Conyers advises the first Class A-exempt fund registered under Bermuda’s new funds regime
Conyers Dill & Pearman has advised the first Class A-exempt fund to be registered in Bermuda under the new funds regime.
The Class A-exempt fund category guarantees instantaneous registration for funds managed by qualified investment managers.
In order to qualify, operators of Class A-exempt funds must limit the offering of the fund’s securities to ‘qualified participants’ only and must retain an investment manager who is either regulated by a recognised securities regulator in its home jurisdiction or who has group assets under management of at least $100m (£63m).
The registration was effected for a US SEC-registered investment adviser with more than $90bn in assets under management.
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The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.
This memorandum has been prepared for the assistance of those who are considering registration of a foreign limited partnership in the Cayman Islands.