Category Archives: Client Advisories

CIMA Statement of Guidance for Mutual Funds

30 Jan 2014

The Cayman Islands Monetary Authority (CIMA) issued its Statement of Guidance of Corporate Governance for Regulated Mutual Funds (SOG) in January 2014. In response to the SOG it is clear that regulated mutual funds (Funds) should take some immediate steps to ensure continued compliance with the expectations of CIMA.


Amendments to the Cayman Islands Mutual Funds Law Master Fund Registration

13 Jul 2013

In June 2011, the Cayman Islands Government announced its intention to introduce legislation providing for the registration of master funds domiciled in the Cayman Islands.

Following months of consultation with industry and stakeholders, the Cayman Islands Government has, on 5 December 011, passed the Mutual Funds (Amendment) Bill, 2011 providing for the registration of master funds of the Cayman Islands. There remain certain procedural steps to bring this piece of legislation into effect, although it is expected that it
will happen in the coming days and weeks, and in any event before the end of 2011, following
which Cayman Islands master funds will be required to be registered with CIMA.


AIFMD – Impact on the Cayman Islands

01 Apr 2013

The Cayman Islands looks well placed to ensure the Alternative Investment Fund Managers Directive (AIFMD) does not adversely impact the use of Cayman Islands vehicles when it comes into force on 22 July 2013.


Court of Appeal rules on dispute over in specie distribution to shareholder in Cayman Islands Fund

01 Feb 2013

The Cayman Islands’ Court of Appeal has now delivered its judgment in the case involving the winding up of FIA Leveraged Fund (the “Fund”). In dismissing the appeal, the Court of Appeal held that based on the wording in the offering documents for the Fund, the in specie distribution in question could only be made using assets from the Fund’s portfolio (the Fund was fully invested in the ultimate master fund, Fletcher International Ltd. (“The Master Fund”)) that were held by the Fund at the time when the investor was entitled to be paid its redemption monies. Further, even if the Fund’s documents stated that the directors of the Fund had a complete discretion as to the value of the assets to be distributed to the investor, that discretion is still limited as a matter of necessary implication by concepts of honesty, good faith and genuineness and a need for the absence of arbitrariness, capriciousness, perversity and irrationality.


The Patents And Trade Marks Law, 2011

01 Dec 2011

The Cayman Islands Legislature passed the Patents and Trade Marks Law, 2011 on 7 December, 2011 repealing the prior Patents and Trade Marks Law (2007 Revision) and making important changes to the practice of patents and trademarks in the Cayman Islands.