A new law that makes comprehensive improvements to the establishment and operation of exempted limited partnerships in the Cayman Islands is now in effect.
The Exempted Limited Partnerships Law, (2014) came into force following its gazettal on Wednesday, 2 July, said Minister of Financial Services, Wayne Panton.
'The new law builds upon the success of the Exempted Limited Partnership Law that had been in place since 1991', he noted. 'It improves the current legislative framework by addressing numerous points raised by the international financial services industry, resulting in a better, modern framework for Cayman Islands partnerships'.
Minister Panton also said the law is an example of Government and Cayman's financial services industry working well together.
'The expertise in both the public and private sectors, and our strong collaboration on legislative advancements, continues to provide an excellent base for business in the Cayman Islands', he said.
The Exempted Limited Partnerships Law (2014) can be found here.
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