The Private Funds Law 2020 (“PF Law”) that commenced on 7 February 2020, creates a regulatory regime for closed-end funds, such as Private Equity / VC / Private Debt funds etc. Under the Mutual Funds Act, the main type of mutual fund that is subject to regulation and supervision by the Cayman Islands Monetary Authority (CIMA) is the registered mutual fund, which requires an initial minimum equity interest purchasable by an investor of at least USD100,000. The new Securities Investment Business ... Those persons that fall within one of the above three categories must register or re-register with the Cayman Islands Monetary Authority (the “Authority”) by 15 January 2020 (and each 15th January thereafter). Additionally, in 2016, CIIPA engaged in discussions with Cayman Islands Monetary Authority to draft a memorandum of agreement (MoA) to replace a previous protocol from 2007 that would provide for more cooperation regarding QA reviews, the registration of firms, and the licensing process. On February 7, 2020, the Cayman Islands government enacted the Private Funds Law, 2020 (PF Law 2020), legislation that provides for the registration of private funds and for incidental and connected purposes with the Cayman Islands Monetary Authority (CIMA). Reporting Requirements for SIBA Registrants. The Cayman Islands government has passed the Private Funds Law, 2020 (Law) which requires closed-ended funds to now register with the Cayman Islands Monetary Authority (CIMA). The Cayman Islands Monetary Authority (CIMA) publishes new rules governing the segregation of assets and the contents of offering documents and marketing materials for regulated funds As referenced in our updater on new registration requirements for Cayman Islands investment funds , CIMA has published related new rules: To date, Private Funds have been exempted from registration with the Cayman Islands Monetary Authority (CIMA) which was at odds with the EU view of a fund. The Private Funds Bill, 2020 (the Bill) will be debated by the Legislative Assembly in its 30 January sitting. The Bill applies to any Cayman Islands closed-ended fund. In conjunction with the Law, the government has also passed regulations which clarify the scope of an “alternative investment vehicle” and a “restricted scope private fund”. To date, private funds have been exempt from registration with the Cayman Islands Monetary Authority (CIMA). If such a fund falls within the definition of a "private fund", the Bill provides for its registration with, and its regulation by, the Cayman Islands Monetary Authority (CIMA). The ELP must have a registered office in the Cayman Islands, provided by a service provider licensed by the Cayman Islands Monetary Authority (CIMA) for such purpose. Under the Cayman Islands Director Registration and Licensing Law ("the Law"), before a director can be appointed to the board of a covered entity, they must be registered or licensed with the Cayman Islands Monetary Authority ("CIMA"). Closed-End funds may not be fully aware of the latest requirements resulting from the new Cayman Islands Private Funds Law 2020 (PF Law or PFL). The Bill was approved by the Cayman Islands Government on 31 January 2020 and enacted into law as the Private Funds Law 2020 on 7 February 2020 (the "Law"). The Cayman Islands Government will shortly be introducing new legislation to regulate and require registration of closed-ended funds (which will become known as ‘private funds’) with the Cayman Islands Monetary Authority (CIMA), for the first time.
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