Caymans: Master fund registration update
The regulatory regime in the Cayman Islands requires certain open-ended investment funds to register with the Cayman Islands Monetary Authority (CIMA) as regulated mutual funds. 2012 saw the registration, for the first time, of certain Cayman Islands master funds in open-ended Cayman Islands fund structures as a result of changes introduced by the Mutual Funds (Amendment) Law, 2011. Practitioners in Cayman generally took the view that master funds which only had a single feeder fund which was a CIMA regulated fund were not required to register.
The Mutual Funds (Amendment) Law, 2012 came into effect on 10 January 2013 and, by amending the definitions of “feeder fund”, “master fund” and “regulated feeder fund”, has clarified which “master” entities are required to register with CIMA as mutual funds…
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Briefings from Mourant Ozannes
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.