Mutual Funds (Amendment) Law, 2011
Further to our Client Update of 5 December 2011 (click here to view), the legislation aimed at registration of "master funds" in a "master/feeder" structure was passed by the Cayman Islands Legislative Assembly on 5 December 2011. It has not yet been brought into effect by being Gazetted, but we anticipate that this will happen in or around the first week of January 2012 (the "Effective Date").
This Client Update answers certain fundamental questions as to how your fund structures will be affected. However, the precise application of the new law will be fact specific for each fund structure.