Cayman Islands: Withdrawal of Fifteen Investor Exemption On 8 January 2020, the Mutual Funds (Amendment) Bill, 2020 was published (the "Bill"). We expect the Bill will become law by the end of January 2020. The Bill amends the Mutual Funds Law to remove the 'fifteen investor exemption', which permits funds with fifteen or fewer investors to avoid registration as a mutual fund, subject to certain conditions.Funds currently relying on the fifteen investor exemption will therefore need to register with the Cayman Islands Monetary Authority ("CIMA") in due course, although the timing by which they will need to do so has not yet been confirmed. Where these funds have master funds established in the Cayman Islands, these master funds may also be required to register with CIMA.Directors of registered mutual funds are required to be individually registered or licensed under the Director Registration and Licensing Law. For further information about the consequences of being a registered mutual fund for the fund and its directors, please see the following Client Memoranda: Ongoing Obligations of Exempted Companies Registered as Mutual Funds Ongoing Obligations of Exempted Limited Partnerships Registered as Mutual Funds The Directors Registration and Licensing Law If you manage or operate a fund that is currently relying on the fifteen investor exemption, or if you have any other questions, please do get in touch with your usual Walkers contacts to discuss the next steps.