Master Fund Registration
Further to our client update of 28 December 2011, please see attached an advisory (the "Advisory") issued by the Cayman Islands Government referring to further proposed amendments to the Mutual Funds Law (click here to view).
The Advisory confirms an intention to bring master funds that have just one investor which is a regulated feeder fund within the master fund registration regime. Once the proposed amendments to the Mutual Funds Law are available for review, we will issue a further update to advise as to the effect of the amendments on the master fund registration regime.
As you will note from the Advisory, the intention is that the amendments to the Mutual Funds Law will be made prior to the current 21 March deadline for registration of master funds falling within the scope of the master fund registration regime.
Under the Mutual Funds (Amendment) Law, 2011, there is a provision that permits the granting of an extension of the current registration deadline by 60 days. We will be seeking clarification as to whether or not the Cayman Islands Government intends to grant such an extension.
For further information please speak to your usual contact or the individuals listed above.