Proposed amendments to the Mutual Funds Law would remove the fee charged to specific types of fund administrators who do not live on the Cayman Islands.
The amendments also seek to delete the term “non-resident mutual fund administrator”. These administrators are required to file an annual declaration with the Monetary Authority and pay the prescribed fee before January 31 of each year.
“It has been found that the collection of this fee is not feasible in the Cayman Islands,” said the memorandum.
Earlier this year, the Cayman government restructured its overall licensing regime for fund directors with the passage of the Directors Registration and Licensing Bill 2014.
The law requires all directors of mutual funds regulated under the Mutual Funds Law and directors of companies registered as ‘excluded persons’ under the Securities and Investment Business Law (2011 Revision) to register with the Cayman Islands Monetary Authority.
Mutual Funds Law, Cayman