The Mutual Funds (Amendment) Law 2006 came into effect on 14 November 2006 and amended certain provisions the Mutual Fund Law (2003 Revision) ("Law"). Set out below is a brief summary of the key amendments:
The minimum subscription level for funds registered under Section 4(3) of the Law on or after 14 November 2006 has been increased from US$50,000 to US$100,000
CIMA now has the power to waive the requirement for registered funds to file annual audited accounts: CIMA has indicated that each case will be assessed individually and the power will be used sparingly
The Law has been amended to allow for the implementation of CIMA’s new e-reporting initiative, under which the auditor of each regulated fund will be required to file electronically with CIMA the fund’s annual audited accounts, and an annual data form containing a summary of certain basic information about the fund
Generally, foreign funds incorporated outside the Cayman Islands, but administered by a Cayman Islands based administrator, will no longer need to register under the Law
The Law has been amended to provide that a licensed Fund administrator shall not provide administration services to any regulated fund (whether an administered fund or not) unless it has satisfied itself of the same matters in relation to the fund that it was previously required to satisfy itself of in relation to administered funds only. The authorities have indicated that they are likely to repeal this change in the near future
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