Cayman Islands: The Exempted Limited Partnership Law 2014
The Exempted Limited Partnership Law 2014 (the ‘ELP Law’) came into force on 2 July 2014. The ELP Law is a major re-working of the now repealed Exempted Limited Partnership Law (2013 Revision) following extensive public and private sector consultation. The ELP Law gives partners greater contractual flexibility to determine their affairs and will enhance the overall attractiveness of the Cayman Islands as a domicile for partnership formation.
The amendments brought about by the ELP Law fall into three broad categories: (i) changes that are market and investor driven and that seek to maintain the Cayman Islands as the leading jurisdiction for the formation of private equity and other investment funds; (ii) changes that convey greater flexibility for partners to determine their business; and (iii) changes that broadly adopt concepts used in the Cayman Islands Companies Law, as far as applicable.
The list of persons who qualify as a general partner has been extended to include a limited partnership or limited liability partnership established in a recognised jurisdiction upon registration as a foreign limited partnership in the Cayman Islands…
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