Mutual Funds (Fees) (Amendment) Regulations, 2024 (SL 72 of 2024)

PUBLISHING DETAILS

Arrangement of Regulations

Regulation Insertion of regulation 1A in the Mutual Funds (Fees) Regulations (2021 Revision) -

Regulation 1

In exercise of the powers conferred by section 39 of the Mutual Funds Act (2021 Revision), the Cabinet makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Mutual Funds (Fees) (Amendment) (2) These Regulations come into force immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force. Insertion of regulation 1A in the Mutual Funds (Fees) Regulations (2021 Revision) - definitions The Mutual Funds (Fees) Regulations (2021 Revision), in these Regulations referred to as the “principal Regulations”, are amended by inserting after regulation 1 the following regulation — “Definitions 1A. In these Regulations — “exempted trust” means a trust registered as an exempted trust under Part VI of the Trusts Act (2021 Revision);

Regulation 3

“master unit trust structure” means a unit trust that — (a) is established in the Islands; (b) issues investment interest to one or more investors; (c) holds investments and conducts trading activities for the principal purpose of implementing the overall investment strategy of its regulated sub-trusts; (d) has one or more regulated sub-trusts either directly or through an intermediary entity established to invest in the master unit trust; and (e) is not licensed or registered under the Banks and Trust Companies Act (2021 Revision) or registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision); “segregated portfolio company” has the meaning assigned by section 212 of the Companies Act (2023 Revision); “sub-fund”, in relation to a mutual fund, includes any or all of the following in the mutual fund’s structure — (a) a segregated portfolio, where the mutual fund is a segregated portfolio company; (b) a sub-trust, where the mutual fund is an exempted trust, an umbrella trust structure or a master unit trust structure; and a class of share, unit or interest in a company, unit trust or partnership for which the mutual fund maintains and accounts for a separate portfolio of investments; “sub-trust” means a trust which is independent of, but subordinate in some way to, a head trust; and “umbrella trust structure” means a collective investment scheme that exists as a single trust vehicle but has several distinct sub-trusts which may be traded separately.”. Repeal of regulation 4 - waiver of fees: Cayman Brac and Little Cayman The principal Regulations are amended by repealing regulation 4. Amendment of the Schedule - table of fees The principal Regulations are amended in the Schedule, in the table, as follows — (a) in item 1, under column 4, by deleting the words “$3,500” and substituting (b) in item 1A, under column 4, by deleting the words $2,500” and substituting the words “$2,625”;

Regulation 4

in item 1F, under column 4, by deleting the words “$3,500” and substituting the words “$3,675”; (d) in item 2, under column 4, by deleting the words “$3,500” and substituting (e) in item 3, under column 4, by deleting the words “$3,500” and substituting (f) by deleting item 4 and its corresponding particulars and substituting the following item and corresponding particulars — “Column 1 Item Column 2 Provision of Act Column 3 Description of fee Column 4 Fee 9(2) Annual registration fee payable by a regulated mutual fund that has sub-funds, in respect of each sub-fund $3,675 and an additional in respect of each subfund”; (g) by deleting item 5 and its corresponding particulars; and (h) by deleting item 10 and its corresponding particulars. Made in Cabinet the 17th day of December, 2024. Kim Bullings Clerk of the Cabinet