Category: Fund Services
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OVERVIEW: A Look at the Approved Manager Regime in the BVI
The Approved Fund Manager regime in the British Virgin Islands has been in force since 2012 and was designed to cater to start-ups, but is equally attractive to established small and medium-sized funds. Until recently we could count the number of AFMs in the structures we administer on one hand. However this has changed rapidly…
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Hong Kong Limited Partnership Fund Ordinance
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The Limited Partnership Fund Ordinance (Cap 637) comes into operation on 31 August 2020, providing a rather ground breaking new standalone entity framework for the formation of what has been termed limited partnership funds in Hong Kong.
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Cayman Islands Private Funds Law – Expanded Scope
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On 7 July 2020, the Private Funds Law, 2020 (PF Law) was amended to vary the definition of a “private fund” by clarifying the definitions of certain entity types and extending the scope of the PF Law to additional entities. The deadline for registration under the PF Law remains 7 August 2020. We recommend that…
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New CIMA fines and TIA offence in force in the Cayman Islands
The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 was enacted on 26 June 2020 extending the ability of the Cayman Islands Monetary Authority (CIMA) to impose significant fines. It is now also an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA).
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New rules for regulated funds
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As referenced in our updater on new registration requirements for Cayman Islands investment funds, the Cayman Islands Monetary Authority (CIMA) has published new rules governing the segregation of assets and the contents of offering documents and marketing materials for regulated funds. The new rules apply to mutual funds that are regulated under the Mutual Funds…
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Regulatory regime for closed-ended funds in the BVI
In line with other offshore jurisdictions and in order to comply with commitments to the EU, the BVI has introduced a ‘private investment fund’ regime by enacting the Securities and Investment Business (Amendment) Act, 2019 and the accompanying Private Investment Funds Regulations, 2019.
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New registration requirements for Cayman investment funds
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In line with other offshore jurisdictions and in order to comply with commitments to the EU, the Cayman Islands Government has introduced new registration requirements on both private funds and exempted funds via the Private Funds Law 2020 and the Mutual Funds (Amendment) Law (2020 Revision) which were both enacted on 7 February 2020. This…
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Important regulatory changes for SIBL Excluded Persons
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Following the recently enacted Anti-Money Laundering (Amendment) Regulations, 2019, the Cayman Islands Monetary Authority (CIMA) now has enhanced regulatory powers to obtain information from the person or entity carrying out relevant financial business, a person connected to the relevant financial business, or a person reasonably believed to have relevant information. Entities registered with CIMA as…
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Segregated portfolio companies in the Cayman Islands
Segregated Portfolio Company or Protected Cell legislation exists in the laws of several countries. The most commonly used jurisdictions are the Cayman Islands, British Virgin Islands and Bermuda (all of which are offered within the Marbury group). This memo deals specifically with the Cayman Islands, although concepts are mostly valid across all three jurisdictions.
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Extensions to deadline regarding AML officer appointments
The Cayman Islands Monetary Authority (CIMA) issued a notice on 24 September 2018 extending certain deadlines regarding the appointment and notification of Anti-Money Laundering Compliance Officers (AMLCOs), Money Laundering Reporting Officers (MLROs) and Deputy Money Laundering Reporting Officers (DMLROs).