Private Funds (Amendment and Validation) Act, 2024 (Act 20 of 2024)

Amendment of section 6 of the Private Funds Act (2021 Revision) - application to be

AN ACT TO AMEND THE PRIVATE FUNDS ACT (2021 REVISION) TO PROVIDE FOR THE CHARGING OF FEES FOR CERTAIN TRANSACTIONS; TO PROVIDE FOR A NONREFUNDABLE APPLICATION FEE FOR AN APPLICATION BY A PRIVATE FUND TO BE REGISTERED UNDER THE ACT; TO VALIDATE CERTAIN REVENUE COLLECTION ACTIONS; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title and commencement (1) This Act may be cited as the Private Funds (Amendment and Validation) Act, (2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet. Amendment of section 6 of the Private Funds Act (2021 Revision) - application to be registered The Private Funds Act (2021 Revision), in this Act referred to as the “principal Act”, is amended in section 6(1) by inserting after the word “Act” the words “, and the application shall be accompanied by the prescribed non-refundable application fee”. I Assent, Jane Owen Governor Date: 18th December, 2024

Amendment of section 11 - Authority to be informed of changes The principal Act is amended in section 11(1) by inserting after the words “the details of the change” the words “which shall be accompanied by the prescribed fee.”. Amendment of section 14 - annual return The principal Act is amended in section 14 by inserting after the word “form” the words “which shall be accompanied by the prescribed fee.”. Validation of payment and collection of fees The payment of fees to, and the charging and collection of fees by, the Authority without statutory authority prior to the commencement of this amending and validating Act for — (a) the registration of a private fund; (b) the filing of the details of changes related to a private fund; and the submission of annual returns, are validated and taken to have been lawfully charged by, paid to and collected by the Authority, as if the Authority was empowered under the principal Act as amended by this amending and validating Act to charge and collect those fees. Orders or determinations by court not affected This amending and validating Act does not affect any order or determination made by a court with respect to fees charged by, paid to and collected by the Authority without statutory authority prior to the commencement of this amending and validating Act for — (a) the registration of a private fund; (b) the filing of the details of changes related to a private fund; or the submission of annual returns.

Transitional Notwithstanding section 2 of this amending and validating Act, and further to section 5(a) of this amending and validating Act, the fee for an application for registration of a private fund for which a decision is pending on the day immediately preceding the commencement of this amending and validating Act shall be refundable. Passed by the Parliament the 11th day of December, 2024. Hon. Sir Alden McLaughlin Speaker Zena Merren-Chin Clerk of the Parliament