  • Mutual/open-ended funds with fifteen or fewer investors that were previously exempted from registration with CIMA are now required to register.
  • Other requirements for private funds, including the safekeeping of assets, cash monitoring, and identification of securities will change.

While no specific date has been set for implementation, financial professionals are encouraged to review the legislation and prepare for potential changes. As we wait for the final outcome of the legislative process, Richey May’s team of alternative investment experts is available to answer any questions. Contact Stephen Vlasak, our alternative investment partner, at svlasak@richeymay.com.

We will be releasing a more in-depth article about the impact of this legislation in the coming weeks.

To read the official draft legislation, visit http://www.dlp.gov.ky/portal/pls/portal/docs/1/12910545.PDF