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Mutual Funds (Amendment) Law, 2020 Law 2 of 2020 MUTUAL FUNDS (AMENDMENT) LAW, 2020 (Law 2 of 2020) A LAW TO AMEND THE MUTUAL FUNDS LAW (2020 REVISION) TO ENHANCE THE REGULATORY AND SUPERVISORY FRAMEWORK FOR MUTUAL FUNDS; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1) This Law may be cited as the Mutual Funds (Amendment) Law, 2020. (2) This Law shall come into force immediately after the commencement of the Private Funds Law, 2020.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 - definitions 2. The Mutual Funds Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 2 as follows \u2014 (a) in the definition of the words \u201clicensed mutual fund administrator\u201d, by deleting the words \u201csection 10(2)\u201d and substituting the words \u201cthis Law prior to the commencement of the Mutual Funds (Amendment) Law, 2006.\u201d; (b) in the definition of the words \u201cmutual fund administration\u201d, in paragraph (b), by inserting after the words \u201cExempted Limited Partnership Law (2018 Revision),\u201d (Law 2 of 2020) I Assent, Martyn Roper Governor Date:      7th day of February, 2020 Mutual Funds (Amendment) Law, 2020 Law 2 of 2020 the words \u201cthe Limited Liability Partnership Law, 2017, the Limited Liability Companies Law (2020 Revision),\u201d; (c) in the definition of the words \u201cmutual fund administrator\u201d \u2014 (i) in paragraph (c) by deleting the word \u201cor\u201d; (ii) in paragraph (d) by deleting the comma and substituting a semi-colon; and (iii) by inserting after paragraph (d) the following paragraphs \u2014 \u201c(e) a limited liability partnership registered under the Limited Liability Partnership Law, 2017, or (f) a limited liability company registered under the Limited Liability Companies Law (2020 Revision);\u201d; (d) in the definition of the word \u201cpartnership\u201d, by inserting after the words \u201cExempted Limited Partnership Law (2018 Revision)\u201d the words \u201c, a limited liability partnership registered under the Limited Liability Partnership Law, 2017\u201d; (e) in the definition of the words \u201cpublic in the Islands\u201d \u2014 (i) in paragraph (d) by deleting the word \u201cor\u201d where it last appears; (ii) by inserting after paragraph (d) the following paragraphs \u2014 \u201c(da) a limited liability partnership registered under the Limited Liability Partnership Law, 2017; (db) a limited liability company registered under the Limited Liability Companies Law (2020 Revision); or\u201d; (f) in the definition of the words \u201cregistered office\u201d \u2014 (i) by deleting paragraph (b) and substituting the following paragraph \u2014 \u201c(b) in the case of a foreign company as defined by section 183 of the Companies Law (2020 Revision), the person or persons authorised to accept service on behalf of the company in accordance with section 184(1)(e) of that Law;\u201d; (ii) in paragraph (c) by deleting the word \u201cor\u201d; and (iii) by inserting after paragraph (c) the following paragraphs \u2014 \u201c(ca) in the case of a limited liability partnership, the registered office of that partnership for the purposes of the Limited Liability Partnership Law, 2017; (cb) in respect of a limited liability company, the registered office of the company for the purposes of the Limited Liability Companies Law (2020 Revision); or\u201d; and Mutual Funds (Amendment) Law, 2020 Law 2 of 2020 (g) in the definition of the words \u201cregulated mutual fund\u201d, by deleting the words \u201csection 4(1) or 4(3)\u201d and substituting the words \u201csection 4(1)(b), 4(3) or (4)(4)(a)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 4 - regulated mutual funds 3. The principal Law is amended in section 4 as follows \u2014 (a) in subsection (1) as follows \u2014 (i) by deleting the words \u201cor is exempted under subsection (4)\u201d and substituting the words \u201cor (4)\u201d; and (ii) by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) it is registered with the Authority in the prescribed manner and a licensed mutual fund administrator is providing its principal office in the Islands,\u201d; (b) in subsection (4), in paragraph (a), by deleting the words \u201c; or\u201d and substituting the words \u201cand unless an exemption from this requirement has been granted by the Authority \u2014 (i) there is filed with the Authority a certified copy of an extract of the constitutional documents of the mutual fund specifying that a majority of the investors in number are capable of appointing or removing the operator of the mutual fund; (ii) there is filed with the Authority such other information as may be required in the prescribed form; (iii) it is registered with the Authority in the prescribed manner; and (iv) the prescribed annual registration fee has been paid in respect of the mutual fund;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 5 \u2013 Mutual Fund Licences 4. The principal Law is amended in section 5(1)(b) by deleting the words \u201c, or (b)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 8 - annual audit of regulated mutual fund 5. The principal Law is amended in section 8 as follows \u2014 (a) by inserting after subsection (1) the following subsections \u2014 \u201c(1A) The accounts of a regulated mutual fund shall be prepared in accordance with the International Financial Reporting Standards or the generally Mutual Funds (Amendment) Law, 2020 Law 2 of 2020 accepted accounting principles of the United States of America, Japan or Switzerland or any non-high risk jurisdiction. (1B) The annual audit under subsection (1) shall be carried out in accordance with the International Standards on Auditing or the generally accepted auditing standards of the United States of America, Japan, Switzerland or a non-high risk jurisdiction.\u201d; and (b) by inserting after subsection (4) the following subsection \u2014 \u201c(5) In subsection (1A) \u2014 \u201cInternational Financial Reporting Standards\u201d means the accounting and reporting standards developed and issued by the International Accounting Standards Board; and \u201cnon-high risk jurisdiction\u201d means any jurisdiction that is not on the list of high risk jurisdictions issued by the Financial Action Task Force.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 9 - regulated mutual fund to pay annual fee 6. The principal Law is amended in section 9(1) by deleting the words \u201clicensed\u201d and \u201clicence\u201d. Amendment of section 30 - powers of Authority in respect of regulated mutual funds or regulated EU Connected Funds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"The principal Law is amended in section 30 as follows \u2014 (a) in subsection (3) as follows \u2014 (i) in paragraph (a) by deleting the words \u201csection 4(1)(b) or 4(3)\u201d and substituting the words \u201csection 4(1)(b), 4(3) or (4)(4)(a)\u201d; (ii) in paragraph (b) by deleting the words \u201cany Mutual Fund Licence the mutual fund holds\u201d and substituting the words \u201cthe mutual fund\u201d; and (iii) in paragraph (d) by deleting the words \u201cthe fund\u201d and substituting the words \u201cthe mutual fund\u201d; and (b) in subsection (16) by deleting the words \u201csection 4(1)(b) or 4(3)\u201d and substituting the words \u201csection 4(1)(b), 4(3) or 4(4)(a)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 35 - obligation of auditors 8. 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AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the Mutual Funds (Amendment) Law, 2020.\n(2) This Law shall come into force immediately after the commencement of the Private\nFunds Law, 2020.\n2.\nAmendment of section 2 - definitions\n2.\nThe Mutual Funds Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is\namended in section 2 as follows \u2014\n(a)\nin the definition of the words \u201clicensed mutual fund administrator\u201d, by deleting\nthe words \u201csection 10(2)\u201d and substituting the words \u201cthis Law prior to the\ncommencement of the Mutual Funds (Amendment) Law, 2006.\u201d;\n(b) in the definition of the words \u201cmutual fund administration\u201d, in paragraph (b), by\ninserting after the words \u201cExempted Limited Partnership Law (2018 Revision),\u201d\n(Law 2 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate:      7th day of February, 2020\n\nSection 2\nMutual Funds (Amendment) Law, 2020\n\nPage 6\nLaw 2 of 2020\nc\n\nthe words \u201cthe Limited Liability Partnership Law, 2017, the Limited Liability\nCompanies Law (2020 Revision),\u201d;\n(c)\nin the definition of the words \u201cmutual fund administrator\u201d \u2014\n(i)\nin paragraph (c) by deleting the word \u201cor\u201d;\n(ii) in paragraph (d) by deleting the comma and substituting a semi-colon; and\n(iii) by inserting after paragraph (d) the following paragraphs \u2014\n\u201c(e) a limited liability partnership registered under the Limited Liability\nPartnership Law, 2017, or\n(f)\na limited liability company registered under the Limited Liability\nCompanies Law (2020 Revision);\u201d;\n(d) in the definition of the word \u201cpartnership\u201d, by inserting after the words\n\u201cExempted Limited Partnership Law (2018 Revision)\u201d the words \u201c, a limited\nliability partnership registered under the Limited Liability Partnership Law,\n2017\u201d;\n(e)\nin the definition of the words \u201cpublic in the Islands\u201d \u2014\n(i)\nin paragraph (d) by deleting the word \u201cor\u201d where it last appears;\n(ii) by inserting after paragraph (d) the following paragraphs \u2014\n\u201c(da) a limited liability partnership registered under the Limited Liability\nPartnership Law, 2017;\n(db) a limited liability company registered under the Limited Liability\nCompanies Law (2020 Revision); or\u201d;\n(f)\nin the definition of the words \u201cregistered office\u201d \u2014\n(i)\nby deleting paragraph (b) and substituting the following paragraph \u2014\n\u201c(b) in the case of a foreign company as defined by section 183 of the\nCompanies Law (2020 Revision), the person or persons authorised to\naccept service on behalf of the company in accordance with\nsection 184(1)(e) of that Law;\u201d;\n(ii) in paragraph (c) by deleting the word \u201cor\u201d; and\n(iii) by inserting after paragraph (c) the following paragraphs \u2014\n\u201c(ca) in the case of a limited liability partnership, the registered office of that\npartnership for the purposes of the Limited Liability Partnership Law,\n2017;\n(cb) in respect of a limited liability company, the registered office of the\ncompany for the purposes of the Limited Liability Companies Law\n(2020 Revision); or\u201d; and\n\nMutual Funds (Amendment) Law, 2020\nSection 3\n\nc\nLaw 2 of 2020\nPage 7\n\n(g) in the definition of the words \u201cregulated mutual fund\u201d, by deleting the words\n\u201csection 4(1) or 4(3)\u201d and substituting the words \u201csection 4(1)(b), 4(3) or\n(4)(4)(a)\u201d.\n3.\nAmendment of section 4 - regulated mutual funds\n3.\nThe principal Law is amended in section 4 as follows \u2014\n(a)\nin subsection (1) as follows \u2014\n(i)\nby deleting the words \u201cor is exempted under subsection (4)\u201d and substituting\nthe words \u201cor (4)\u201d; and\n(ii) by repealing paragraph (b) and substituting the following paragraph \u2014\n\u201c(b) it is registered with the Authority in the prescribed manner and a\nlicensed mutual fund administrator is providing its principal office in\nthe Islands,\u201d;\n(b) in subsection (4), in paragraph (a), by deleting the words \u201c; or\u201d and substituting\nthe words \u201cand unless an exemption from this requirement has been granted by\nthe Authority \u2014\n(i)\nthere is filed with the Authority a certified copy of an extract\nof the constitutional documents of the mutual fund\nspecifying that a majority of the investors in number are\ncapable of appointing or removing the operator of the mutual\nfund;\n(ii) there is filed with the Authority such other information as\nmay be required in the prescribed form;\n(iii) it is registered with the Authority in the prescribed manner;\nand\n(iv) the prescribed annual registration fee has been paid in\nrespect of the mutual fund;\u201d.\n4.\nAmendment of section 5 \u2013 Mutual Fund Licences\n4.\nThe principal Law is amended in section 5(1)(b) by deleting the words \u201c, or (b)\u201d.\n5.\nAmendment of section 8 - annual audit of regulated mutual fund\n5.\nThe principal Law is amended in section 8 as follows \u2014\n(a)\nby inserting after subsection (1) the following subsections \u2014\n\u201c(1A)\nThe accounts of a regulated mutual fund shall be prepared in accordance\nwith the International Financial Reporting Standards or the generally\n\nSection 6\nMutual Funds (Amendment) Law, 2020\n\nPage 8\nLaw 2 of 2020\nc\n\naccepted accounting principles of the United States of America, Japan or\nSwitzerland or any non-high risk jurisdiction.\n(1B) The annual audit under subsection (1) shall be carried out in accordance with\nthe International Standards on Auditing or the generally accepted auditing\nstandards of the United States of America, Japan, Switzerland or a non-high\nrisk jurisdiction.\u201d; and\n(b) by inserting after subsection (4) the following subsection \u2014\n\u201c(5) In subsection (1A) \u2014\n\u201cInternational Financial Reporting Standards\u201d means the accounting and\nreporting standards developed and issued by the International Accounting\nStandards Board; and\n\u201cnon-high risk jurisdiction\u201d means any jurisdiction that is not on the list of\nhigh risk jurisdictions issued by the Financial Action Task Force.\u201d.\n6.\nAmendment of section 9 - regulated mutual fund to pay annual fee\n6.\nThe principal Law is amended in section 9(1) by deleting the words \u201clicensed\u201d and \u201clicence\u201d.\n7\nAmendment of section 30 - powers of Authority in respect of regulated mutual\nfunds or regulated EU Connected Funds\n7.\nThe principal Law is amended in section 30 as follows \u2014\n(a)\nin subsection (3) as follows \u2014\n(i)\nin paragraph (a) by deleting the words \u201csection 4(1)(b) or 4(3)\u201d and\nsubstituting the words \u201csection 4(1)(b), 4(3) or (4)(4)(a)\u201d;\n(ii) in paragraph (b) by deleting the words \u201cany Mutual Fund Licence the mutual\nfund holds\u201d and substituting the words \u201cthe mutual fund\u201d; and\n(iii) in paragraph (d) by deleting the words \u201cthe fund\u201d and substituting the words\n\u201cthe mutual fund\u201d; and\n(b) in subsection (16) by deleting the words \u201csection 4(1)(b) or 4(3)\u201d and substituting\nthe words \u201csection 4(1)(b), 4(3) or 4(4)(a)\u201d.\n\n8.\nAmendment of section 35 - obligation of auditors\n8.\nThe principal Law is amended in section 35 by repealing subsection (6).\n9.\nRepeal of section 37 - indemnity\n9.\nThe principal Law is amended by repealing section 37.\n\nMutual Funds (Amendment) Law, 2020\nSection 10\n\nc\nLaw 2 of 2020\nPage 9\n\n10.\nRepeal of section 38 - common law restriction on alienation clarified\n10. The principal Law is amended by repealing section 38.\n11.\nSavings and transitional\n11. A mutual fund that immediately before the commencement of this Law was carrying on\nbusiness in or from the Islands without complying with section 4(1) of the principal Law\nbecause the equity interests in the mutual fund are held by not more than fifteen investors,\nthe majority of whom are capable of approving or removing the operator of the fund, may\ncontinue to carry on business in or from the Islands without complying with section 4(1) for\na period of not more than six months after the date of commencement of this Law or such\nfurther period as may be specified by the Authority.\nPassed by the Legislative Assembly the 31st day of January, 2020.\nHon. W. McKeeva Bush\nSpeaker\nZena Merren-Chin\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:52.102628+00","cms_id":"2020-0002","law_type":"amending","year":"2020","number":"2","title":"Mutual Funds (Amendment) Law, 2020 (Law 2 of 2020)","status":"spent"},"provenance":{"files":[{"file_id":"6343","expr_id":"1502","kind":"akn_xml","filename":"2020-0002.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0002\/2020-0002.akn.xml","content_md5":"c222e50188914421152c8c36238e977c","byte_size":"12217","http_last_modified":null,"fetched_at":"2026-06-22 15:41:52.191771+00"},{"file_id":"3003","expr_id":"1502","kind":"pristine_pdf","filename":"2020-0002.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0002\/2020-0002.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0002\/2020-0002.pdf","content_md5":"9c048ebdb2f104766b33ad9dd12d311b","byte_size":"777688","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.811605+00"},{"file_id":"3004","expr_id":"1502","kind":"working_pdf","filename":"2020-0002.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0002\/2020-0002.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0002\/2020-0002.pdf","content_md5":"9c048ebdb2f104766b33ad9dd12d311b","byte_size":"777688","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.811605+00"}],"paragraph_count":3,"latest_history":null},"quality":{"expr_id":"1502","doc_id":"1502","quality_state":"needs_review","quality_score":"88","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 3}","finding_summary":"repeated line furniture detected: cayman islands x3; mutual funds amendment law 2020 x9; law 2 of 2020 x11; duplicate-line ratio is 12.15%","assessed_at":"2026-06-22 15:29:46.522443+00","updated_at":"2026-06-22 15:29:46.522443+00"}}