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(1) These Regulations may be cited as the Mutual Funds (Fees) (Amendment) Regulations, 2024. (2) These Regulations come into force immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force. 2. Insertion of regulation 1A in the Mutual Funds (Fees) Regulations (2021 Revision) - definitions 2. The Mutual Funds (Fees) Regulations (2021 Revision), in these Regulations referred to as the \u201cprincipal Regulations\u201d, are amended by inserting after regulation 1 the following regulation \u2014 \u201cDefinitions 1A. In these Regulations \u2014 \u201cexempted trust\u201d means a trust registered as an exempted trust under Part VI of the Trusts Act (2021 Revision); Regulation 3 Mutual Funds (Fees) (Amendment) Regulations, 2024 SL 72 of 2024 \u201cmaster unit trust structure\u201d means a unit trust that \u2014 (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); \u201csegregated portfolio company\u201d has the meaning assigned by section 212 of the Companies Act (2023 Revision); \u201csub-fund\u201d, in relation to a mutual fund, includes any or all of the following in the mutual fund\u2019s structure \u2014 (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 (c) 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; \u201csub-trust\u201d means a trust which is independent of, but subordinate in some way to, a head trust; and \u201cumbrella trust structure\u201d means a collective investment scheme that exists as a single trust vehicle but has several distinct sub-trusts which may be traded separately.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Repeal of regulation 4 - waiver of fees: Cayman Brac and Little Cayman 3. The principal Regulations are amended by repealing regulation 4. 4. Amendment of the Schedule - table of fees 4. The principal Regulations are amended in the Schedule, in the table, as follows \u2014 (a) in item 1, under column 4, by deleting the words \u201c$3,500\u201d and substituting the words \u201c$3,675\u201d; (b) in item 1A, under column 4, by deleting the words $2,500\u201d and substituting the words \u201c$2,625\u201d; Mutual Funds (Fees) (Amendment) Regulations, 2024 Regulation 4 SL 72 of 2024 (c) in item 1F, under column 4, by deleting the words \u201c$3,500\u201d and substituting the words \u201c$3,675\u201d; (d) in item 2, under column 4, by deleting the words \u201c$3,500\u201d and substituting the words \u201c$3,675\u201d; (e) in item 3, under column 4, by deleting the words \u201c$3,500\u201d and substituting the words \u201c$3,675\u201d; (f) by deleting item 4 and its corresponding particulars and substituting the following item and corresponding particulars \u2014 \u201cColumn 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 $300 in respect of each subfund\u201d; (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. 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In these Regulations \u2014\n\u201cexempted trust\u201d means a trust registered as an exempted trust\nunder Part VI of the Trusts Act (2021 Revision);\n\nRegulation 3\nMutual Funds (Fees) (Amendment) Regulations, 2024\n\nPage 6\nSL 72 of 2024\nc\n\n\u201cmaster unit trust structure\u201d means a unit trust that \u2014\n(a) is established in the Islands;\n(b) issues investment interest to one or more investors;\n(c) holds investments and conducts trading activities for the\nprincipal purpose of implementing the overall investment\nstrategy of its regulated sub-trusts;\n(d) has one or more regulated sub-trusts either directly or through\nan intermediary entity established to invest in the master unit\ntrust; and\n(e) is not licensed or registered under the Banks and Trust\nCompanies Act (2021 Revision) or registered under the Building\nSocieties Act (2020 Revision) or the Friendly Societies Act (1998\nRevision);\n\u201csegregated portfolio company\u201d has the meaning assigned by\nsection 212 of the Companies Act (2023 Revision);\n\u201csub-fund\u201d, in relation to a mutual fund, includes any or all of the\nfollowing in the mutual fund\u2019s structure \u2014\n(a)\na segregated portfolio, where the mutual fund is a segregated\nportfolio company;\n(b) a sub-trust, where the mutual fund is an exempted trust, an\numbrella trust structure or a master unit trust structure; and\n(c)\na class of share, unit or interest in a company, unit trust or\npartnership for which the mutual fund maintains and accounts\nfor a separate portfolio of investments;\n\u201csub-trust\u201d means a trust which is independent of, but subordinate\nin some way to, a head trust; and\n\u201cumbrella trust structure\u201d means a collective investment scheme\nthat exists as a single trust vehicle but has several distinct sub-trusts\nwhich may be traded separately.\u201d.\n3.\nRepeal of regulation 4 - waiver of fees: Cayman Brac and Little Cayman\n3.\nThe principal Regulations are amended by repealing regulation 4.\n4.\nAmendment of the Schedule - table of fees\n4.\nThe principal Regulations are amended in the Schedule, in the table, as follows \u2014\n(a)\nin item 1, under column 4, by deleting the words \u201c$3,500\u201d and substituting\nthe words \u201c$3,675\u201d;\n(b) in item 1A, under column 4, by deleting the words $2,500\u201d and substituting\nthe words \u201c$2,625\u201d;\n\nMutual Funds (Fees) (Amendment) Regulations, 2024\nRegulation 4\n\nc\nSL 72 of 2024\nPage 7\n\n(c)\nin item 1F, under column 4, by deleting the words \u201c$3,500\u201d and\nsubstituting the words \u201c$3,675\u201d;\n(d) in item 2, under column 4, by deleting the words \u201c$3,500\u201d and substituting\nthe words \u201c$3,675\u201d;\n(e)\nin item 3, under column 4, by deleting the words \u201c$3,500\u201d and substituting\nthe words \u201c$3,675\u201d;\n(f)\nby deleting item 4 and its corresponding particulars and substituting the\nfollowing item and corresponding particulars \u2014\n\u201cColumn 1\nItem\nColumn 2\nProvision\nof Act\nColumn 3\nDescription of fee\nColumn 4\nFee\n4\n9(2)\nAnnual\nregistration\nfee\npayable by a regulated mutual\nfund that has sub-funds, in\nrespect of each sub-fund\n$3,675\nand\nan\nadditional\n$300\nin\nrespect of each subfund\u201d;\n(g) by deleting item 5 and its corresponding particulars; and\n(h) by deleting item 10 and its corresponding particulars.\nMade in Cabinet the 17th day of December, 2024.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:52.314521+00","cms_id":"2024-0072","law_type":"amending","year":"2024","number":"72","title":"Mutual Funds (Fees) (Amendment) Regulations, 2024 (SL 72 of 2024)","status":"spent"},"provenance":{"files":[{"file_id":"6838","expr_id":"2058","kind":"akn_xml","filename":"2024-0072.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0072\/2024-0072.akn.xml","content_md5":"5904fb7d93d12ac0c2ba8781121442cf","byte_size":"7692","http_last_modified":null,"fetched_at":"2026-06-22 15:41:52.365834+00"},{"file_id":"4115","expr_id":"2058","kind":"pristine_pdf","filename":"2024-0072.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0072\/2024-0072.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2024\/2024-0072\/2024-0072.pdf","content_md5":"5c756fc2d2afb3344a31185079411b3e","byte_size":"272120","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.189656+00"},{"file_id":"4116","expr_id":"2058","kind":"working_pdf","filename":"2024-0072.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0072\/2024-0072.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0072\/2024-0072.pdf","content_md5":"5c756fc2d2afb3344a31185079411b3e","byte_size":"272120","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.189656+00"}],"paragraph_count":9,"latest_history":null},"quality":{"expr_id":"2058","doc_id":"2058","quality_state":"needs_review","quality_score":"72","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\": 1, \"medium\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; 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