​On 21 March 2014, the Cayman Islands government announced that it intends to introduce a new registration and licensing regime for directors of mutual funds regulated under the Mutual Funds Law (2013 Revision) and entities registered as excluded persons under the Securities Investment Business Law (2011 Revision).

Whilst certain key details pertaining to the registration/licensing regime have not yet been released, including anticipated fee levels and pro forma application forms, the text of the proposed new law has been published as The Directors Registration and Licensing Bill, 2014. The Bill will now be subject to a short consultation period and may be subject to further amendment before the new law is enacted.

Timeline

The new law is expected to be enacted during April 2014.

Action Required

A more detailed advisory will follow once the provisions of the new law have been finalised. No action is required at this time.

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