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(1) This Act may be cited as the Mutual Funds (Amendment and Validation) Act, 2024. (2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"General amendments to the Mutual Funds Act (2021 Revision) - references to Parts 2. The Mutual Funds Act (2021 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended as follows \u2014 I Assent, Jane Owen Governor Date: 18th December, 2024 Mutual Funds (Amendment and Validation) Act, 2024 (a) by deleting the words \u201cPart I\u201d wherever they appear and substituting the words \u201cPart 1\u201d; (b) by deleting the words \u201cPart II\u201d wherever they appear and substituting the words \u201cPart 2\u201d; (c) by deleting the words \u201cPart III\u201d wherever they appear and substituting the words \u201cPart 3\u201d; (d) by deleting the words \u201cPart IIIA\u201d wherever they appear and substituting the words \u201cPart 3A\u201d; (e) by deleting the words \u201cPart IV\u201d wherever they appear and substituting the words \u201cPart 4\u201d; (f) by deleting the words \u201cPart V\u201d wherever they appear and substituting the words \u201cPart 5\u201d; and (g) by deleting the words \u201cPart VI\u201d wherever they appear and substituting the words \u201cPart 6\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 4 - regulated mutual funds 3. The principal Act is amended in section 4 by inserting after subsection (10) the following subsection \u2014 \u201c(11) A mutual fund shall pay any fees as may be prescribed for the registration of the mutual fund, including fees for administrative services provided in the filing of an application form or the filing of any amendment to an application form.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 5 - Mutual Fund Licences 4. The principal Act is amended in section 5(1) by repealing paragraph (d) and substituting the following paragraph \u2014 \u201c(d) the prescribed non-refundable application fee and any fees as may be prescribed for administrative services provided in respect of the application.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 29 - Authority to administer this Act 5. The principal Act is amended in section 29 by inserting after subsection (2) the following subsection \u2014 \u201c(2A)For the purposes of subsection (2)(c), a mutual fund shall submit to the Authority a return in the prescribed form and manner, at such intervals as may be prescribed, and the return shall be accompanied by the prescribed fee.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Insertion of section 36A - waiver or reduction of fees by Cabinet 6. The principal Act is amended by inserting after section 36 the following section \u2014 Mutual Funds (Amendment and Validation) Act, 2024 \u201cWaiver or reduction of fees by Cabinet 36A. The Cabinet may waive or reduce any or all of the fees payable under the Act in relation to any person or group of persons in Cayman Brac or Little Cayman.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Validation of payment and collection of fees and of returns 7. (1) 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 \u2014 (a) any administrative service provided by the Authority; and (b) the submission of 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. (2) Any returns made, or required to be made, prior to the commencement of this amending and validating Act are taken to have been lawfully made or required to be made as if the returns were made or required to be made under the principal Act as amended by this amending and validating Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Orders or determinations by court not affected 8. This amending and validating Act does not affect any order or determination made by a court prior to the commencement of this amending and validating Act with respect to \u2014 (a) fees charged by, paid to and collected by the Authority without statutory authority for \u2014 (i) any administrative service provided by the Authority; (ii) the submission of returns; or (b) any returns made, or required to be made. Mutual Funds (Amendment and Validation) Act, 2024\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Transitional 9. Notwithstanding section 4 of this amending and validating Act, the application fee for an application for a Mutual Fund Licence 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. 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TO PROVIDE THAT THE\nAPPLICATION FEE FOR A MUTUAL FUND LICENCE IS NON-REFUNDABLE; TO\nVALIDATE CERTAIN REVENUE COLLECTION ACTIONS; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Mutual Funds (Amendment and Validation) Act,\n2024.\n(2) This Act shall come into force on such date as may be appointed by Order made\nby the Cabinet.\n2.\nGeneral amendments to the Mutual Funds Act (2021 Revision) - references\nto Parts\n2.\nThe Mutual Funds Act (2021 Revision), in this Act referred to as the \u201cprincipal Act\u201d,\nis amended as follows \u2014\n(Act 18 of 2024)\nI Assent,\nJane Owen\nGovernor\nDate: 18th December, 2024\n\nSection 3\nMutual Funds (Amendment and Validation) Act, 2024\n\nPage 6\nAct 18 of 2024\nc\n\n(a)\nby deleting the words \u201cPart I\u201d wherever they appear and substituting the\nwords \u201cPart 1\u201d;\n(b) by deleting the words \u201cPart II\u201d wherever they appear and substituting the\nwords \u201cPart 2\u201d;\n(c)\nby deleting the words \u201cPart III\u201d wherever they appear and substituting the\nwords \u201cPart 3\u201d;\n(d) by deleting the words \u201cPart IIIA\u201d wherever they appear and substituting\nthe words \u201cPart 3A\u201d;\n(e)\nby deleting the words \u201cPart IV\u201d wherever they appear and substituting the\nwords \u201cPart 4\u201d;\n(f)\nby deleting the words \u201cPart V\u201d wherever they appear and substituting the\nwords \u201cPart 5\u201d; and\n(g) by deleting the words \u201cPart VI\u201d wherever they appear and substituting the\nwords \u201cPart 6\u201d.\n3.\nAmendment of section 4 - regulated mutual funds\n3.\nThe principal Act is amended in section 4 by inserting after subsection (10) the\nfollowing subsection \u2014\n\u201c(11) A mutual fund shall pay any fees as may be prescribed for the\nregistration of the mutual fund, including fees for administrative\nservices provided in the filing of an application form or the filing of\nany amendment to an application form.\u201d.\n4.\nAmendment of section 5 - Mutual Fund Licences\n4.\nThe principal Act is amended in section 5(1) by repealing paragraph (d) and\nsubstituting the following paragraph \u2014\n\u201c(d) the prescribed non-refundable application fee and any fees as\nmay be prescribed for administrative services provided in\nrespect of the application.\u201d.\n5.\nAmendment of section 29 - Authority to administer this Act\n5.\nThe principal Act is amended in section 29 by inserting after subsection (2) the\nfollowing subsection \u2014\n\u201c(2A)For the purposes of subsection (2)(c), a mutual fund shall submit to\nthe Authority a return in the prescribed form and manner, at such\nintervals as may be prescribed, and the return shall be accompanied\nby the prescribed fee.\u201d.\n6.\nInsertion of section 36A - waiver or reduction of fees by Cabinet\n6.\nThe principal Act is amended by inserting after section 36 the following section \u2014\n\nMutual Funds (Amendment and Validation) Act, 2024\nSection 7\n\nc\nAct 18 of 2024\nPage 7\n\n\u201cWaiver or reduction of fees by Cabinet\n36A. The Cabinet may waive or reduce any or all of the fees payable under the\nAct in relation to any person or group of persons in Cayman Brac or Little\nCayman.\u201d.\n7.\nValidation of payment and collection of fees and of returns\n7.\n(1) The payment of fees to, and the charging and collection of fees by, the Authority\nwithout statutory authority prior to the commencement of this amending and\nvalidating Act, for \u2014\n(a)\nany administrative service provided by the Authority; and\n(b) the submission of returns,\nare validated and taken to have been lawfully charged by, paid to and collected\nby the Authority, as if the Authority was empowered under the principal Act as\namended by this amending and validating Act to charge and collect those fees.\n(2) Any returns made, or required to be made, prior to the commencement of this\namending and validating Act are taken to have been lawfully made or required\nto be made as if the returns were made or required to be made under the principal\nAct as amended by this amending and validating Act.\n8.\nOrders or determinations by court not affected\n8.\nThis amending and validating Act does not affect any order or determination made\nby a court prior to the commencement of this amending and validating Act with\nrespect to \u2014\n(a)\nfees charged by, paid to and collected by the Authority without statutory\nauthority for \u2014\n(i)\nany administrative service provided by the Authority;\n(ii) the submission of returns; or\n(b) any returns made, or required to be made.\n\nSection 9\nMutual Funds (Amendment and Validation) Act, 2024\n\nPage 8\nAct 18 of 2024\nc\n\n9.\nTransitional\n9.\nNotwithstanding section 4 of this amending and validating Act, the application fee\nfor an application for a Mutual Fund Licence for which a decision is pending on the\nday immediately preceding the commencement of this amending and validating Act\nshall be refundable.\nPassed by the Parliament the 11th day of December, 2024.\nHon. 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