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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Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.