On July 7, 2020 the Cayman Islands announced an amendment to the Private Funds Law 2020 to expand the definition of “Private Fund”. This amendment will increase the number and categories of closed-end Cayman investment vehicles required to register with the Cayman Islands Monetary Authority (CIMA).
The deadline for registrations continues to be August 7, 2020 for all closed-ended Cayman investment vehicles. Open-ended mutual funds and hedge funds are unaffected.
Expanded Definition of “Private Fund”
The expanded definition of Private Fund now includes any company, unit trust or partnership that offers, issues or has issued investment interests, the purpose of which is the pooling of investor funds with the aim of enabling investors to receive profits or gains from such entity’s acquisition, holding, management or disposal of investments, where:
Entities Now in Scope
Certain vehicles that may have previously been classified as out of scope may now be required to register with CIMA as private funds. These entities may include:
Entities Outside of the Scope
The following entities remain outside the scope of this definition:
How Apex Can Help
Apex Cayman can make registrations with CIMA on behalf of both private funds and hedge funds through our Registered Office Services, which include:
As a global financial services provider, Apex provides a single-source solution to providing independent fund administration, annual financial reporting and safekeeping of assets and custody services.
For more information on our services, Contact Us today.
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