{"kind":"expression","expression":{"expr_id":"650","doc_id":"650","label":"2025 Revision","is_as_enacted":"f","commenced_on":"2025-02-06","superseded_on":null,"valid_from":"2025-02-06","valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/1993\/13\/eng@2025-02-06","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1993\/13\", \"expression\": \"\/akn\/ky\/act\/1993\/13\/eng@2025-02-06\", \"manifestation\": \"\/akn\/ky\/act\/1993\/13\/eng@2025-02-06.pdf\"}, \"pdf\": {\"md5\": \"da5eee608c7227bff769f7451b14db27\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1993\/1993-0013\/1993-0013_2025 Revision.pdf\", \"pages\": 48, \"filename\": \"1993-0013_2025 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 16557, \"paragraph_count\": 44, \"text_char_count\": 102069}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"ENDNOTES Mutual Funds Act (2025 Revision) (2025 Revision) PART 1 - Preliminary\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Mutual Funds Act (2025 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In this Act \u2014 \u201caccountant\u201d means a person who has qualified as an accountant by examination of one of the Institutes of Chartered Accountants or Certified Accountants in England and Wales, Ireland or Scotland or the Canadian Institute of Chartered Accountants or the American Institute of Certified Public Accountants, and is a current member in good standing of one of those institutes; \u201cAIF\u201d has the meaning assigned to it in the AIFMD; \u201cAIFM\u201d has the meaning assigned to it in the AIFMD; \u201cAIFMD\u201d means the Directive 2011\/61\/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003\/41\/EC and 2009\/65\/EC and Regulations (EC) No 1060\/2009 and (EU) No 1095\/2010; \u201cauditor\u201d means an accountant or a person with some other accounting qualification approved by the Authority; Mutual Funds Act (2025 Revision) \u201cAuthority\u201d means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Act (2020 Revision) and includes any employee of the Authority acting under the Authority\u2019s authorisation; \u201ccompany\u201d means a body corporate constituted under the laws of the Islands or of any other jurisdiction; \u201cdebt\u201d means an obligation of a company, unit trust or partnership to repay principal either without interest or together with interest calculated at either a fixed, floating or variable rate and whether or not together with any other entitlement, but payable in the event of the liquidation, termination or dissolution of the company, unit trust or partnership otherwise than in respect of, and, unless otherwise provided for by its terms, in priority to any payment in respect of a share, a trust unit or a partnership interest of that company, unit trust or partnership; \u201cEEA\u201d means the European Economic Area established by the Agreement on the European Economic Area which entered into force on 1st January, 1994 and the relevant amending annexes and protocols; \u201cequity interest\u201d means a share, trust unit, partnership interest or any other representation of an interest that \u2014 (a) carries an entitlement to participate in the profits or gains of the company, unit trust or partnership; and (b) is redeemable or repurchasable at the option of the investor and, in respect of a company incorporated in accordance with the Companies Act (2025 Revision) (including an existing company as defined in that Act), in accordance with but subject to section 37 of the Companies Act (2025 Revision) before the commencement of winding-up or the dissolution of the company, unit trust or partnership, but does not include debt, or alternative financial instruments as prescribed under the Banks and Trust Companies Act (2025 Revision); \u201cEU\u201d means the European Union established by the Treaty on European Union signed in Maastricht on 7th February 1992; \u201cEU Connected Fund\u201d means a company, unit trust or partnership carrying on business in or from within the Islands which issues \u2014 (a) equity interests; or (b) shares, trust units or partnership interests that carry an entitlement to participate in the profits or gains of the company, unit trust or partnership that are not redeemable or purchasable at the option of the investor, the purpose or effect of which is the pooling of investor funds with the aim of spreading investment risks and enabling investors in the company, unit trust or partnership to receive profits or gains from the acquisition, holding, management or disposal of investments and is \u2014 Mutual Funds Act (2025 Revision) (i) managed by a person whose registered office is in a Member State and whose regular business is managing one or more AIFs as notified to the Authority as being identified to the relevant competent authority of a Member State in accordance with the relevant Law implementing the AIFMD in the Member State; or (ii) marketed to investors or potential investors in a Member State, as notified to the Authority as being identified to the relevant competent authority of a Member State in accordance with the relevant Law implementing the AIFMD in the Member State; \u201cfeeder fund\u201d means a mutual fund that conducts more than 51% of its investing in a master fund either directly or through an intermediary entity; \u201cgeneral partner\u201d means \u2014 (a) in respect of a limited partnership registered under the Partnership Act (2025 Revision), a general partner as defined in that Act; (b) in respect of an exempted limited partnership registered under the Exempted Limited Partnership Act (2025 Revision), a general partner as defined in that Act; or (c) in respect of a partnership constituted under the laws of a jurisdiction other than the Islands, a person who would be a general partner of the partnership if the partnership were constituted under the laws of the Islands; \u201chigh net worth person\u201d and \u201csophisticated person\u201d, respectively, have the meanings assigned to those expressions in the Securities Investment Business Act (2020 Revision); \u201cinvestor\u201d, in respect of a mutual fund, means the legal holder of record or legal holder of an instrument representing an equity interest in the mutual fund but does not include a promoter or operator; \u201clicensed regulated mutual fund\u201d means a regulated mutual fund that is the holder of a Mutual Fund Licence; \u201clicensed mutual fund administrator\u201d means the holder of a Mutual Fund Administrators Licence and includes a person exempted from obtaining a Mutual Fund Administrators Licence prior to 14th November, 2006, the commencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of 2006]; \u201cmarketing\u201d means a direct or indirect offering or placement at the initiative of the AIFM or on behalf of the AIFM of shares, trust units or partnership interests of an EU Connected Fund it manages to or with investors domiciled or with a registered office in the EU; \u201cmaster fund\u201d means a company, partnership or unit trust that \u2014 (a) is established or incorporated, as the case may be, in the Islands; (b) issues equity interests to one or more investors; Mutual Funds Act (2025 Revision) (c) holds investments and conducts trading activities for the principal purpose of implementing the overall investment strategy of the regulated feeder fund; (d) has one or more regulated feeder funds either directly or through an intermediary entity established to invest in the master fund; and (e) is not licensed under the Banks and Trust Companies Act (2025 Revision) or the Insurance Act, 2010 [Law 32 of 2010], or registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision), and for the purposes of this Act such master fund shall be deemed to be a mutual fund; \u201cMember State\u201d means a state which is \u2014 (a) a member of the EU; or (b) a part of the EEA in which the AIFMD has been implemented; \u201cmutual fund\u201d means a company, unit trust or partnership that issues equity interests, the purpose or effect of which is the pooling of investor funds with the aim of spreading investment risks and enabling investors in the mutual fund to receive profits or gains from the acquisition, holding, management or disposal of investments but does not include a person licensed under the Banks and Trust Companies Act (2025 Revision) or the Insurance Act, 2010 [Law 32 of 2010], or a person registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision); \u201cmutual fund administration\u201d, in respect of a mutual fund, means to manage (including to control all or substantially all the assets of the mutual fund) or to administer the mutual fund, to provide the principal office of the mutual fund in the Islands or to provide an operator to the mutual fund, but does not include \u2014 (a) the provision of a registered office to a mutual fund where the usual corporate secretarial and related services are provided; (b) in relation to a mutual fund, the maintenance of any register of equity interests or the filing and payment of fees under the Companies Act (2025 Revision), the Partnership Act (2025 Revision), the Exempted Limited Partnership Act (2025 Revision), the Limited Liability Companies Act (2025 Revision), the Limited Liability Partnership Act (2025 Revision), the Trusts Act (2021 Revision) or this Act; or (c) the activities of a general partner of a partnership which is a mutual fund; \u201cmutual fund administrator\u201d means a person who conducts mutual fund administration in or from the Islands and includes \u2014 (a) a company formed under the Companies Act (2025 Revision) (including an existing company as defined in that Act); Mutual Funds Act (2025 Revision) (b) a foreign company registered pursuant to Part 9 of the Companies Act (2025 Revision); (c) a limited partnership registered under the Partnership Act (2025 Revision); (d) an exempted limited partnership registered under the Exempted Limited Partnership Act (2025 Revision); (e)  a limited liability partnership registered under the Limited Liability Partnership Act (2025 Revision), or (f)  a limited liability company registered under the Limited Liability Companies Act (2025 Revision); that conducts mutual fund administration outside the Islands; \u201cMutual Fund Administrators Licence\u201d means a licence granted under sections 11 and 12; \u201cMutual Fund Licence\u201d means a licence granted under section 5; \u201coffering document\u201d, in respect of a mutual fund, means a document or series of documents on the basis of which equity interests in the mutual fund are offered for sale or persons are invited to subscribe for or purchase equity interests in the mutual fund, but does not include any other notice, circular, advertisement, letter or other communication used in connection with the offer for sale of any equity interest in the mutual fund or the invitation to any person to subscribe for or purchase any equity interest in the mutual fund if, before the offer or invitation is taken up or accepted, the prospective investor is given the opportunity to consider an offering document containing the information prescribed by section 4(6); \u201coperator\u201d, in respect of a mutual fund or an EU Connected Fund, means \u2014 (a) where the mutual fund is a unit trust, a trustee of that trust; (b) where the mutual fund is a partnership, a general partner in that partnership; or (c) where the mutual fund is a company, a director of that company; \u201coverseas regulatory authority\u201d has the meaning assigned to that expression in the Monetary Authority Act (2020 Revision); \u201cpartnership\u201d means a limited partnership registered under the Partnership Act (2025 Revision), an exempted limited partnership registered under the Exempted Limited Partnership Act (2025 Revision), a limited liability partnership registered under the Limited Liability Partnership Act (2025 Revision) or a partnership constituted under the laws of a jurisdiction other than the Islands; \u201cprofessional adviser\u201d means an attorney-at-law or an accountant; \u201cpromoter\u201d, in respect of a mutual fund or proposed mutual fund, means any person whether within or without the Islands who causes the preparation or distribution of an offering document in respect of the mutual fund or proposed Mutual Funds Act (2025 Revision) mutual fund but does not include a professional adviser acting for or on behalf of such a person; \u201cpublic in the Islands\u201d does not include \u2014 (a) a sophisticated person; (b) a high net worth person; (c) a person specified in paragraph 2 or 3 of Schedule 4 to the Securities Investment Business Act (2020 Revision); (d) an exempted or ordinary non-resident company registered under the Companies Act (2025 Revision), or a foreign company registered under Part 9 of that Act, or any such company acting as general partner of a partnership registered under section 9(1) of the Exempted Limited Partnership Act (2025 Revision), or any director or officer of the same acting in such capacity; (da) a limited liability partnership registered under the Limited Liability Partnership Act (2025 Revision); (db) a limited liability company registered under the Limited Liability Companies Act (2025 Revision); or (e) the trustee of any trust registered or capable of registration under section 74 of the Trusts Act (2021 Revision) acting in such capacity; \u201crecognised securities exchange\u201d has the meaning assigned in section 2 of the Securities Investment Business Act (2020 Revision). \u201crecord\u201d means any means by which information may be stored; \u201cregistered office\u201d means \u2014 (a) in respect of a company formed under the Companies Act (2025 Revision) (including an existing company as defined in that Act), the registered office of the company for the purposes of that Act; (b) in the case of a foreign company as defined by section 183 of the Companies Act (2025 Revision), the person or persons authorised to accept service on behalf of the company in accordance with section 184(1)(e) of that Act; (c) in the case of an exempted limited partnership registered under the Exempted Limited Partnership Act (2025 Revision), the registered office of that partnership for the purposes of that Act; (ca) in the case of a limited liability partnership, the registered office of that partnership for the purposes of the Limited Liability Partnership Act (2025 Revision); (cb) in respect of a limited liability company, the registered office of the company for the purposes of the Limited Liability Companies Act (2025 Revision); or Mutual Funds Act (2025 Revision) (d) in the case of an exempted trust registered under the Trusts Act (2021 Revision), the place shown in the file maintained by the Registrar of Trusts as the address of the trustees of the trust; \u201cregulated EU Connected Fund\u201d means an EU Connected Fund that elects to be licensed or registered pursuant to section 22B; \u201cregulated mutual fund\u201d means a mutual fund that is carrying on or attempting to carry on a business in or from the Islands and is doing so in compliance with section 4(1), 4(3) or (4)(4)(a); \u201cregulated feeder fund\u201d means a regulated mutual fund that conducts more than 51% of its investing in a master fund either directly or through an intermediary entity; \u201crestricted Mutual Fund Administrators Licence\u201d means a Mutual Fund Administrators Licence that contains the restriction referred to in section 11(2); \u201cshare\u201d, in the case of a company limited by guarantee, includes an interest of a member of the company; \u201cstock exchange\u201d includes a recognised securities exchange; \u201ctrust unit\u201d means a unit of participation in a unit trust; and \u201cunit trust\u201d means a trust established by a trustee which, for valuable consideration, issues trust units in profits or gains arising from the acquisition holding, management or disposal of investments by the trustee of the trust, the proper law of which is the law of the Islands or the law of any other jurisdiction. 2A. Application of Act 2A. This Act applies to licensed or registered mutual funds or EU Connected Funds. PART 2 - Regulated Mutual Funds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Determination of fitness and propriety 3. In determining for the purposes of this Act whether a person is a fit and proper person, regard shall be had to all circumstances, including that person\u2019s \u2014 (a) honesty, integrity and reputation; (b) competence and capability; and (c) financial soundness.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Regulated mutual funds 4. (1) Unless a mutual fund is complying with subsection (3) or (4), it shall not carry on or attempt to carry on business in or from the Islands unless \u2014 (a) it is the holder of a Mutual Fund Licence, and it has \u2014 Mutual Funds Act (2025 Revision) (i) a registered office in the Islands; or (ii) if a unit trust, a trust company licensed under the Banks and Trust Companies Act (2025 Revision) as its trustee; or (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, and, unless an exemption from this requirement has been granted by the Authority, there is filed with the Authority, in respect of the mutual fund, a current offering document that complies with subsection (6). (2) The operator of a mutual fund shall ensure that the mutual fund does not carry on or attempt to carry on business in or from the Islands contrary to subsection (1), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars. (3) A mutual fund may carry on or attempt to carry on business in or from the Islands without complying with subsection (1) if \u2014 (a) it is a mutual fund \u2014 (i) in which the minimum aggregate equity interest purchasable by a prospective investor is eighty thousand dollars (or its equivalent in any other currency); (ii) the equity interests of which are listed on a stock exchange (including an over-the-counter market) specified by the Authority by notice in the Gazette; or (iii) that is a master fund and the minimum aggregate equity interest purchasable by a prospective investor in the master fund is eighty thousand dollars (or its equivalent in any other currency) or the equity interests of the master fund are listed on a stock exchange (including an over-the-counter market) specified by the Authority by notice in the Gazette; (b) unless an exemption from this requirement has been granted by the Authority, there is filed with the Authority \u2014 (i) the prescribed details in respect of the mutual fund\u2019s current offering document, or (ii) in the case of a master fund where there is no offering document, there is filed with the Authority the prescribed details with respect to such master funds; (c) it is registered with the Authority in the prescribed manner; and (d) the prescribed annual registration fee has been paid in respect of the fund. (4) A mutual fund may carry on or attempt to carry on business in or from the Islands without complying with subsection (1) if \u2014 Mutual Funds Act (2025 Revision) (a) the equity interests are held by not more than fifteen investors, a majority of whom are capable of appointing or removing the operator of the fund and 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; (b) it is a fund, not incorporated or established in the Islands, which makes an invitation to the public in the Islands to subscribe for its equity interests by or through a person who is the holder of a licence under the Securities Investment Business Act (2020 Revision), for a regulated activity specified by the Authority for the purposes of this subsection and \u2014 (i) those interests are listed on a stock exchange (including an over-thecounter-market) specified by the Authority by notice in the Gazette; or (ii) the fund is regulated in a category, and by an overseas regulatory authority, approved by the Authority for the purposes of this subsection. (4A) Subsection (4)(a) does not apply to a master fund. (5) For the purposes of subsection (1) or (3), a mutual fund is carrying on or attempting to carry on business in or from the Islands if \u2014 (a) it is incorporated or established in the Islands; or (b) regardless of where it is incorporated or established, it makes an invitation to the public in the Islands to subscribe for its equity interests. (6) An offering document in respect of equity interests in a mutual fund shall \u2014 (a) describe the equity interests in all material respects; and (b) contain such other information as is necessary to enable a prospective investor in the mutual fund to make an informed decision as to whether or not to subscribe for or purchase the equity interests. (7) Subsection (6) is without prejudice to any duty of disclosure under the common law or any other law. (8) A mutual fund does not, for the purpose of compliance with subsection (1) or (3)(b), have filed with the Authority a current offering document or the Mutual Funds Act (2025 Revision) prescribed details in respect of its current offering document or the prescribed details of a master fund that is without an offering document if there is a continuing offering of equity interests and any promoter or operator of the mutual fund \u2014 (a) is aware of any change that materially affects any information in the offering document filed with the Authority or in the prescribed details of the offering document or the prescribed details of a master fund that is without an offering document filed with the Authority; and (b) has not, within twenty-one days of becoming so aware, filed with the Authority an amended offering document or amended prescribed details, as the case may be, incorporating that change. (9) A mutual fund is not complying with subsection (1) if \u2014 (a) it has changed its registered office or its principal office; or (b) it has changed the trust company acting as its trustee, and it has failed to inform the Authority of the change. (10) Notwithstanding subsections (3) and (4), a mutual fund to which either of those subsections applies may choose to comply with subsection (1). (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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Mutual Fund Licences 5. (1) An application for a Mutual Fund Licence shall be made to the Authority in a form approved or provided for the purpose by the Authority and shall be accompanied by \u2014 (a) the current offering document or, if one has not been finally settled, the latest draft of the offering document together with a synopsis of that document; (b) details necessary to satisfy the Authority that the applicant complies or will be complying with section 4(1)(a)(i) or (ii); (c) details necessary to satisfy the Authority in accordance with subsection (2); and (d) the prescribed non-refundable application fee and any fees as may be prescribed for administrative services provided in respect of the application. (2) The Authority has no power to grant a Mutual Fund Licence until it has been satisfied by the applicant that \u2014 (a) each promoter is of sound reputation; (b) the administration of the mutual fund will be undertaken \u2014 Mutual Funds Act (2025 Revision) (i) by persons who have sufficient expertise to administer the mutual fund; and (ii) by persons who are fit and proper to be directors or, as the case may be, managers or officers in their respective positions; and (c) the business of the mutual fund and any offer of equity interests in it will be carried out in a proper way. (3) Nothing in subsection (2) is to be taken as prohibiting the Authority from granting a Mutual Fund Licence to take effect on the incorporation of any relevant company or, in the case of a foreign company, on the registration of the company under Part 9 of the Companies Act (2025 Revision), or on the establishment of any unit trust. (4) The Authority may grant a Mutual Fund Licence subject to such conditions as it considers appropriate. (5) The operator of a mutual fund shall ensure that, when carrying on or attempting to carry on business in or from the Islands, the mutual fund complies with any conditions contained in its licence, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars. (6) The Authority may, on the written application of a licensed regulated mutual fund, waive, vary or revoke any condition contained in its Mutual Fund Licence. (7) A person shall not, in connection with an application for a Mutual Fund Licence, supply to the Authority information that that person knows or should reasonably know is false or misleading, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Name of regulated mutual fund restricted 6. (1) The Authority may refuse to grant a Mutual Fund Licence in respect of a mutual fund with a name that \u2014 (a) is identical with that of any company, firm, business or other entity, whether or not within the Islands, or which so nearly resembles the name of such a company, firm, business or entity as to be likely to deceive; (b) is likely to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or elsewhere; or (c) is likely to suggest, falsely, that the fund has a special status in relation to or derived from the Government or the Crown. (2) If, in the Authority\u2019s opinion, a mutual fund is carrying on, or attempting to carry on business in or from the Islands in a name that the Authority would have refused by virtue of subsection (1), the Authority may direct the mutual fund to change its name to a name approved by the Authority. Mutual Funds Act (2025 Revision) (3) The operator of a mutual fund shall ensure that the fund complies with a direction given to it in accordance with subsection (2), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two thousand dollars plus one hundred dollars in respect of each day during which the mutual fund failed to comply with the direction.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Misrepresentation as mutual fund 7. A person other than a regulated mutual fund or a mutual fund referred to in section 4(4) shall not represent in any way that that person is carrying on or attempting to carry on business in or from the Islands as a mutual fund, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Annual audit of regulated mutual fund 8. (1) A regulated mutual fund shall have its accounts audited annually by an auditor approved by the Authority. (1A) The accounts of a regulated mutual fund shall be prepared in accordance with the International Financial Reporting Standards or the generally 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. (2) A regulated mutual fund shall, in such manner as the Authority may from time to time direct, send its audited accounts in respect of a financial year of the fund to the Authority within six months of the end of that financial year or within such extension of that period as the Authority may allow. (3) The operator of a regulated mutual fund shall ensure that the mutual fund complies with subsections (1) and (2), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. (4) The Authority may, in relation to the whole or part of any financial year of the fund, exempt a regulated mutual fund from the requirements of this section either absolutely or subject to such conditions as the Authority may think fit to impose. (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 Mutual Funds Act (2025 Revision) \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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Regulated mutual fund to pay annual fee 9. (1) A regulated mutual fund shall pay to the Financial Secretary for the benefit of the revenue the prescribed annual fee on or before the 15th January in each year. (2) A regulated mutual fund that is complying with section 5(3) shall pay to the Financial Secretary for the benefit of the revenue the prescribed annual registration fee on or before the 15th January in each year. (3) If an annual fee referred to in subsections (1) and (2) is not paid on or before the 15th January in each year there is payable an additional fee equal to one twelfth of that annual fee for each month or part of a month during which the annual fee and any additional fee imposed by virtue of this subsection remains unpaid. (4) The Authority may, for good cause, waive any additional fee imposed by virtue of subsection (3). (5) Without prejudice to subsections (1) to (4), if an annual fee referred to in subsection (1) or (2) is not paid on or before the 15th January in each year, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee. (6) In subsection (5) \u2014 \u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case may be. PART 3 - Mutual Fund Administration\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Person to be authorised to administer mutual funds 10. Unless acting with, and in accordance with, the authorisation of the Authority, a person shall not act or carry on business as a mutual fund administrator unless authorised to do so by a Mutual Fund Administrators Licence, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Types of Mutual Fund Administrators Licences 11. (1) Subject to subsection (2), a Mutual Fund Administrators Licence authorises the holder of the licence to act or carry on business as a mutual fund administrator in respect of an unlimited number of regulated mutual funds. (2) Subject to subsection (3), there may be granted a Mutual Fund Administrators Licence that authorises the holder of the licence to act or carry on business as a Mutual Funds Act (2025 Revision) mutual fund administrator solely in respect of the regulated mutual funds specified from time to time in the licence. (3) A restricted Mutual Fund Administrators Licence may not be granted to a person who does not have a registered office in the Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Mutual Fund Administrators Licences 12. (1) An application for a Mutual Fund Administrators Licence shall be sent to the Authority in a form provided or approved for the purpose by the Authority and accompanied by such information as the Authority requires to determine the application and the prescribed application fee which shall be forwarded by the Authority to the Financial Secretary for the benefit of the revenue. (2) The Authority may not grant a Mutual Fund Administrators Licence until it has been satisfied by the applicant \u2014 (a) that that applicant has sufficient expertise to administer regulated mutual funds; (b) that that applicant\u2019s business as a mutual fund administrator will be administered by persons who are fit and proper persons to be directors or, as the case may be, managers or officers in their respective positions; (c) in the case of an application for a licence that is not a restricted Mutual Fund Administrators Licence and, subject to subsection (3), that that applicant has a net worth of at least four hundred thousand dollars (or the equivalent in another currency); (d) in the case of an application for a licence that is not a restricted Mutual Fund Administrators Licence, that it has a place which will be its principal office in the Islands and two individuals or a body corporate resident or incorporated in the Islands to be its agent in the Islands; and (e) in the case of an application for a restricted Mutual Fund Administrators Licence, that the applicant has a registered office in the Islands. (3) The Authority may waive compliance with subsection (2)(c) if it is otherwise satisfied as to the financial viability of the applicant. (4) Where, in accordance with subsection (2)(d), a licensed mutual fund administrator has appointed two individuals in the Islands to act as its agents in the Islands the administrator may appoint them to act either separately or jointly. (5) If a licensed mutual fund administrator has a principal office in the Islands or a body corporate or individuals acting as its agent in the Islands it shall not change that principal office or the body corporate or any individual acting as its agent without first giving the Authority notice of its intention to do so, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. Mutual Funds Act (2025 Revision) (6) The Authority may grant a Mutual Fund Administrators Licence subject to such conditions as it considers appropriate. (7) A licensed mutual fund administrator shall, when carrying on or attempting to carry on business as a mutual fund administrator, comply with any conditions contained in its Mutual Fund Administrators Licence, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars. (8) A person shall not, in connection with an application for a Mutual Fund Administrators Licence, supply to the Authority information that person knows or should reasonably know is false or misleading, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Restriction on issue, etc., or transfer of shares in licensed mutual fund administrator 13. (1) Where a licensed mutual fund administrator is a company, the company shall not issue shares or a person owning or having an interest in shares in the company shall not transfer or otherwise dispose of or deal in those shares or that interest, unless the Authority has given its approval to the issue, transfer, disposal or dealing, as the case may be, and any conditions of the approval are complied with. (2) The Authority may, in respect of a licensed mutual fund administrator whose shares are publicly traded on a stock exchange recognised by the Authority, waive the obligation to obtain approval under subsection (1), and any such waiver \u2014 (a) shall be subject to a condition that the licensed mutual fund administrator shall, as soon as reasonably practicable, notify the Authority of \u2014 (i) any change in control of the licensed mutual fund administrator; (ii) the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights of the licensed mutual fund administrator; or (iii) the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights of the parent company of the licensed mutual fund administrator; (b) shall be subject to a condition that the licensed mutual fund administrator shall, as soon as reasonably practicable, provide such information to the Authority, and within such period of time, as the Authority may require for the purpose of enabling an assessment as to whether persons acquiring control or ownership of the licensed mutual fund administrator in the Mutual Funds Act (2025 Revision) circumstances set out in paragraph (a) are fit and proper persons to have such control or ownership; and (c) shall be subject to such terms and other conditions as the Authority may deem necessary. (3) Any person who contravenes this section commits an offence and is liable on conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Annual fee for providing or acting as principal office of mutual fund 14. (1) A licensed mutual fund administrator shall, immediately upon starting to provide the principal office of a regulated mutual fund, give the Authority the prescribed details in respect of the mutual fund and pay the prescribed fee in respect of the mutual fund which the Authority shall forward to the Financial Secretary for the benefit of the revenue, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. (2) A licensed mutual fund administrator shall, on or before the 15th January in each year after the date when it started to provide the principal office of a regulated mutual fund, pay the prescribed annual fee in respect of that mutual fund to the Financial Secretary for the benefit of the revenue. (3) A licensed mutual fund administrator shall, on or before the 15th January in each year, pay the prescribed annual licence fee to the Financial Secretary for the benefit of the revenue. (4) If an annual fee referred to in subsection (2) or (3) is not paid on or before the 15th January in each year, there is payable an additional fee equal to one twelfth of that annual fee for each month or part of a month during which the annual fee and any additional fee imposed by virtue of this subsection remains unpaid. (5) The Authority may, for good cause, waive any additional fee imposed under subsection (4). (6) Without prejudice to subsections (1) to (5), if an annual fee referred to in subsection (2) or (3) is not paid on or before the 15th January in each year, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee. (7) In subsection (6) \u2014 \u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case may be. Mutual Funds Act (2025 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Authority may direct licensed mutual fund administrators to increase capital value, etc. 15. (1) If the Authority is satisfied that there is reasonable cause to do so or the net worth of a licensed mutual fund administrator is less than any amount prescribed by section 12(2), it may direct the mutual fund administrator to provide such guarantees or other financial support as it thinks fit or to increase its net worth to such amount as it considers appropriate. (2) A licensed mutual fund administrator shall comply with a direction given under subsection (1), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Licensed mutual fund administrators to be satisfied in respect of mutual funds 16. (1) A licensed mutual fund administrator shall not provide mutual fund administration to a mutual fund unless it has satisfied itself that \u2014 (a) each promoter of the mutual fund is of sound reputation; (b) the administration of the mutual fund will be undertaken by persons who have sufficient expertise to administer the mutual fund and are of sound reputation; (c) in the case of a mutual fund to which section 4(1)(b) applies, the business of the mutual fund and any offer of equity interest in it will be carried out in a proper way, (d) the mutual fund, if it is not incorporated or established in the Islands, is incorporated or established in a country or territory approved by the Authority for the purposes of this subsection, or is otherwise regulated by the Authority. (2) Subsection (1) shall be deemed to be a condition of every Mutual Fund Administrators Licence for the purposes of this Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Licensed mutual fund administrators to give notice of certain matters 17. If a licensed mutual fund administrator knows or has reason to believe that a regulated mutual fund for which it provides a principal office, or a promoter or operator of such a mutual fund \u2014 (a) is or is likely to become unable to meet its obligations as they fall due; (b) is carrying on business otherwise than in accordance with this or any other law; or (c) is carrying on business in a manner that is or is likely to be prejudicial to investors or creditors of the mutual fund, Mutual Funds Act (2025 Revision) the mutual fund administrator shall immediately give the Authority written notice of its knowledge or belief giving its reason for that knowledge or belief, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Name of licensed mutual fund administrators restricted 18. (1) The Authority may refuse to grant a Mutual Fund Administrators Licence authorising a person to carry on business as a mutual fund administrator in a name that \u2014 (a) is identical with that of any company, firm, business or other entity, whether or not within the Islands, or which so nearly resembles the name of such a company, firm, business or entity as to be likely to deceive; (b) is likely to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or elsewhere; or (c) is likely to suggest, falsely, that the administrator has a special status in relation to or derived from the Government or the Crown. (2) If, subsequent to granting a Mutual Fund Administrators Licence, the Authority finds that the licensed mutual fund administrator is authorised to carry on business as a mutual fund administrator in or from the Islands in a name which, in the Authority\u2019s opinion, it would have refused by virtue of subsection (1), the Authority may direct the licensed mutual fund administrator to change that name to a name approved by the Authority. (3) A licensed mutual fund administrator shall comply with a direction given to it in accordance with subsection (2), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two thousand dollars, plus one hundred dollars in respect of each day during which the mutual fund administrator failed to comply with the direction. 18A. Repealed 18A. Repealed by section 3 of the Mutual Funds (Amendment) Act, 2014 [Law 16 of 2014].\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Misrepresentation as fund administrator 19. A person other than a licensed mutual fund administrator shall not represent in any way that that person is carrying on or attempting to carry on business in or from the Islands as a mutual fund administrator, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars. Mutual Funds Act (2025 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Licensed mutual fund administrators to have annual audit 20. (1) A licensed mutual fund administrator shall have its accounts audited annually by an auditor approved by the Authority, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. (2) A licensed mutual fund administrator shall, in such manner as the Authority may from time to time direct, send its audited accounts in respect of a financial year of the administrator to the Authority within six months of the end of that financial year or within such extension of that period as the Authority may allow, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Approval to be sought to appointment of director, etc., of licensed mutual fund administrator 21. A licensed mutual fund administrator shall not appoint a director or similar senior officer, or a general partner, as the case may be, unless \u2014 (a) the Authority\u2019s written approval to the appointment has been obtained; or (b) the Authority has exempted the administrator from the obligation to obtain the Authority\u2019s approval, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Certain licensed mutual fund administrators to have two directors 22. A licensed mutual fund administrator that is a company shall, at all times, have at least two directors, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. PART 3A \u2013 EU Connected Funds 22A. Meaning of \u201cattestation\u201d and \u201cconfirmation of status\u201d 22A. For the purposes of this Part \u201cattestation\u201d or \u201cconfirmation of status\u201d means the method, whether by letter or any other manner which the Authority considers appropriate, by which the Authority may be required to confirm the details of an EU Connected Fund to an overseas regulatory authority or a Member State. 22B. Option to elect to be licensed or registered 22B. An EU Connected Fund may elect to apply for a licence or to apply to be registered under this Act as an EU Connected Fund and shall apply to the Authority for licensing or registration in the manner prescribed. Mutual Funds Act (2025 Revision) 22C. Notice to the Authority 22C. (1) Within three months of a date to be specified by Order made by Cabinet, an EU Connected Fund that is marketing in a country or territory within the EEA shall, in the manner designated by the Authority, notify the Authority that the EU Connected Fund is marketing in a country or territory within the EEA. (2) An EU Connected Fund that commences marketing in a country or territory within the EEA after the date specified in subsection (1) shall, within twentyone days of the commencement of marketing in a country or territory within the EEA, in the manner designated by the Authority, notify the Authority that the EU Connected Fund is marketing in a country or territory within the EEA. (3) An EU Connected Fund which fails to comply with this section commits an offence and is liable on conviction to a fine of five thousand dollars. 22D. Power to grant licence or to register 22D. Where an application is made under section 22B, the Authority, after considering the application, may grant a licence to or register an EU Connected Fund in the manner that the Authority considers appropriate. 22E. EU Connected Fund that is already licensed or registered under this Act 22E. For the purposes of section 22B, an EU Connected Fund includes a company, unit trust or partnership that is already registered or licensed as a mutual fund under this Act. 22F. Compliance with this Act 22F. An EU Connected Fund that elects to apply to be licensed or registered pursuant to section 22B and is granted a licence or is registered under this Act shall comply with the applicable provisions of this Act. 22G. Obligation to provide information 22G. The Authority may provide attestation or confirmation of the status of an EU Connected Fund but before the attestation or confirmation of status is provided by the Authority, the EU Connected Fund shall submit to the Authority the prescribed information. 22H. Compliance with this Act 22H. The Authority, with respect to an EU Connected Fund shall have the power to request information from or about the EU Connected Fund in order for the Authority to effectively comply with any obligation that the Authority may have in relation to a memorandum of understanding with respect to the AIFMD. Mutual Funds Act (2025 Revision) PART 4 - Supervision and Enforcement Division 1 - Regulated Mutual Funds or regulated EU Connected Funds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Special audits of regulated mutual funds or regulated EU Connected Funds 23. (1) The Authority may, at any time, instruct a regulated mutual fund or a regulated EU Connected Fund to have its accounts audited and to submit them to the Authority within such time as the Authority specifies. (2) The operator of a regulated mutual fund or a regulated EU Connected Fund shall ensure that an instruction given to the mutual fund or the EU Connected Fund in accordance with subsection (1) is complied with within the specified time, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of ten thousand dollars plus five hundred dollars in respect of each day after the specified time during which the regulated mutual fund or the regulated EU Connected Fund failed to comply with the instruction.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Authority may require information in respect of alleged breach of section 4 24. (1) If the Authority has reasonable grounds for believing a person is carrying on or attempting to carry on business as a mutual fund in or from the Islands in contravention of section 4(1), the Authority may instruct that person to give to the Authority such information or explanation as the Authority may reasonably require to enable the Authority to carry out its duty under this Act. (2) A person who fails to comply with an instruction given to that person in accordance with subsection (1) commits an offence and is liable on conviction to a fine of one hundred thousand dollars. (3) A person giving information or an explanation for the purpose of subsection (1) shall not give the Authority information or an explanation that that person knows or should reasonably know is false or misleading, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Authority may take action in respect of unregulated mutual funds 25. If it appears to the Authority that a mutual fund is carrying on or attempting to carry on business in or from the Islands and is doing so in breach of section 4(1), the Authority has power to apply to the Grand Court for such orders as it thinks fit to preserve the assets of the investors in the mutual fund, and the Grand Court has power to grant such orders. Mutual Funds Act (2025 Revision) Division 2 - Licensed Mutual Fund Administrators\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Special audits of licensed mutual fund administrators 26. (1) The Authority may, at any time, instruct a licensed mutual fund administrator to have its accounts audited and to submit them to the Authority within such reasonable time as the Authority specifies. (2) A licensed mutual fund administrator shall comply with an instruction given to it under subsection (1), and a person who contravenes this provision commits an offence and is liable on conviction to a fine of ten thousand dollars plus five hundred dollars in respect of each day after the specified time during which the mutual fund administrator failed to comply with the instruction.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Authority may require information in respect of alleged breach of section 10 27. (1) If the Authority has reasonable grounds for believing a person is acting or carrying on business as a mutual fund administrator in contravention of section 10, the Authority may instruct that person to give to the Authority such information or explanation as the Authority may reasonably require to enable the Authority to carry out its duty under this Act. (2) A person who fails to comply with an instruction given to that person under subsection (1) commits an offence and is liable on conviction to a fine of one hundred thousand dollars. (3) A person giving information or an explanation for the purpose of subsection (1) shall not give the Authority information or an explanation that that person knows or should reasonably know is false or misleading, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Authority may take action in respect of unlicensed mutual fund administrator 28. If it appears to the Authority \u2014 (a) that a person is acting or carrying on business as a mutual fund administrator; and (b) the person is doing so in breach of section 10, the Authority has power to apply to the Grand Court for such orders as it thinks fit to preserve the assets of the investors in any mutual fund being administered by that person, and the Grand Court has power to grant such orders. Mutual Funds Act (2025 Revision) PART 5 - Duties and Powers of Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Authority to administer this Act 29. (1) It is the duty of the Authority to administer this Act and in particular to examine and make determinations with respect to \u2014 (a) applications for mutual fund administrators\u2019 licences under sections 11 and 12; (aa) an application for licensing or registration of an EU Connected Fund under section 22B; (b) applications for mutual fund licences under section 5; (c) proposals for waivers under section 12(3); (d) proposals for approvals or waivers under section 13; (e) proposals for refusals or directions under section 18; and (f) requirements and applications under section 31(10) and (11). (2) The Authority shall \u2014 (a) maintain a general review of mutual fund business and any EU Connected Fund business in the Islands and submit an annual report thereon to the Cabinet; (b) be responsible for supervision and enforcement in respect of persons to whom this Act applies, and for the investigation of persons where the Authority reasonably believes that they are or have been in breach of section 4(2), 7, 10 or 19; and (c) whenever the Authority considers it necessary, examine, by way of scrutiny of prescribed regular returns, on-site inspections or auditors\u2019 reports, or in such other manner as the Authority may determine, the affairs or business of any regulated mutual fund  or any regulated EU Connected Fund or licensee for the purpose of a general review under paragraph (a) or for the purpose of satisfying itself that this Act and any regulations made under this Act or under the Proceeds of Crime Act (2025  Revision) are being complied with. (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. (3) The Authority may in writing authorise any other person to assist it in the exercise and performance of its powers and functions under this Act. Mutual Funds Act (2025 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Powers of Authority in respect of regulated mutual funds or regulated EU Connected Funds 30. (1) The Authority may take all or any of the actions specified in subsection (3) if it is satisfied that \u2014 (a) a regulated mutual fund or a regulated EU Connected Fund is or is likely to become unable to meet its obligations as they fall due; (b) a regulated mutual fund or a regulated EU Connected Fund is carrying on or attempting to carry on business or is winding-up its business voluntarily in a manner that is prejudicial to its investors or creditors; (ba) a regulated mutual fund or EU Connected Fund has contravened any provision of this Act or of the Anti-Money Laundering Regulations (2025 Revision); (c) a regulated mutual fund, in the case of a licensed mutual fund, is carrying on or attempting to carry on business without complying with any condition of its Mutual Fund Licence contrary to section 5(5); (cc) a regulated EU Connected Fund is carrying on business without complying with any condition of its licence; (d) the direction and management of a regulated mutual fund or a regulated EU Connected Fund, has not been conducted in a fit and proper manner; or (e) a person holding a position as a director, manager or officer of a regulated mutual fund or a regulated EU Connected Fund is not a fit and proper person to hold the respective position. (2) For the purposes of alerting it as to whether or not an event referred to in subsection (1) has occurred or is likely to occur, the Authority shall immediately enquire into and ascertain the reason for any failure by a regulated mutual fund or a regulated EU Connected Fund \u2014 (a) to change its name in accordance with a direction given to it under section 6(2); (b) to have its accounts audited in accordance with section 8(1) or to send its audited accounts to the Authority in accordance with section 8(2); (c) to pay its prescribed annual licence or registration fee in accordance with section 9; or (d) to have its accounts audited or to submit the audited accounts to the Authority when instructed to do so under section 23(1). (3) For the purposes of subsection (1), the actions the Authority may take in respect of a regulated mutual fund or a regulated EU Connected Fund are to \u2014 (a) cancel any Mutual Fund Licence, or any registration under section 4(1)(b), 4(3) or (4)(4)(a), in force in respect of the mutual fund; Mutual Funds Act (2025 Revision) (aa) cancel the licence or registration of a regulated EU Connected Fund; (b) impose conditions or further conditions on the mutual fund and to amend or revoke those conditions; (bb) impose conditions or further conditions on a licence granted to a regulated EU Connected Fund pursuant to section 22C or amend or revoke conditions attached to that licence; (c) require the substitution of any promoter or operator of the mutual fund or the regulated EU Connected Fund; (d) appoint a person to advise the mutual fund or the regulated EU Connected Fund on the proper conduct of its affairs; and (e) appoint a person to assume control of the affairs of the mutual fund or the regulated EU Connected Fund. (4) If the Authority takes action under subsection (3), it may apply to the Grand Court for an order to take such other action as it considers necessary to protect the interests of investors in, and creditors of, the mutual fund or the regulated EU Connected Fund and, subsequently, take any other action provided for in that subsection. (5) Where it considers it necessary or appropriate to do so, and if it is practical to do so, the Authority shall inform the investors of a mutual fund or a regulated EU Connected Fund of any action it is taking or intending to take in respect of the mutual fund or the regulated EU Connected Fund under this section. (6) A person appointed under subsection (3)(d) or (e) is appointed at the expense of the relevant fund, and any expenses incurred by the Authority by virtue of the appointment is an amount due to the Authority payable by the mutual fund or the regulated EU Connected Fund. (7) A person appointed under subsection (3)(e) has all the powers necessary, to the exclusion of any operator, to administer the affairs of the mutual fund in the best interests of the investors and creditors of the mutual fund or the regulated EU Connected Fund. (8) The powers referred to in subsection (7) include the power to terminate the business of the mutual fund or the regulated EU Connected Fund. (9) A person appointed in respect of a mutual fund or a regulated EU Connected Fund under subsection (3)(d) or (e) shall \u2014 (a) when requested to do so by the Authority, supply the Authority with such information in respect of the mutual fund or the EU Connected Fund as is specified by the Authority; (b) within three months of that person\u2019s appointment, or within such other period as the Authority may specify, prepare and supply to the Authority a report on the affairs of the mutual fund or the EU Connected Fund Mutual Funds Act (2025 Revision) making, where appropriate, recommendations in respect of the mutual fund or the EU Connected Fund; and (c) if that person\u2019s appointment is not terminated after supplying the report referred to in paragraph (b), subsequently supply to the Authority such other information, reports and recommendations as the Authority specifies. (10) If a person appointed under subsection (3)(d) or (e) fails to comply with an obligation under subsection (9), or, in the Authority\u2019s opinion, is not carrying out that person\u2019s obligations in respect of the relevant mutual fund or EU Connected Fund satisfactorily, the Authority may revoke the appointment and appoint some other person in that person\u2019s place. (11) On receipt of any information or a report under subsection (9) in respect of a mutual fund or the regulated EU Connected Fund, the Authority may \u2014 (a) require the mutual fund or the regulated EU Connected Fund to reorganise its affairs in a manner specified by the Authority; (b) if the mutual fund or the regulated EU Connected Fund is a company, apply to the Grand Court under section 94 of the Companies Act (2025 Revision) for the company to be wound up by the Court in accordance with that Act; (c) if the mutual fund or the regulated EU Connected Fund is a unit trust governed by the laws of the Islands, apply to the Grand Court for an order directing the trustee to wind up the fund; or (d) if the mutual fund or the regulated EU Connected Fund is a partnership governed by the laws of the Islands, apply to the Grand Court for an order to dissolve the partnership, and may take such action in respect of the appointment or continued appointment of the person appointed under subsection (3)(d) or (e) as it considers appropriate. (12) If the Authority takes action under subsection (11), it may apply to the Grand Court for an order to take such other action as it considers necessary to protect the interests of investors and creditors of the mutual fund or the regulated EU Connected Fund, and take any other action provided for in that subsection or subsection (3). (13) Where a regulated mutual fund or regulated EU Connected Fund is a partnership formed under the laws of the Islands and the Authority revokes any Mutual Fund Licence of the mutual fund in accordance with subsection (3)(a) the partnership is to be taken to have been dissolved. (14) Without prejudice to any other powers of the Authority, the Authority may at any time cancel a Mutual Fund Administrators Licence, if the Authority is Mutual Funds Act (2025 Revision) satisfied that the mutual fund administrator has ceased to carry on or to attempt to carry on business or has been placed in voluntary winding-up or is dissolved. (15) Where the Grand Court makes an order on an application made in accordance with subsection (11)(c), the Court may grant the trustee such indemnity as it considers appropriate out of the assets of the mutual fund or the regulated EU Connected Fund. (16) Without prejudice to any other power of the Authority, the Authority may, at any time, cancel any Mutual Fund Licence, or any registration under section 4(1)(b), 4(3) or 4(4)(a), in force in respect of a mutual fund if the Authority is satisfied that the fund has ceased to carry on or to attempt to carry on business as a mutual fund or has been placed in winding-up or is dissolved. (16A)The Authority may, at any time, cancel a licence granted or registration, under section 22C if the Authority is satisfied that the regulated EU Connected Fund has ceased to carry on business as an EU Connected Fund or has been placed in winding-up or is dissolved. (17) Nothing in this section shall be construed as limiting any power conferred on the Authority by section 29 or by any other provision of this Act or the regulations made hereunder.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Powers of Authority in respect of licensed mutual fund administrators 31. (1) The Authority may take any actions specified in subsection (3) if it is satisfied that \u2014 (a) a licensed mutual fund administrator is or is likely to become unable to meet its obligations as they fall due; (aa) a licensed mutual fund administrator has contravened any provision of this Act or of the Anti-Money Laundering Regulations (2025 Revision); (ab) a licensed mutual fund administrator who is a \u201ccorporate services provider\u201d, as defined in the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023], has contravened that Act; (b) a licensed mutual fund administrator is carrying on or attempting to carry on business or is winding-up its mutual fund administration business in a manner that is prejudicial to investors in any mutual fund it is administering or to its creditors or to the creditors of any such mutual fund; (c) a licensed mutual fund administrator is carrying on or attempting to carry on the business of mutual fund administration without complying with any condition of its Mutual Fund Administrators Licence; (d) the direction and management of a licensed mutual fund administration business has not been conducted in a fit and proper manner; Mutual Funds Act (2025 Revision) (e) a person holding a position as a director, manager or officer of a licensed mutual fund administration business is not a fit and proper person to hold the respective position; or (f) a person acquiring control or ownership of a licensed mutual fund administration business in the circumstances set out in section 13(2)(a) is not a fit and proper person to have such control or ownership. (2) For the purpose of alerting it as to whether or not an event referred to in subsection (1) has occurred or is likely to occur, the Authority shall immediately enquire into and ascertain the reason for \u2014 (a) any failure by a licensed mutual fund administrator \u2014 (i) to give the Authority notice that it has started to provide the principal office of a regulated mutual fund in accordance with section 14(1), to pay the prescribed annual fee in respect of a regulated mutual fund in accordance with section 14(2) or to pay its prescribed fee in accordance with section 14(3); (ii) to provide a guarantee or other financial support or to increase its net worth in accordance with a direction given under section 15; (iii) to satisfy itself with respect to a mutual fund or any promoter or operator of a fund as required by section 16; (iv) to give the Authority written notice in respect of the affairs of a regulated mutual fund as required by section 17; (v) to change its name in accordance with a direction given to it under section 18(2); (vi) to have its accounts audited in accordance with section 20(1) or to send its audited accounts to the Authority in accordance with section 20(2); (vii) to have at least two directors as required by section 22; or (viii) to have its accounts audited, and to submit the audited accounts to the Authority when instructed to do so under section 26; (b) the issue by the administrator of shares without the Authority\u2019s approval, contrary to section 13; (c) the appointment of a director or similar senior officer, or general partner of the administrator without the Authority\u2019s written approval, contrary to section 21; or (d) any shares in the administrator being disposed of or dealt in without the Authority\u2019s approval, contrary to section 13. (3) For the purposes of subsection (1), the actions the Authority may take in respect of a licensed mutual fund administrator are to \u2014 Mutual Funds Act (2025 Revision) (a) revoke any Mutual Fund Administrators Licence the mutual fund administrator holds; (b) impose conditions or further conditions on its Mutual Fund Administrators Licence and to amend or revoke those conditions; (c) require the substitution of any director or similar senior officer or a general partner of the administrator; (d) appoint a person to advise the administrator on the proper conduct of its mutual fund administration; and (e) appoint a person to assume control of the affairs of the administrator relating to mutual fund administration. (4) If the Authority takes action under subsection (3), the Authority may apply to the Grand Court for an order to take such other action as it considers necessary to protect the interests of investors in the funds administered by the administrator and its creditors and the creditors of any such fund. (5) A person appointed under subsection (3)(d) or (e) is appointed at the expense of the relevant administrator, and any expenses incurred by the Authority by virtue of the appointment is an amount due to the Authority, payable by the administrator. (6) A person appointed under subsection (3)(e) has all the powers necessary, to the exclusion of any other person (other than a liquidator or receiver), to administer the affairs of the administrator relating to mutual fund administration in the best interest of investors in the funds administered by the administrator and its creditors and creditors of any such funds. (7) The powers referred to in subsection (6) include the power to terminate the business of the administrator so far as it relates to mutual fund administration. (8) A person appointed in respect of a licensed mutual fund administrator under subsection (3)(d) or (e) shall \u2014 (a) when requested to do so by the Authority, supply the Authority with such information in respect of the administrator\u2019s administration of mutual funds as is specified by the Authority; (b) within three months of that person\u2019s appointment, or within such other period as the Authority may specify, prepare and supply to the Authority a report on the administrator\u2019s administration of the mutual fund making, where appropriate, recommendations in respect of the administrator; and (c) if that person\u2019s appointment is not terminated after supplying the report referred to in paragraph (b), subsequently supply to the Authority such other information, reports and recommendations as the Authority specifies. (9) If a person appointed under subsection (3)(d) or (e) \u2014 Mutual Funds Act (2025 Revision) (a) fails to comply with an obligation under subsection (8); or (b) in the Authority\u2019s opinion, is not carrying out that person\u2019s obligations in respect of the mutual fund administrator satisfactorily, the Authority may revoke the appointment and appoint some other person in that person\u2019s place. (10) On receipt of any information or a report under subsection (8) in respect of a licensed mutual fund administrator, the Authority may \u2014 (a) require the administrator to reorganise its affairs in a manner specified by the Authority; or (b) if the administrator is a company, apply to the Grand Court in accordance with section 94 of the Companies Act (2025 Revision) for the company to be wound up by the Court in accordance with that Act, and may take such action in respect of the appointment of the person appointed under subsection (3)(d) or (e) as the Authority considers appropriate. (11) If the Authority takes action under subsection (10), the Authority may apply to the Grand Court for an order to take such other action as it considers necessary to protect the interests of investors in the funds administered by the administrator and its creditors or the creditors of any such funds. (12) Without prejudice to any other power of the Authority, the Authority may, at any time, revoke a Mutual Fund Administrators Licence if \u2014 (a) the Authority is satisfied that the holder of the licence has ceased to carry on or to attempt to carry on business as a mutual fund administrator; or (b) the holder of the licence is placed in winding-up or is dissolved. (13) Where a licensed mutual fund administrator is a partnership formed under the laws of the Islands and the Authority revokes its Mutual Fund Administrators Licence in accordance with subsection (3) the partnership is to be taken to have been dissolved.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Authority may attend winding-up proceedings 32. (1) Where a petition for the winding-up of \u2014 (a) a regulated mutual fund or a regulated EU Connected Fund; (b) a licensed mutual fund administrator; (c) a person who has at any time been a regulated mutual fund; or (d) a person who has at any time been a licensed mutual fund administrator, is presented by a person other than the Authority, the Authority shall be served by the petitioner with a copy of the petition and may appear at the hearing of the petition and the provisions of subsections (2) and (3) shall apply. Mutual Funds Act (2025 Revision) (2) A document which relates to a petition for winding-up and which is required to be sent to any person specified in subsection (1)(a), (b), (c) or (d), or to any of their respective creditors, shall also be sent to the Authority. (3) A person appointed for the purpose by the Authority may \u2014 (a) attend a meeting of creditors of a person specified in subsection (1)(a), (b), (c) or (d); (b) attend a meeting of a committee established to discuss a compromise or arrangement; and (c) make representations as to any matter for decision at any such meeting.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Powers of Authority, etc., to search in accordance with search warrant 33. (1) If a magistrate is satisfied on an application made by the Authority or a police officer of the rank of Inspector or above that there are reasonable grounds for suspecting that an offence under this Act or the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] has been, is being, or is about to be committed in certain premises, the magistrate may issue a warrant authorising the Authority or a police officer and such other persons as it or that police officer may reasonably need to assist it or that police officer \u2014 (i) to enter those premises, using force if necessary; (ii) to search the premises and any person in the premises; (iii) if it is necessary to do so, to break open and search anything on the premises in which a record may be stored or concealed; (iv) to take possession of, and secure against interference any record that appears to indicate that any offence under this Act or the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] has been, is being or is about to be committed; and (v) to inspect and take copies of any record on the premises that appears to indicate that an offence under this Act or the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] has been, is being or is about to be committed, or, if this is not practical, to take away or deliver any such records to the Authority. (2) If a record is taken away by, or delivered to the Authority in accordance with subsection (1)(v), the Authority may retain it for as long as is necessary to allow it to be inspected and for copies or abstracts to be taken and it is then to be returned to the premises from which it was taken. (3) While a record is in the possession of the Authority in accordance with subsection (2), the Authority shall allow a person who would be entitled to inspect it if it were not in the possession of the Authority to inspect and take copies and abstracts of it at any reasonable time. Mutual Funds Act (2025 Revision) (4) If a person has a lien on a record, nothing done under this section in relation to the record prejudices the lien. (5) Nothing in this section authorises a person to search a person of the opposite sex. (6) In this section \u2014 \u201cpremises\u201d includes \u2014 (a) land, whether or not covered by buildings; (b) any structure, whether or not attached to land; and (c) a means of transport.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Authority shall not be hindered 34. No person shall hinder the Authority in the exercise of any of its powers under this Act, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two hundred thousand dollars. PART 6 - Miscellaneous Provisions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Obligation of auditors 35. (1) If an auditor, in the course of carrying out an audit of the accounts of a regulated mutual fund or a regulated EU Connected Fund, obtains information or suspects that the mutual fund or the EU Connected Fund is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding-up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or any regulations made hereunder; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence, the auditor shall immediately give the Authority written notice of that auditor\u2019s information or suspicion and, in the case of suspicion, that auditor\u2019s reason for that suspicion. Mutual Funds Act (2025 Revision) (2) If an auditor, in the course of carrying out an audit of the accounts of a licensed mutual fund administrator, obtains information or suspects that the mutual fund administrator is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding-up its mutual fund administration business voluntarily in a manner that is prejudicial to investors in any mutual fund it is administering or to its creditors or the creditors of any such mutual fund; or (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or any regulations made hereunder; (ia) in respect of a licensed mutual funds administrator, the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023], if the licensee is a \u201ccorporate services provider\u201d as defined in that Act (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence, the auditor shall immediately give the Authority written notice of that person\u2019s information or suspicion and, in the case of suspicion, that person\u2019s reason for that suspicion. (3) Without prejudice to subsection (9), if it appears to the Authority that an auditor has failed to comply with subsection (1) or (2), the Authority may disqualify that auditor from being an auditor of a regulated mutual fund or a regulated EU Connected Fund or a licensed mutual fund administrator; but the Authority may remove any disqualification imposed under this subsection if satisfied that the auditor in question will in future comply with subsection (1) or (2), as the case may be. (4) A regulated mutual fund or a regulated EU Connected Fund or a licensed mutual fund administrator shall not appoint as an auditor a person disqualified under subsection (3). (5) Where the Authority has granted approval of an auditor under this Act, the approval may be revoked by the Authority if the Authority is of the opinion that the auditor is not sufficiently competent to carry out an audit of the accounts of a regulated mutual fund or a regulated EU Connected Fund or a licensed mutual Mutual Funds Act (2025 Revision) fund administrator or that, in all the circumstances, the auditor is incapable of carrying out the audit objectively. (6) Repealed by section 8 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020]. (7) A reference in this section to an auditor carrying out an audit of the accounts of a regulated mutual fund or a regulated EU Connected Fund or a licensed mutual fund administrator includes a reference to an auditor who was engaged to carry out such an audit or who was in the course of carrying out such an audit but resigned before carrying out or completing the audit or whose contract to carry out or complete the audit was otherwise terminated. (8) A person who contravenes subsection (1) or (2) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars. (9) Nothing in subsection (1) or (2) shall impose on an auditor carrying out an audit of the accounts of a regulated mutual fund or a regulated EU Connected Fund or a licensed mutual fund administrator an obligation to do anything that that auditor would not otherwise be required to do in accordance with generally accepted auditing standards, other than the obligation to provide notice and reasons to the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Appeals 36. (1) An appeal lies to the Grand Court from any decision of the Authority revoking a licence under sections 22C, 30(3)(a) or (16) or section 31(3)(a) or (12). (2) An appeal against the decision of the Authority shall be on motion, and the appellant, within twenty-one days after the day on which the Authority has given its decision, shall serve a notice in writing signed by the appellant or that appellant\u2019s attorney-at-law on the Authority of that appellant\u2019s intention to appeal and of the general ground of that appellant\u2019s appeal. (3) Notwithstanding subsection (2), a person aggrieved by a decision of the Authority may, upon notice to the Authority, apply to the Grand Court for leave to extend the time within which the notice of appeal prescribed by this section may be served, and the Grand Court upon hearing of such application may extend the time prescribed by this section as it deems fit. (4) Subject to subsection (5), the Authority shall, upon receiving the notice of appeal, transmit to the Clerk of the Grand Court without delay a copy of the decision and all papers relating to the appeal. (5) The Authority is not compelled to disclose any information if it is considered that the public interest would suffer by such disclosure. (6) The Clerk of the Grand Court shall set the appeal down for argument on such day, and shall cause notice of the same to be published in such manner, as the Grand Court may direct. Mutual Funds Act (2025 Revision) (7) At the hearing of the appeal, the appellant shall, before going into the case, state all the grounds of appeal on which that appellant intends to rely and shall not, unless by leave of the Grand Court, go into any matters not raised by such statements. (8) The Grand Court may adjourn the hearing of an appeal and may, upon the hearing thereof, confirm, reverse, vary or modify the decision of the Authority or remit the matter with the opinion of the Grand Court thereon to the Authority. (9) An appeal against a decision of the Authority shall not have the effect of suspending the execution of such decision. 36A. Waiver 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 LittleCayman\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Repealed 37. Repealed by section 9 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020].\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Repealed 38. Repealed by section 10 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020].\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Regulations 39. (1) The Cabinet may make regulations \u2014 (a) prescribing anything by this Act required to be prescribed; (b) exempting any person or class of persons or business or class of business from any provision of this Act; (c) prescribing forms to be used; (d) prescribing any returns to be made under this Act; (e) prescribing any fees payable; and (f) providing for such matters as may be necessary or convenient for carrying out or giving effect to this Act and its administration. (2) Regulations made under this Act may \u2014 (a) make different provision in relation to different cases or circumstances; (b) apply in respect of particular persons or particular cases or particular classes of persons or particular classes of cases, and define a class by reference to any circumstances whatsoever; or (c) contain such transitional, consequential, incidental or supplementary provisions as appear to the Cabinet to be necessary or expedient for the purposes of the regulations. Mutual Funds Act (2025 Revision) (3) Regulations made under this Act may create an offence punishable by a fine not exceeding ten thousand dollars. (4) Fees prescribed for the purpose of this Act need bear no relationship to the cost of providing any service.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Exemption from compliance with Trade and Business Licensing Act 40. (1) Mutual fund administration may be carried on by a licensed mutual fund administrator without reference to the Trade and Business Licensing Act (2021 Revision). (2) A mutual fund or an EU Connected Fund may carry on business without reference to the Trade and Business Licensing Act (2021 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Savings and transitional provisions 41. (1) Section 4(3)(a)(i) does not apply to a mutual fund which, immediately before the 14th November, 2006, was carrying on business in or from the Islands; and section 4(3)(a)(i) of the Law as contained in the Mutual Funds Act (2003 Revision) shall continue to apply to such mutual fund. (2) Section 10 does not apply to a mutual fund administrator who, immediately before the 14th November, 2006, was exempted in accordance with section 10(2) of the Law as contained in the Mutual Funds Act (2003 Revision); and section 10(2), (3), (4) and (5) of the Law as contained in the Mutual Funds Act (2003 Revision) continues to apply to such mutual fund administrator. (3) A power conferred on the Authority by section 30(3) may be exercised in respect of a matter arising before, on or after the 14th November, 2006, the commencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of 2006]. (4) Section 32 does not apply in respect of a winding-up petition presented before the 14th November, 2006, the commencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of 2006]. (5) Section 35 does not apply to an audit that was concluded before the 14th November, 2006, the commencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of 2006]. (6)  A mutual fund that immediately before 7th February, 2020, the commencement date of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020], was carrying on business in or from the Islands without complying with section 4(1) of the Mutual Funds Act (2020 Revision) because the equity interests in the mutual fund are held by not more than fifteen investors, the majority of whom are capable of approving or removing the operator of the fund, may continue to carry on business in or from the Islands without complying with section 4(1) for a period of not more than six months after the 7th February, 2020, the Mutual Funds Act (2025 Revision) commencement date of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020], or such further period as may be specified by the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Validation of payment and collection of fees and of returns 42. (1) The payment of fees to, and the charging and collection of fees by, the Authority without statutory authority prior to 1st January, 2025, the commencement date of the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024], 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 the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024] to charge and collect those fees. (2)  Any returns made, or required to be made, prior to the 1st January, 2025, the commencement date of the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024] 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 the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024].\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Orders or determinations by court not affected 43. The Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024] does not affect any order or determination made by a court prior to 1st January, 2025, the commencement date of the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024] 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 Act (2025 Revision) Publication in consolidated and revised form authorised by the Cabinet this 21st day of January, 2025. Kim Bullings Clerk of the Cabinet Mutual Funds Act (2025 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 59\/2024 Mutual Funds (Admendment and Validation) Act, 2024 (Commencement) Order, 2024 19-Dec-2024 LG47\/2024\/s25 18\/2024 Mutual Funds (Admendment and Validation) Act, 2024 1-Jan-2024 LG47\/2024\/s9 21\/2024 Mutual Funds (Amendment) Act, 2023 (Commencement) Order, 2024 31-Jul-2024 LG26\/2024\/s6 21\/2023 Mutual Funds (Amendment) Act, 2023 31-Jul-2024 LG41\/2023\/s9 Mutual Funds Act (2021 Revision) 12-Feb-2021 LG14\/2021\/s7 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 29\/2020 Mutual Funds (Amendment) (No. 3) Law, 2020 7-Jul-2020 LG49\/2020\/s5 135\/2020 Mutual Funds (Amendment) (No. 2) Law, 2020 (Commencement) Order, 2020 28-Oct-2020 LG80\/2020\/s3 17\/2020 Mutual Funds (Amendment) (No. 2) Law, 2020 31-Oct-2020 LG40\/2020\/s4 2\/2020 Mutual Funds (Amendment) Law, 2020 7-Feb-2020 LG9\/2020\/s2 Mutual Funds Law (2020 Revision) 14-Jan-2020 LG5\/2020\/s10 13\/2019 Mutual Funds (Amendment) Law, 2019 8-Aug-19 LG28\/2019\/s4 Mutual Funds Law (2019 Revision) 19-Feb-19 LG2\/2019\/s8 43\/2018 Mutual Funds (Amendment) Law, 2015 (Commencement) Order, 2018 31-Dec-18 GE99\/2018\/s1 12\/2015 Mutual Funds (Amendment) Law, 2015 1-Jan-19 GE73\/2015\/s2 Mutual Funds Law (2015 Revision) 17-Jul-15 GE53\/2015\/s21 16\/2014 Mutual Funds (Amendment) Law, 2014 20-Oct-14 G21\/2014\/s2 Mutual Funds Law (2013 Revision) 11-Oct-13 GE82\/2013\/s16 31\/2012 Mutual Funds (Amendment) Law, 2012 10-Jan-13 GE4\/2013\/s7 Mutual Funds Law (2012 Revision) 22-Oct-12 G22\/2012\/s1 32\/2011 Mutual Funds (Amendment) Law, 2011 22-Dec-11 GE113\/2011\/s1 Mutual Funds Law (2009 Revision) 20-Jul-09 G15\/2009\/s5 12\/2008 Mutual Funds (Amendment) Law, 2008 7-Aug-08 GE21\/2008\/s3 Mutual Funds Law (2007 Revision) 6-Aug-07 G16\/2007\/s4 29\/2006 Mutual Funds (Amendment) Law, 2006 14-Nov-06 G23\/2006\/s2 Mutual Funds Law (2003 Revision) 28-Jul-03 G15\/2003\/s6 38\/2003 Mutual Funds (Amendment) Law, 2002 (Commencement) Order, 2003 12-Mar-03 GE10\/2003\/s6 36\/2002 Mutual Funds (Amendment) Law, 2002 17-Mar-03 GE5\/2003\/s3 Mutual Funds Law (2001 Revision) 30-Apr-01 GE8\/2001\/s5 4\/2001 Mutual Funds (Amendment) (Prudent Administration) Law, 26-Apr-01 GE7\/2001\/s4 ENDNOTES Mutual Funds Act (2025 Revision) SL # Act\/Law # Legislation Commencement Gazette Mutual Funds Law (1999 Revision) 2-Aug-99 G16\/1999\/s9 9\/1998 Mutual Funds (Amendment) Law, 1998 17-Aug-98 G17\/1998\/s7 16\/1996 Monetary Authority Law, 1996 (Part) 9-Dec-96 G25\/1996\/s4 Mutual Funds Law (1996 Revision) 24-Jun-96 G13\/1996\/s3 18\/1993 Mutual Funds (Amendment) Law, 1993 13-Dec-93 G25\/1993\/s1 13\/1993 Mutual Funds Law, 1993 26-Jul-93 G15\/1993\/s9 (Price: $9.60)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": 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1993\nLaw 18 of 1993-24th September, 1993\nLaw 16 of 1996-20th September, 1996\nLaw 9 of 1998-17th June, 1998\nLaw 4 of 2001- 20th April, 2001\nLaw 36 of 2002-19th December, 2002\nLaw 29 of 2006-29th September, 2006\nLaw 12 of 2008-30th June, 2008\nLaw 32 of 2011-5th December, 2011\nLaw 31 of 2012-23rd November, 2012\nLaw 16 of 2014-11th September, 2014\nLaw 12 of 2015-12th August, 2015\nLaw 13 of 2019-26th July, 2019\nLaw 2 of 2020-31th January, 2020\nLaw 17 of 2020-20th May, 2020\nLaw 29 of 2020-1st July, 2020\nAct 56 of 2020-7th December, 2020\nAct 21 of 2023-23rd November, 2023\nAct 18 of 2024-11th December, 2024.\n\nOriginally enacted \u2014\nSL 38 of 2003-4th March, 2003\nSL 43 of 2018-28th December, 2018\nSL 21 of 2024-30th July, 2024\nSL 59 of 2024-17th December, 2024.\n\nConsolidated and revised this1st day of January, 2025.\n\nMutual Funds Act\nPublication Details Continued\n\nc\nRevised as at 1st January, 2025\nPage 3\n\nNote (not forming part of this Act): This revision replaces the 2021 Revision which\nshould now be discarded.\n\nMutual Funds Act (2025 Revision)\nArrangement of Sections\n\nc\nRevised as at 1st January, 2025\nPage 5\n\nCAYMAN ISLANDS\n\nMUTUAL FUNDS ACT\n(2025 Revision)\nArrangement of Sections\nSection\nPage\nPART 1 - Preliminary\n1.\nShort title ...................................................................................................................................9\n2.\nDefinitions ..................................................................................................................................9\n2A.\nApplication of Act ..................................................................................................................... 15\nPART 2 - Regulated Mutual Funds\n3.\nDetermination of fitness and propriety ...................................................................................... 15\n4.\nRegulated mutual funds ........................................................................................................... 15\n5.\nMutual Fund Licences .............................................................................................................. 18\n6.\nName of regulated mutual fund restricted ................................................................................ 19\n7.\nMisrepresentation as mutual fund ............................................................................................ 20\n8.\nAnnual audit of regulated mutual fund ...................................................................................... 20\n9.\nRegulated mutual fund to pay annual fee ................................................................................. 21\nPART 3 - Mutual Fund Administration\n10.\nPerson to be authorised to administer mutual funds ................................................................. 21\n11.\nTypes of Mutual Fund Administrators Licences ........................................................................ 21\n12.\nMutual Fund Administrators Licences ...................................................................................... 22\n13.\nRestriction on issue, etc., or transfer of shares in licensed mutual fund administrator .............. 23\n14.\nAnnual fee for providing or acting as principal office of mutual fund ......................................... 24\n15.\nAuthority may direct licensed mutual fund administrators to increase capital value, etc. ........... 25\n16.\nLicensed mutual fund administrators to be satisfied in respect of mutual funds ........................ 25\n\nArrangement of Sections\nMutual Funds Act (2025 Revision)\n\nPage 6\nRevised as at 1st January, 2025\nc\n\n17.\nLicensed mutual fund administrators to give notice of certain matters ...................................... 25\n18.\nName of licensed mutual fund administrators restricted ........................................................... 26\n18A. Repealed ................................................................................................................................. 26\n19.\nMisrepresentation as fund administrator .................................................................................. 26\n20.\nLicensed mutual fund administrators to have annual audit ....................................................... 27\n21.\nApproval to be sought to appointment of director, etc., of licensed mutual fund\nadministrator ............................................................................................................................ 27\n22.\nCertain licensed mutual fund administrators to have two directors ........................................... 27\nPART 3A \u2013 EU Connected Funds\n22A. Meaning of \u201cattestation\u201d and \u201cconfirmation of status\u201d ................................................................ 27\n22B. Option to elect to be licensed or registered .............................................................................. 27\n22C. Notice to the Authority ............................................................................................................. 28\n22D. Power to grant licence or to register ......................................................................................... 28\n22E. EU Connected Fund that is already licensed or registered under this Act ................................ 28\n22F. Compliance with this Act .......................................................................................................... 28\n22G. Obligation to provide information ............................................................................................. 28\n22H. Compliance with this Act .......................................................................................................... 28\nPART 4 - Supervision and Enforcement\nDivision 1 - Regulated Mutual Funds or regulated EU Connected Funds\n29\n23.\nSpecial audits of regulated mutual funds or regulated EU Connected Funds ........................... 29\n24.\nAuthority may require information in respect of alleged breach of section 4 ............................. 29\n25.\nAuthority may take action in respect of unregulated mutual funds ............................................ 29\nDivision 2 - Licensed Mutual Fund Administrators\n30\n26.\nSpecial audits of licensed mutual fund administrators .............................................................. 30\n27.\nAuthority may require information in respect of alleged breach of section 10 ........................... 30\n28.\nAuthority may take action in respect of unlicensed mutual fund administrator .......................... 30\nPART 5 - Duties and Powers of Authority\n29.\nAuthority to administer this Act ................................................................................................. 31\n30.\nPowers of Authority in respect of regulated mutual funds or regulated EU Connected\nFunds ...................................................................................................................................... 32\n31.\nPowers of Authority in respect of licensed mutual fund administrators ..................................... 35\n32.\nAuthority may attend winding-up proceedings .......................................................................... 38\n33.\nPowers of Authority, etc., to search in accordance with search warrant ................................... 39\n34.\nAuthority shall not be hindered................................................................................................. 40\nPART 6 - Miscellaneous Provisions\n35.\nObligation of auditors ............................................................................................................... 40\n36.\nAppeals ................................................................................................................................... 42\n36A. Waiver or reduction of fees by Cabinet .................................................................................... 43\n37.\nRepealed ................................................................................................................................. 43\n38.\nRepealed ................................................................................................................................. 43\n39.\nRegulations ............................................................................................................................. 43\n40.\nExemption from compliance with Trade and Business Licensing Act ....................................... 44\n\nMutual Funds Act (2025 Revision)\nArrangement of Sections\n\nc\nRevised as at 1st January, 2025\nPage 7\n\n41.\nSavings and transitional provisions .......................................................................................... 44\n42.\nValidation of payment and collection of fees and of returns ...................................................... 45\n43.\nOrders or determinations by court not affected ........................................................................ 45\nENDNOTES\n47\nTable of Legislation history: ............................................................................................................... 47\n\nMutual Funds Act (2025 Revision)\nSection 1\n\nc\nRevised as at 1st January, 2025\nPage 9\n\nCAYMAN ISLANDS\n\nMUTUAL FUNDS ACT\n(2025 Revision)\n\nPART 1 - Preliminary\n1.\nShort title\n1.\nThis Act may be cited as the Mutual Funds Act (2025 Revision).\n2.\nDefinitions\n2.\nIn this Act \u2014\n\u201caccountant\u201d means a person who has qualified as an accountant by\nexamination of one of the Institutes of Chartered Accountants or Certified\nAccountants in England and Wales, Ireland or Scotland or the Canadian Institute\nof Chartered Accountants or the American Institute of Certified Public\nAccountants, and is a current member in good standing of one of those institutes;\n\u201cAIF\u201d has the meaning assigned to it in the AIFMD;\n\u201cAIFM\u201d has the meaning assigned to it in the AIFMD;\n\u201cAIFMD\u201d means the Directive 2011\/61\/EU of the European Parliament and of\nthe Council of 8 June 2011 on Alternative Investment Fund Managers and\namending Directives 2003\/41\/EC and 2009\/65\/EC and Regulations (EC) No\n1060\/2009 and (EU) No 1095\/2010;\n\u201cauditor\u201d means an accountant or a person with some other accounting\nqualification approved by the Authority;\n\nSection 2\nMutual Funds Act (2025 Revision)\n\nPage 10\nRevised as at 1st January, 2025\nc\n\n\u201cAuthority\u201d means the Cayman Islands Monetary Authority established under\nsection 5(1) of the Monetary Authority Act (2020 Revision) and includes any\nemployee of the Authority acting under the Authority\u2019s authorisation;\n\u201ccompany\u201d means a body corporate constituted under the laws of the Islands or\nof any other jurisdiction;\n\u201cdebt\u201d means an obligation of a company, unit trust or partnership to repay\nprincipal either without interest or together with interest calculated at either a\nfixed, floating or variable rate and whether or not together with any other\nentitlement, but payable in the event of the liquidation, termination or\ndissolution of the company, unit trust or partnership otherwise than in respect\nof, and, unless otherwise provided for by its terms, in priority to any payment in\nrespect of a share, a trust unit or a partnership interest of that company, unit trust\nor partnership;\n\u201cEEA\u201d means the European Economic Area established by the Agreement on\nthe European Economic Area which entered into force on 1st January, 1994 and\nthe relevant amending annexes and protocols;\n\u201cequity interest\u201d means a share, trust unit, partnership interest or any other\nrepresentation of an interest that \u2014\n(a)\ncarries an entitlement to participate in the profits or gains of the company,\nunit trust or partnership; and\n(b) is redeemable or repurchasable at the option of the investor and, in respect\nof a company incorporated in accordance with the Companies Act (2025\nRevision) (including an existing company as defined in that Act), in\naccordance with but subject to section 37 of the Companies Act (2025\nRevision) before the commencement of winding-up or the dissolution of\nthe company, unit trust or partnership,\nbut does not include debt, or alternative financial instruments as prescribed\nunder the Banks and Trust Companies Act (2025 Revision);\n\u201cEU\u201d means the European Union established by the Treaty on European Union\nsigned in Maastricht on 7th February 1992;\n\u201cEU Connected Fund\u201d means a company, unit trust or partnership carrying on\nbusiness in or from within the Islands which issues \u2014\n(a)\nequity interests; or\n(b) shares, trust units or partnership interests that carry an entitlement to\nparticipate in the profits or gains of the company, unit trust or partnership\nthat are not redeemable or purchasable at the option of the investor,\nthe purpose or effect of which is the pooling of investor funds with the aim of\nspreading investment risks and enabling investors in the company, unit trust or\npartnership to receive profits or gains from the acquisition, holding,\nmanagement or disposal of investments and is \u2014\n\nMutual Funds Act (2025 Revision)\nSection 2\n\nc\nRevised as at 1st January, 2025\nPage 11\n\n(i)\nmanaged by a person whose registered office is in a Member State\nand whose regular business is managing one or more AIFs as notified\nto the Authority as being identified to the relevant competent\nauthority of a Member State in accordance with the relevant Law\nimplementing the AIFMD in the Member State; or\n(ii) marketed to investors or potential investors in a Member State, as\nnotified to the Authority as being identified to the relevant competent\nauthority of a Member State in accordance with the relevant Law\nimplementing the AIFMD in the Member State;\n\u201cfeeder fund\u201d means a mutual fund that conducts more than 51% of its\ninvesting in a master fund either directly or through an intermediary entity;\n\u201cgeneral partner\u201d means \u2014\n(a)\nin respect of a limited partnership registered under the Partnership Act\n(2025 Revision), a general partner as defined in that Act;\n(b) in respect of an exempted limited partnership registered under the\nExempted Limited Partnership Act (2025 Revision), a general partner as\ndefined in that Act; or\n(c)\nin respect of a partnership constituted under the laws of a jurisdiction other\nthan the Islands, a person who would be a general partner of the partnership\nif the partnership were constituted under the laws of the Islands;\n\u201chigh net worth person\u201d and \u201csophisticated person\u201d, respectively, have the\nmeanings assigned to those expressions in the Securities Investment Business\nAct (2020 Revision);\n\u201cinvestor\u201d, in respect of a mutual fund, means the legal holder of record or legal\nholder of an instrument representing an equity interest in the mutual fund but\ndoes not include a promoter or operator;\n\u201clicensed regulated mutual fund\u201d means a regulated mutual fund that is the\nholder of a Mutual Fund Licence;\n\u201clicensed mutual fund administrator\u201d means the holder of a Mutual Fund\nAdministrators Licence and includes a person exempted from obtaining a\nMutual Fund Administrators Licence prior to 14th November, 2006, the\ncommencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of\n2006];\n\u201cmarketing\u201d means a direct or indirect offering or placement at the initiative of\nthe AIFM or on behalf of the AIFM of shares, trust units or partnership interests\nof an EU Connected Fund it manages to or with investors domiciled or with a\nregistered office in the EU;\n\u201cmaster fund\u201d means a company, partnership or unit trust that \u2014\n(a)\nis established or incorporated, as the case may be, in the Islands;\n(b) issues equity interests to one or more investors;\n\nSection 2\nMutual Funds Act (2025 Revision)\n\nPage 12\nRevised as at 1st January, 2025\nc\n\n(c)\nholds investments and conducts trading activities for the principal purpose\nof implementing the overall investment strategy of the regulated feeder\nfund;\n(d) has one or more regulated feeder funds either directly or through an\nintermediary entity established to invest in the master fund; and\n(e)\nis not licensed under the Banks and Trust Companies Act (2025 Revision)\nor the Insurance Act, 2010 [Law 32 of 2010], or registered under the\nBuilding Societies Act (2020 Revision) or the Friendly Societies Act (1998\nRevision),\nand for the purposes of this Act such master fund shall be deemed to be a mutual\nfund;\n\u201cMember State\u201d means a state which is \u2014\n(a)\na member of the EU; or\n(b) a part of the EEA in which the AIFMD has been implemented;\n\u201cmutual fund\u201d means a company, unit trust or partnership that issues equity\ninterests, the purpose or effect of which is the pooling of investor funds with the\naim of spreading investment risks and enabling investors in the mutual fund to\nreceive profits or gains from the acquisition, holding, management or disposal\nof investments but does not include a person licensed under the Banks and Trust\nCompanies Act (2025 Revision) or the Insurance Act, 2010 [Law 32 of 2010],\nor a person registered under the Building Societies Act (2020 Revision) or the\nFriendly Societies Act (1998 Revision);\n\u201cmutual fund administration\u201d, in respect of a mutual fund, means to manage\n(including to control all or substantially all the assets of the mutual fund) or to\nadminister the mutual fund, to provide the principal office of the mutual fund in\nthe Islands or to provide an operator to the mutual fund, but does not include \u2014\n(a)\nthe provision of a registered office to a mutual fund where the usual\ncorporate secretarial and related services are provided;\n(b) in relation to a mutual fund, the maintenance of any register of equity\ninterests or the filing and payment of fees under the Companies Act (2025\nRevision), the Partnership Act (2025 Revision), the Exempted Limited\nPartnership Act (2025 Revision), the Limited Liability Companies Act\n(2025 Revision), the Limited Liability Partnership Act (2025 Revision), the\nTrusts Act (2021 Revision) or this Act; or\n(c)\nthe activities of a general partner of a partnership which is a mutual fund;\n\u201cmutual fund administrator\u201d means a person who conducts mutual fund\nadministration in or from the Islands and includes \u2014\n(a)\na company formed under the Companies Act (2025 Revision) (including\nan existing company as defined in that Act);\n\nMutual Funds Act (2025 Revision)\nSection 2\n\nc\nRevised as at 1st January, 2025\nPage 13\n\n(b) a foreign company registered pursuant to Part 9 of the Companies Act\n(2025 Revision);\n(c)\na limited partnership registered under the Partnership Act (2025 Revision);\n(d) an exempted limited partnership registered under the Exempted Limited\nPartnership Act (2025 Revision);\n(e)  a limited liability partnership registered under the Limited Liability\nPartnership Act (2025 Revision), or\n(f)  a limited liability company registered under the Limited Liability\nCompanies Act (2025 Revision);\nthat conducts mutual fund administration outside the Islands;\n\u201cMutual Fund Administrators Licence\u201d means a licence granted under\nsections 11 and 12;\n\u201cMutual Fund Licence\u201d means a licence granted under section 5;\n\u201coffering document\u201d, in respect of a mutual fund, means a document or series\nof documents on the basis of which equity interests in the mutual fund are\noffered for sale or persons are invited to subscribe for or purchase equity\ninterests in the mutual fund, but does not include any other notice, circular,\nadvertisement, letter or other communication used in connection with the offer\nfor sale of any equity interest in the mutual fund or the invitation to any person\nto subscribe for or purchase any equity interest in the mutual fund if, before the\noffer or invitation is taken up or accepted, the prospective investor is given the\nopportunity to consider an offering document containing the information\nprescribed by section 4(6);\n\u201coperator\u201d, in respect of a mutual fund or an EU Connected Fund, means \u2014\n(a)\nwhere the mutual fund is a unit trust, a trustee of that trust;\n(b) where the mutual fund is a partnership, a general partner in that\npartnership; or\n(c)\nwhere the mutual fund is a company, a director of that company;\n\u201coverseas regulatory authority\u201d has the meaning assigned to that expression\nin the Monetary Authority Act (2020 Revision);\n\u201cpartnership\u201d means a limited partnership registered under the Partnership Act\n(2025 Revision), an exempted limited partnership registered under the Exempted\nLimited Partnership Act (2025 Revision), a limited liability partnership\nregistered under the Limited Liability Partnership Act (2025 Revision) or a\npartnership constituted under the laws of a jurisdiction other than the Islands;\n\u201cprofessional adviser\u201d means an attorney-at-law or an accountant;\n\u201cpromoter\u201d, in respect of a mutual fund or proposed mutual fund, means any\nperson whether within or without the Islands who causes the preparation or\ndistribution of an offering document in respect of the mutual fund or proposed\n\nSection 2\nMutual Funds Act (2025 Revision)\n\nPage 14\nRevised as at 1st January, 2025\nc\n\nmutual fund but does not include a professional adviser acting for or on behalf\nof such a person;\n\u201cpublic in the Islands\u201d does not include \u2014\n(a)\na sophisticated person;\n(b) a high net worth person;\n(c)\na person specified in paragraph 2 or 3 of Schedule 4 to the Securities\nInvestment Business Act (2020 Revision);\n(d) an exempted or ordinary non-resident company registered under the\nCompanies Act (2025 Revision), or a foreign company registered under\nPart 9 of that Act, or any such company acting as general partner of a\npartnership registered under section 9(1) of the Exempted Limited\nPartnership Act (2025 Revision), or any director or officer of the same\nacting in such capacity;\n(da) a limited liability partnership registered under the Limited Liability\nPartnership Act (2025 Revision);\n(db) a limited liability company registered under the Limited Liability\nCompanies Act (2025 Revision); or\n(e)\nthe trustee of any trust registered or capable of registration under\nsection 74 of the Trusts Act (2021 Revision) acting in such capacity;\n\u201crecognised securities exchange\u201d has the meaning assigned in section 2 of the\nSecurities Investment Business Act (2020 Revision).\n\u201crecord\u201d means any means by which information may be stored;\n\u201cregistered office\u201d means \u2014\n(a)\nin respect of a company formed under the Companies Act (2025 Revision)\n(including an existing company as defined in that Act), the registered\noffice of the company for the purposes of that Act;\n(b) in the case of a foreign company as defined by section 183 of the\nCompanies Act (2025 Revision), the person or persons authorised to accept\nservice on behalf of the company in accordance with section 184(1)(e) of\nthat Act;\n(c)\nin the case of an exempted limited partnership registered under the\nExempted Limited Partnership Act (2025 Revision), the registered office\nof that partnership for the purposes of that Act;\n(ca) in the case of a limited liability partnership, the registered office of that\npartnership for the purposes of the Limited Liability Partnership Act (2025\nRevision);\n(cb) in respect of a limited liability company, the registered office of the\ncompany for the purposes of the Limited Liability Companies Act (2025\nRevision); or\n\nMutual Funds Act (2025 Revision)\nSection 2A\n\nc\nRevised as at 1st January, 2025\nPage 15\n\n(d) in the case of an exempted trust registered under the Trusts Act (2021\nRevision), the place shown in the file maintained by the Registrar of Trusts\nas the address of the trustees of the trust;\n\u201cregulated EU Connected Fund\u201d means an EU Connected Fund that elects to\nbe licensed or registered pursuant to section 22B;\n\u201cregulated mutual fund\u201d means a mutual fund that is carrying on or attempting\nto carry on a business in or from the Islands and is doing so in compliance with\nsection 4(1), 4(3) or (4)(4)(a);\n\u201cregulated feeder fund\u201d means a regulated mutual fund that conducts more\nthan 51% of its investing in a master fund either directly or through an\nintermediary entity;\n\u201crestricted Mutual Fund Administrators Licence\u201d means a Mutual Fund\nAdministrators Licence that contains the restriction referred to in section 11(2);\n\u201cshare\u201d, in the case of a company limited by guarantee, includes an interest of\na member of the company;\n\u201cstock exchange\u201d includes a recognised securities exchange;\n\u201ctrust unit\u201d means a unit of participation in a unit trust; and\n\u201cunit trust\u201d means a trust established by a trustee which, for valuable\nconsideration, issues trust units in profits or gains arising from the acquisition\nholding, management or disposal of investments by the trustee of the trust, the\nproper law of which is the law of the Islands or the law of any other jurisdiction.\n2A.\nApplication of Act\n2A. This Act applies to licensed or registered mutual funds or EU Connected Funds.\nPART 2 - Regulated Mutual Funds\n3.\nDetermination of fitness and propriety\n3.\nIn determining for the purposes of this Act whether a person is a fit and proper person,\nregard shall be had to all circumstances, including that person\u2019s \u2014\n(a)\nhonesty, integrity and reputation;\n(b) competence and capability; and\n(c)\nfinancial soundness.\n4.\nRegulated mutual funds\n4.\n(1) Unless a mutual fund is complying with subsection (3) or (4), it shall not carry\non or attempt to carry on business in or from the Islands unless \u2014\n(a)\nit is the holder of a Mutual Fund Licence, and it has \u2014\n\nSection 4\nMutual Funds Act (2025 Revision)\n\nPage 16\nRevised as at 1st January, 2025\nc\n\n(i)\na registered office in the Islands; or\n(ii) if a unit trust, a trust company licensed under the Banks and Trust\nCompanies Act (2025 Revision) as its trustee; or\n(b) it is registered with the Authority in the prescribed manner and a licensed\nmutual fund administrator is providing its principal office in the Islands,\nand, unless an exemption from this requirement has been granted by the\nAuthority, there is filed with the Authority, in respect of the mutual fund, a\ncurrent offering document that complies with subsection (6).\n(2) The operator of a mutual fund shall ensure that the mutual fund does not carry\non or attempt to carry on business in or from the Islands contrary to\nsubsection (1), and a person who contravenes this provision commits an offence\nand is liable on conviction to a fine of one hundred thousand dollars.\n(3) A mutual fund may carry on or attempt to carry on business in or from the\nIslands without complying with subsection (1) if \u2014\n(a)\nit is a mutual fund \u2014\n(i)\nin which the minimum aggregate equity interest purchasable by a\nprospective investor is eighty thousand dollars (or its equivalent in\nany other currency);\n(ii) the equity interests of which are listed on a stock exchange (including\nan over-the-counter market) specified by the Authority by notice in\nthe Gazette; or\n(iii) that is a master fund and the minimum aggregate equity interest\npurchasable by a prospective investor in the master fund is eighty\nthousand dollars (or its equivalent in any other currency) or the equity\ninterests of the master fund are listed on a stock exchange (including\nan over-the-counter market) specified by the Authority by notice in\nthe Gazette;\n(b) unless an exemption from this requirement has been granted by the\nAuthority, there is filed with the Authority \u2014\n(i)\nthe prescribed details in respect of the mutual fund\u2019s current offering\ndocument, or\n(ii) in the case of a master fund where there is no offering document,\nthere is filed with the Authority the prescribed details with respect to\nsuch master funds;\n(c)\nit is registered with the Authority in the prescribed manner; and\n(d) the prescribed annual registration fee has been paid in respect of the fund.\n(4) A mutual fund may carry on or attempt to carry on business in or from the\nIslands without complying with subsection (1) if \u2014\n\nMutual Funds Act (2025 Revision)\nSection 4\n\nc\nRevised as at 1st January, 2025\nPage 17\n\n(a)\nthe equity interests are held by not more than fifteen investors, a majority\nof whom are capable of appointing or removing the operator of the fund\nand unless an exemption from this requirement has been granted by the\nAuthority \u2014\n(i)  there is filed with the Authority a certified copy of an extract of the\nconstitutional documents of the mutual fund specifying that a\nmajority of the investors in number are capable of appointing or\nremoving the operator of the mutual fund;\n(ii)  there is filed with the Authority such other information as may be\nrequired in the prescribed form;\n(iii)  it is registered with the Authority in the prescribed manner; and\n(iv)  the prescribed annual registration fee has been paid in respect of the\nmutual fund;\n(b) it is a fund, not incorporated or established in the Islands, which makes an\ninvitation to the public in the Islands to subscribe for its equity interests by\nor through a person who is the holder of a licence under the Securities\nInvestment Business Act (2020 Revision), for a regulated activity specified\nby the Authority for the purposes of this subsection and \u2014\n(i)\nthose interests are listed on a stock exchange (including an over-thecounter-market) specified by the Authority by notice in the Gazette;\nor\n(ii) the fund is regulated in a category, and by an overseas regulatory\nauthority, approved by the Authority for the purposes of this\nsubsection.\n(4A) Subsection (4)(a) does not apply to a master fund.\n(5) For the purposes of subsection (1) or (3), a mutual fund is carrying on or\nattempting to carry on business in or from the Islands if \u2014\n(a)\nit is incorporated or established in the Islands; or\n(b) regardless of where it is incorporated or established, it makes an invitation\nto the public in the Islands to subscribe for its equity interests.\n(6) An offering document in respect of equity interests in a mutual fund shall \u2014\n(a)\ndescribe the equity interests in all material respects; and\n(b) contain such other information as is necessary to enable a prospective\ninvestor in the mutual fund to make an informed decision as to whether or\nnot to subscribe for or purchase the equity interests.\n(7) Subsection (6) is without prejudice to any duty of disclosure under the common\nlaw or any other law.\n(8) A mutual fund does not, for the purpose of compliance with subsection (1)\nor (3)(b), have filed with the Authority a current offering document or the\n\nSection 5\nMutual Funds Act (2025 Revision)\n\nPage 18\nRevised as at 1st January, 2025\nc\n\nprescribed details in respect of its current offering document or the prescribed\ndetails of a master fund that is without an offering document if there is a\ncontinuing offering of equity interests and any promoter or operator of the\nmutual fund \u2014\n(a)\nis aware of any change that materially affects any information in the\noffering document filed with the Authority or in the prescribed details of\nthe offering document or the prescribed details of a master fund that is\nwithout an offering document filed with the Authority; and\n(b) has not, within twenty-one days of becoming so aware, filed with the\nAuthority an amended offering document or amended prescribed details,\nas the case may be, incorporating that change.\n(9) A mutual fund is not complying with subsection (1) if \u2014\n(a)\nit has changed its registered office or its principal office; or\n(b) it has changed the trust company acting as its trustee,\nand it has failed to inform the Authority of the change.\n(10) Notwithstanding subsections (3) and (4), a mutual fund to which either of those\nsubsections applies may choose to comply with subsection (1).\n(11) A mutual fund shall pay any fees as may be prescribed for the registration of the\nmutual fund, including fees for administrative services provided in the filing of\nan application form or the filing of any amendment to an application form.\n5.\nMutual Fund Licences\n5.\n(1) An application for a Mutual Fund Licence shall be made to the Authority in a\nform approved or provided for the purpose by the Authority and shall be\naccompanied by \u2014\n(a)\nthe current offering document or, if one has not been finally settled, the\nlatest draft of the offering document together with a synopsis of that\ndocument;\n(b) details necessary to satisfy the Authority that the applicant complies or will\nbe complying with section 4(1)(a)(i) or (ii);\n(c)\ndetails necessary to satisfy the Authority in accordance with\nsubsection (2); and\n(d) the prescribed non-refundable application fee and any fees as may be\nprescribed for administrative services provided in respect of the\napplication.\n(2) The Authority has no power to grant a Mutual Fund Licence until it has been\nsatisfied by the applicant that \u2014\n(a)\neach promoter is of sound reputation;\n(b) the administration of the mutual fund will be undertaken \u2014\n\nMutual Funds Act (2025 Revision)\nSection 6\n\nc\nRevised as at 1st January, 2025\nPage 19\n\n(i)\nby persons who have sufficient expertise to administer the mutual\nfund; and\n(ii) by persons who are fit and proper to be directors or, as the case may\nbe, managers or officers in their respective positions; and\n(c)\nthe business of the mutual fund and any offer of equity interests in it will\nbe carried out in a proper way.\n(3) Nothing in subsection (2) is to be taken as prohibiting the Authority from\ngranting a Mutual Fund Licence to take effect on the incorporation of any\nrelevant company or, in the case of a foreign company, on the registration of the\ncompany under Part 9 of the Companies Act (2025 Revision), or on the\nestablishment of any unit trust.\n(4) The Authority may grant a Mutual Fund Licence subject to such conditions as\nit considers appropriate.\n(5) The operator of a mutual fund shall ensure that, when carrying on or attempting\nto carry on business in or from the Islands, the mutual fund complies with any\nconditions contained in its licence, and a person who contravenes this provision\ncommits an offence and is liable on conviction to a fine of one hundred thousand\ndollars.\n(6) The Authority may, on the written application of a licensed regulated mutual\nfund, waive, vary or revoke any condition contained in its Mutual Fund Licence.\n(7) A person shall not, in connection with an application for a Mutual Fund Licence,\nsupply to the Authority information that that person knows or should reasonably\nknow is false or misleading, and a person who contravenes this provision\ncommits an offence and is liable on conviction to a fine of one hundred thousand\ndollars.\n6.\nName of regulated mutual fund restricted\n6.\n(1) The Authority may refuse to grant a Mutual Fund Licence in respect of a mutual\nfund with a name that \u2014\n(a)\nis identical with that of any company, firm, business or other entity,\nwhether or not within the Islands, or which so nearly resembles the name\nof such a company, firm, business or entity as to be likely to deceive;\n(b) is likely to suggest, falsely, the patronage of or connection with some\nperson or authority, whether within the Islands or elsewhere; or\n(c)\nis likely to suggest, falsely, that the fund has a special status in relation to\nor derived from the Government or the Crown.\n(2) If, in the Authority\u2019s opinion, a mutual fund is carrying on, or attempting to\ncarry on business in or from the Islands in a name that the Authority would have\nrefused by virtue of subsection (1), the Authority may direct the mutual fund to\nchange its name to a name approved by the Authority.\n\nSection 7\nMutual Funds Act (2025 Revision)\n\nPage 20\nRevised as at 1st January, 2025\nc\n\n(3) The operator of a mutual fund shall ensure that the fund complies with a\ndirection given to it in accordance with subsection (2), and a person who\ncontravenes this provision commits an offence and is liable on conviction to a\nfine of two thousand dollars plus one hundred dollars in respect of each day\nduring which the mutual fund failed to comply with the direction.\n7.\nMisrepresentation as mutual fund\n7.\nA person other than a regulated mutual fund or a mutual fund referred to in\nsection 4(4) shall not represent in any way that that person is carrying on or\nattempting to carry on business in or from the Islands as a mutual fund, and a person\nwho contravenes this provision commits an offence and is liable on conviction to a\nfine of one hundred thousand dollars.\n8.\nAnnual audit of regulated mutual fund\n8.\n(1) A regulated mutual fund shall have its accounts audited annually by an auditor\napproved by the Authority.\n(1A) The accounts of a regulated mutual fund shall be prepared in accordance with\nthe International Financial Reporting Standards or the generally accepted\naccounting principles of the United States of America, Japan or Switzerland or\nany 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 risk\njurisdiction.\n(2) A regulated mutual fund shall, in such manner as the Authority may from time\nto time direct, send its audited accounts in respect of a financial year of the fund\nto the Authority within six months of the end of that financial year or within\nsuch extension of that period as the Authority may allow.\n(3) The operator of a regulated mutual fund shall ensure that the mutual fund\ncomplies with subsections (1) and (2), and a person who contravenes this\nprovision commits an offence and is liable on conviction to a fine of twenty\nthousand dollars.\n(4) The Authority may, in relation to the whole or part of any financial year of the\nfund, exempt a regulated mutual fund from the requirements of this section\neither absolutely or subject to such conditions as the Authority may think fit to\nimpose.\n(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\nMutual Funds Act (2025 Revision)\nSection 9\n\nc\nRevised as at 1st January, 2025\nPage 21\n\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.\n9.\nRegulated mutual fund to pay annual fee\n9.\n(1) A regulated mutual fund shall pay to the Financial Secretary for the benefit of\nthe revenue the prescribed annual fee on or before the 15th January in each year.\n(2) A regulated mutual fund that is complying with section 5(3) shall pay to the\nFinancial Secretary for the benefit of the revenue the prescribed annual\nregistration fee on or before the 15th January in each year.\n(3) If an annual fee referred to in subsections (1) and (2) is not paid on or before the\n15th January in each year there is payable an additional fee equal to one twelfth\nof that annual fee for each month or part of a month during which the annual fee\nand any additional fee imposed by virtue of this subsection remains unpaid.\n(4) The Authority may, for good cause, waive any additional fee imposed by virtue\nof subsection (3).\n(5) Without prejudice to subsections (1) to (4), if an annual fee referred to in\nsubsection (1) or (2) is not paid on or before the 15th January in each year, the\nunpaid annual fee may be sued for by the Crown by action as a civil debt and\nthe Crown may require, and the court may order, the payment of any penalties\naccrued in respect of the late payment of the fee.\n(6) In subsection (5) \u2014\n\u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case\nmay be.\nPART 3 - Mutual Fund Administration\n10.\nPerson to be authorised to administer mutual funds\n10. Unless acting with, and in accordance with, the authorisation of the Authority, a\nperson shall not act or carry on business as a mutual fund administrator unless\nauthorised to do so by a Mutual Fund Administrators Licence, and a person who\ncontravenes this provision commits an offence and is liable on conviction to a fine of\none hundred thousand dollars.\n11.\nTypes of Mutual Fund Administrators Licences\n11. (1) Subject to subsection (2), a Mutual Fund Administrators Licence authorises the\nholder of the licence to act or carry on business as a mutual fund administrator\nin respect of an unlimited number of regulated mutual funds.\n(2) Subject to subsection (3), there may be granted a Mutual Fund Administrators\nLicence that authorises the holder of the licence to act or carry on business as a\n\nSection 12\nMutual Funds Act (2025 Revision)\n\nPage 22\nRevised as at 1st January, 2025\nc\n\nmutual fund administrator solely in respect of the regulated mutual funds\nspecified from time to time in the licence.\n(3) A restricted Mutual Fund Administrators Licence may not be granted to a person\nwho does not have a registered office in the Islands.\n12.\nMutual Fund Administrators Licences\n12. (1) An application for a Mutual Fund Administrators Licence shall be sent to the\nAuthority in a form provided or approved for the purpose by the Authority and\naccompanied by such information as the Authority requires to determine the\napplication and the prescribed application fee which shall be forwarded by the\nAuthority to the Financial Secretary for the benefit of the revenue.\n(2) The Authority may not grant a Mutual Fund Administrators Licence until it has\nbeen satisfied by the applicant \u2014\n(a)\nthat that applicant has sufficient expertise to administer regulated mutual\nfunds;\n(b) that that applicant\u2019s business as a mutual fund administrator will be\nadministered by persons who are fit and proper persons to be directors or,\nas the case may be, managers or officers in their respective positions;\n(c)\nin the case of an application for a licence that is not a restricted Mutual\nFund Administrators Licence and, subject to subsection (3), that that\napplicant has a net worth of at least four hundred thousand dollars (or the\nequivalent in another currency);\n(d) in the case of an application for a licence that is not a restricted Mutual\nFund Administrators Licence, that it has a place which will be its principal\noffice in the Islands and two individuals or a body corporate resident or\nincorporated in the Islands to be its agent in the Islands; and\n(e)\nin the case of an application for a restricted Mutual Fund Administrators\nLicence, that the applicant has a registered office in the Islands.\n(3) The Authority may waive compliance with subsection (2)(c) if it is otherwise\nsatisfied as to the financial viability of the applicant.\n(4) Where, in accordance with subsection (2)(d), a licensed mutual fund\nadministrator has appointed two individuals in the Islands to act as its agents in\nthe Islands the administrator may appoint them to act either separately or jointly.\n(5) If a licensed mutual fund administrator has a principal office in the Islands or a\nbody corporate or individuals acting as its agent in the Islands it shall not change\nthat principal office or the body corporate or any individual acting as its agent\nwithout first giving the Authority notice of its intention to do so, and a person\nwho contravenes this provision commits an offence and is liable on conviction\nto a fine of twenty thousand dollars.\n\nMutual Funds Act (2025 Revision)\nSection 13\n\nc\nRevised as at 1st January, 2025\nPage 23\n\n(6) The Authority may grant a Mutual Fund Administrators Licence subject to such\nconditions as it considers appropriate.\n(7) A licensed mutual fund administrator shall, when carrying on or attempting to\ncarry on business as a mutual fund administrator, comply with any conditions\ncontained in its Mutual Fund Administrators Licence, and a person who\ncontravenes this provision commits an offence and is liable on conviction to a\nfine of one hundred thousand dollars.\n(8) A person shall not, in connection with an application for a Mutual Fund\nAdministrators Licence, supply to the Authority information that person knows\nor should reasonably know is false or misleading, and a person who contravenes\nthis provision commits an offence and is liable on conviction to a fine of one\nhundred thousand dollars.\n13.\nRestriction on issue, etc., or transfer of shares in licensed mutual fund\nadministrator\n13. (1) Where a licensed mutual fund administrator is a company, the company shall\nnot issue shares or a person owning or having an interest in shares in the\ncompany shall not transfer or otherwise dispose of or deal in those shares or that\ninterest, unless the Authority has given its approval to the issue, transfer,\ndisposal or dealing, as the case may be, and any conditions of the approval are\ncomplied with.\n(2) The Authority may, in respect of a licensed mutual fund administrator whose\nshares are publicly traded on a stock exchange recognised by the Authority,\nwaive the obligation to obtain approval under subsection (1), and any such\nwaiver \u2014\n(a)\nshall be subject to a condition that the licensed mutual fund administrator\nshall, as soon as reasonably practicable, notify the Authority of \u2014\n(i)\nany change in control of the licensed mutual fund administrator;\n(ii) the acquisition by any person or group of persons of shares\nrepresenting more than ten per cent of the issued share capital or total\nvoting rights of the licensed mutual fund administrator; or\n(iii) the acquisition by any person or group of persons of shares\nrepresenting more than ten per cent of the issued share capital or total\nvoting rights of the parent company of the licensed mutual fund\nadministrator;\n(b) shall be subject to a condition that the licensed mutual fund administrator\nshall, as soon as reasonably practicable, provide such information to the\nAuthority, and within such period of time, as the Authority may require\nfor the purpose of enabling an assessment as to whether persons acquiring\ncontrol or ownership of the licensed mutual fund administrator in the\n\nSection 14\nMutual Funds Act (2025 Revision)\n\nPage 24\nRevised as at 1st January, 2025\nc\n\ncircumstances set out in paragraph (a) are fit and proper persons to have\nsuch control or ownership; and\n(c)\nshall be subject to such terms and other conditions as the Authority may\ndeem necessary.\n(3) Any person who contravenes this section commits an offence and is liable on\nconviction to a fine of twenty thousand dollars.\n14.\nAnnual fee for providing or acting as principal office of mutual fund\n14. (1) A licensed mutual fund administrator shall, immediately upon starting to\nprovide the principal office of a regulated mutual fund, give the Authority the\nprescribed details in respect of the mutual fund and pay the prescribed fee in\nrespect of the mutual fund which the Authority shall forward to the Financial\nSecretary for the benefit of the revenue, and a person who contravenes this\nprovision commits an offence and is liable on conviction to a fine of twenty\nthousand dollars.\n(2) A licensed mutual fund administrator shall, on or before the 15th January in\neach year after the date when it started to provide the principal office of a\nregulated mutual fund, pay the prescribed annual fee in respect of that mutual\nfund to the Financial Secretary for the benefit of the revenue.\n(3) A licensed mutual fund administrator shall, on or before the 15th January in\neach year, pay the prescribed annual licence fee to the Financial Secretary for\nthe benefit of the revenue.\n(4) If an annual fee referred to in subsection (2) or (3) is not paid on or before the\n15th January in each year, there is payable an additional fee equal to one twelfth\nof that annual fee for each month or part of a month during which the annual fee\nand any additional fee imposed by virtue of this subsection remains unpaid.\n(5) The Authority may, for good cause, waive any additional fee imposed under\nsubsection (4).\n(6) Without prejudice to subsections (1) to (5), if an annual fee referred to in\nsubsection (2) or (3) is not paid on or before the 15th January in each year, the\nunpaid annual fee may be sued for by the Crown by action as a civil debt and\nthe Crown may require, and the court may order, the payment of any penalties\naccrued in respect of the late payment of the fee.\n(7) In subsection (6) \u2014\n\u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case\nmay be.\n\nMutual Funds Act (2025 Revision)\nSection 15\n\nc\nRevised as at 1st January, 2025\nPage 25\n\n15.\nAuthority may direct licensed mutual fund administrators to increase capital\nvalue, etc.\n15. (1) If the Authority is satisfied that there is reasonable cause to do so or the net\nworth of a licensed mutual fund administrator is less than any amount prescribed\nby section 12(2), it may direct the mutual fund administrator to provide such\nguarantees or other financial support as it thinks fit or to increase its net worth\nto such amount as it considers appropriate.\n(2) A licensed mutual fund administrator shall comply with a direction given under\nsubsection (1), and a person who contravenes this provision commits an offence\nand is liable on conviction to a fine of twenty thousand dollars.\n16.\nLicensed mutual fund administrators to be satisfied in respect of mutual\nfunds\n16. (1) A licensed mutual fund administrator shall not provide mutual fund\nadministration to a mutual fund unless it has satisfied itself that \u2014\n(a)\neach promoter of the mutual fund is of sound reputation;\n(b) the administration of the mutual fund will be undertaken by persons who\nhave sufficient expertise to administer the mutual fund and are of sound\nreputation;\n(c)\nin the case of a mutual fund to which section 4(1)(b) applies, the business\nof the mutual fund and any offer of equity interest in it will be carried out\nin a proper way,\n(d) the mutual fund, if it is not incorporated or established in the Islands, is\nincorporated or established in a country or territory approved by the\nAuthority for the purposes of this subsection, or is otherwise regulated by\nthe Authority.\n(2) Subsection (1) shall be deemed to be a condition of every Mutual Fund\nAdministrators Licence for the purposes of this Act.\n17.\nLicensed mutual fund administrators to give notice of certain matters\n17. If a licensed mutual fund administrator knows or has reason to believe that a regulated\nmutual fund for which it provides a principal office, or a promoter or operator of such\na mutual fund \u2014\n(a)\nis or is likely to become unable to meet its obligations as they fall due;\n(b) is carrying on business otherwise than in accordance with this or any other\nlaw; or\n(c)\nis carrying on business in a manner that is or is likely to be prejudicial to\ninvestors or creditors of the mutual fund,\n\nSection 18\nMutual Funds Act (2025 Revision)\n\nPage 26\nRevised as at 1st January, 2025\nc\n\nthe mutual fund administrator shall immediately give the Authority written notice of\nits knowledge or belief giving its reason for that knowledge or belief, and a person\nwho contravenes this provision commits an offence and is liable on conviction to a\nfine of two hundred thousand dollars.\n18.\nName of licensed mutual fund administrators restricted\n18. (1) The Authority may refuse to grant a Mutual Fund Administrators Licence\nauthorising a person to carry on business as a mutual fund administrator in a\nname that \u2014\n(a)\nis identical with that of any company, firm, business or other entity,\nwhether or not within the Islands, or which so nearly resembles the name\nof such a company, firm, business or entity as to be likely to deceive;\n(b) is likely to suggest, falsely, the patronage of or connection with some\nperson or authority, whether within the Islands or elsewhere; or\n(c)\nis likely to suggest, falsely, that the administrator has a special status in\nrelation to or derived from the Government or the Crown.\n(2) If, subsequent to granting a Mutual Fund Administrators Licence, the Authority\nfinds that the licensed mutual fund administrator is authorised to carry on\nbusiness as a mutual fund administrator in or from the Islands in a name which,\nin the Authority\u2019s opinion, it would have refused by virtue of subsection (1), the\nAuthority may direct the licensed mutual fund administrator to change that name\nto a name approved by the Authority.\n(3) A licensed mutual fund administrator shall comply with a direction given to it\nin accordance with subsection (2), and a person who contravenes this provision\ncommits an offence and is liable on conviction to a fine of two thousand dollars,\nplus one hundred dollars in respect of each day during which the mutual fund\nadministrator failed to comply with the direction.\n18A. Repealed\n18A. Repealed by section 3 of the Mutual Funds (Amendment) Act, 2014 [Law 16 of\n2014].\n19.\nMisrepresentation as fund administrator\n19. A person other than a licensed mutual fund administrator shall not represent in any\nway that that person is carrying on or attempting to carry on business in or from the\nIslands as a mutual fund administrator, and a person who contravenes this provision\ncommits an offence and is liable on conviction to a fine of one hundred thousand\ndollars.\n\nMutual Funds Act (2025 Revision)\nSection 20\n\nc\nRevised as at 1st January, 2025\nPage 27\n\n20.\nLicensed mutual fund administrators to have annual audit\n20. (1) A licensed mutual fund administrator shall have its accounts audited annually\nby an auditor approved by the Authority, and a person who contravenes this\nprovision commits an offence and is liable on conviction to a fine of twenty\nthousand dollars.\n(2) A licensed mutual fund administrator shall, in such manner as the Authority may\nfrom time to time direct, send its audited accounts in respect of a financial year\nof the administrator to the Authority within six months of the end of that\nfinancial year or within such extension of that period as the Authority may\nallow, and a person who contravenes this provision commits an offence and is\nliable on conviction to a fine of twenty thousand dollars.\n21.\nApproval to be sought to appointment of director, etc., of licensed mutual\nfund administrator\n21. A licensed mutual fund administrator shall not appoint a director or similar senior\nofficer, or a general partner, as the case may be, unless \u2014\n(a)\nthe Authority\u2019s written approval to the appointment has been obtained; or\n(b) the Authority has exempted the administrator from the obligation to obtain\nthe Authority\u2019s approval,\nand a person who contravenes this provision commits an offence and is liable on\nconviction to a fine of twenty thousand dollars.\n22.\nCertain licensed mutual fund administrators to have two directors\n22. A licensed mutual fund administrator that is a company shall, at all times, have at\nleast two directors, and a person who contravenes this provision commits an offence\nand is liable on conviction to a fine of twenty thousand dollars.\nPART 3A \u2013 EU Connected Funds\n22A. Meaning of \u201cattestation\u201d and \u201cconfirmation of status\u201d\n22A. For the purposes of this Part \u201cattestation\u201d or \u201cconfirmation of status\u201d means the\nmethod, whether by letter or any other manner which the Authority considers\nappropriate, by which the Authority may be required to confirm the details of an EU\nConnected Fund to an overseas regulatory authority or a Member State.\n22B. Option to elect to be licensed or registered\n22B. An EU Connected Fund may elect to apply for a licence or to apply to be registered\nunder this Act as an EU Connected Fund and shall apply to the Authority for licensing\nor registration in the manner prescribed.\n\nSection 22C\nMutual Funds Act (2025 Revision)\n\nPage 28\nRevised as at 1st January, 2025\nc\n\n22C. Notice to the Authority\n22C. (1) Within three months of a date to be specified by Order made by Cabinet, an EU\nConnected Fund that is marketing in a country or territory within the EEA shall,\nin the manner designated by the Authority, notify the Authority that the EU\nConnected Fund is marketing in a country or territory within the EEA.\n(2) An EU Connected Fund that commences marketing in a country or territory\nwithin the EEA after the date specified in subsection (1) shall, within twentyone days of the commencement of marketing in a country or territory within the\nEEA, in the manner designated by the Authority, notify the Authority that the\nEU Connected Fund is marketing in a country or territory within the EEA.\n(3) An EU Connected Fund which fails to comply with this section commits an\noffence and is liable on conviction to a fine of five thousand dollars.\n22D. Power to grant licence or to register\n22D. Where an application is made under section 22B, the Authority, after considering the\napplication, may grant a licence to or register an EU Connected Fund in the manner\nthat the Authority considers appropriate.\n22E. EU Connected Fund that is already licensed or registered under this Act\n22E. For the purposes of section 22B, an EU Connected Fund includes a company, unit\ntrust or partnership that is already registered or licensed as a mutual fund under this\nAct.\n22F. Compliance with this Act\n22F. An EU Connected Fund that elects to apply to be licensed or registered pursuant to\nsection 22B and is granted a licence or is registered under this Act shall comply with\nthe applicable provisions of this Act.\n22G. Obligation to provide information\n22G. The Authority may provide attestation or confirmation of the status of an EU\nConnected Fund but before the attestation or confirmation of status is provided by the\nAuthority, the EU Connected Fund shall submit to the Authority the prescribed\ninformation.\n22H. Compliance with this Act\n22H. The Authority, with respect to an EU Connected Fund shall have the power to request\ninformation from or about the EU Connected Fund in order for the Authority to\neffectively comply with any obligation that the Authority may have in relation to a\nmemorandum of understanding with respect to the AIFMD.\n\nMutual Funds Act (2025 Revision)\nSection 23\n\nc\nRevised as at 1st January, 2025\nPage 29\n\nPART 4 - Supervision and Enforcement\nDivision 1 - Regulated Mutual Funds or regulated EU Connected\nFunds\n23.\nSpecial audits of regulated mutual funds or regulated EU Connected Funds\n23. (1) The Authority may, at any time, instruct a regulated mutual fund or a regulated\nEU Connected Fund to have its accounts audited and to submit them to the\nAuthority within such time as the Authority specifies.\n(2) The operator of a regulated mutual fund or a regulated EU Connected Fund shall\nensure that an instruction given to the mutual fund or the EU Connected Fund\nin accordance with subsection (1) is complied with within the specified time,\nand a person who contravenes this provision commits an offence and is liable\non conviction to a fine of ten thousand dollars plus five hundred dollars in\nrespect of each day after the specified time during which the regulated mutual\nfund or the regulated EU Connected Fund failed to comply with the instruction.\n24.\nAuthority may require information in respect of alleged breach of section 4\n24. (1) If the Authority has reasonable grounds for believing a person is carrying on or\nattempting to carry on business as a mutual fund in or from the Islands in\ncontravention of section 4(1), the Authority may instruct that person to give to\nthe Authority such information or explanation as the Authority may reasonably\nrequire to enable the Authority to carry out its duty under this Act.\n(2) A person who fails to comply with an instruction given to that person in\naccordance with subsection (1) commits an offence and is liable on conviction\nto a fine of one hundred thousand dollars.\n(3) A person giving information or an explanation for the purpose of subsection (1)\nshall not give the Authority information or an explanation that that person\nknows or should reasonably know is false or misleading, and a person who\ncontravenes this provision commits an offence and is liable on conviction to a\nfine of one hundred thousand dollars.\n25.\nAuthority may take action in respect of unregulated mutual funds\n25. If it appears to the Authority that a mutual fund is carrying on or attempting to carry\non business in or from the Islands and is doing so in breach of section 4(1), the\nAuthority has power to apply to the Grand Court for such orders as it thinks fit to\npreserve the assets of the investors in the mutual fund, and the Grand Court has power\nto grant such orders.\n\nSection 26\nMutual Funds Act (2025 Revision)\n\nPage 30\nRevised as at 1st January, 2025\nc\n\nDivision 2 - Licensed Mutual Fund Administrators\n26.\nSpecial audits of licensed mutual fund administrators\n26. (1) The Authority may, at any time, instruct a licensed mutual fund administrator\nto have its accounts audited and to submit them to the Authority within such\nreasonable time as the Authority specifies.\n(2) A licensed mutual fund administrator shall comply with an instruction given to\nit under subsection (1), and a person who contravenes this provision commits\nan offence and is liable on conviction to a fine of ten thousand dollars plus five\nhundred dollars in respect of each day after the specified time during which the\nmutual fund administrator failed to comply with the instruction.\n27.\nAuthority may require information in respect of alleged breach of section 10\n27. (1) If the Authority has reasonable grounds for believing a person is acting or\ncarrying on business as a mutual fund administrator in contravention of\nsection 10, the Authority may instruct that person to give to the Authority such\ninformation or explanation as the Authority may reasonably require to enable\nthe Authority to carry out its duty under this Act.\n(2) A person who fails to comply with an instruction given to that person under\nsubsection (1) commits an offence and is liable on conviction to a fine of one\nhundred thousand dollars.\n(3) A person giving information or an explanation for the purpose of subsection (1)\nshall not give the Authority information or an explanation that that person\nknows or should reasonably know is false or misleading, and a person who\ncontravenes this provision commits an offence and is liable on conviction to a\nfine of one hundred thousand dollars.\n28.\nAuthority may take action in respect of unlicensed mutual fund administrator\n28. If it appears to the Authority \u2014\n(a)\nthat a person is acting or carrying on business as a mutual fund\nadministrator; and\n(b) the person is doing so in breach of section 10,\nthe Authority has power to apply to the Grand Court for such orders as it thinks fit to\npreserve the assets of the investors in any mutual fund being administered by that\nperson, and the Grand Court has power to grant such orders.\n\nMutual Funds Act (2025 Revision)\nSection 29\n\nc\nRevised as at 1st January, 2025\nPage 31\n\nPART 5 - Duties and Powers of Authority\n29.\nAuthority to administer this Act\n29. (1) It is the duty of the Authority to administer this Act and in particular to examine\nand make determinations with respect to \u2014\n(a)\napplications for mutual fund administrators\u2019 licences under sections 11\nand 12;\n(aa) an application for licensing or registration of an EU Connected Fund under\nsection 22B;\n(b) applications for mutual fund licences under section 5;\n(c)\nproposals for waivers under section 12(3);\n(d) proposals for approvals or waivers under section 13;\n(e)\nproposals for refusals or directions under section 18; and\n(f)\nrequirements and applications under section 31(10) and (11).\n(2) The Authority shall \u2014\n(a)\nmaintain a general review of mutual fund business and any EU Connected\nFund business in the Islands and submit an annual report thereon to the\nCabinet;\n(b) be responsible for supervision and enforcement in respect of persons to\nwhom this Act applies, and for the investigation of persons where the\nAuthority reasonably believes that they are or have been in breach of\nsection 4(2), 7, 10 or 19; and\n(c)\nwhenever the Authority considers it necessary, examine, by way of\nscrutiny of prescribed regular returns, on-site inspections or auditors\u2019\nreports, or in such other manner as the Authority may determine, the affairs\nor business of any regulated mutual fund  or any regulated EU Connected\nFund or licensee for the purpose of a general review under paragraph (a)\nor for the purpose of satisfying itself that this Act and any regulations made\nunder this Act or under the Proceeds of Crime Act (2025  Revision) are\nbeing complied with.\n(2A) For the purposes of subsection (2)(c), a mutual fund shall submit to the\nAuthority a return in the prescribed form and manner, at such intervals as may\nbe prescribed, and the return shall be accompanied by the prescribed fee.\n(3) The Authority may in writing authorise any other person to assist it in the\nexercise and performance of its powers and functions under this Act.\n\nSection 30\nMutual Funds Act (2025 Revision)\n\nPage 32\nRevised as at 1st January, 2025\nc\n\n30.\nPowers of Authority in respect of regulated mutual funds or regulated EU\nConnected Funds\n30. (1) The Authority may take all or any of the actions specified in subsection (3) if it\nis satisfied that \u2014\n(a)\na regulated mutual fund or a regulated EU Connected Fund is or is likely\nto become unable to meet its obligations as they fall due;\n(b) a regulated mutual fund or a regulated EU Connected Fund is carrying on\nor attempting to carry on business or is winding-up its business voluntarily\nin a manner that is prejudicial to its investors or creditors;\n(ba) a regulated mutual fund or EU Connected Fund has contravened any\nprovision of this Act or of the Anti-Money Laundering Regulations (2025\nRevision);\n(c)\na regulated mutual fund, in the case of a licensed mutual fund, is carrying\non or attempting to carry on business without complying with any\ncondition of its Mutual Fund Licence contrary to section 5(5);\n(cc) a regulated EU Connected Fund is carrying on business without complying\nwith any condition of its licence;\n(d) the direction and management of a regulated mutual fund or a regulated\nEU Connected Fund, has not been conducted in a fit and proper manner;\nor\n(e)\na person holding a position as a director, manager or officer of a regulated\nmutual fund or a regulated EU Connected Fund is not a fit and proper\nperson to hold the respective position.\n(2) For the purposes of alerting it as to whether or not an event referred to in\nsubsection (1) has occurred or is likely to occur, the Authority shall immediately\nenquire into and ascertain the reason for any failure by a regulated mutual fund\nor a regulated EU Connected Fund \u2014\n(a)\nto change its name in accordance with a direction given to it under\nsection 6(2);\n(b) to have its accounts audited in accordance with section 8(1) or to send its\naudited accounts to the Authority in accordance with section 8(2);\n(c)\nto pay its prescribed annual licence or registration fee in accordance with\nsection 9; or\n(d) to have its accounts audited or to submit the audited accounts to the\nAuthority when instructed to do so under section 23(1).\n(3) For the purposes of subsection (1), the actions the Authority may take in respect\nof a regulated mutual fund or a regulated EU Connected Fund are to \u2014\n(a)\ncancel any Mutual Fund Licence, or any registration under section 4(1)(b),\n4(3) or (4)(4)(a), in force in respect of the mutual fund;\n\nMutual Funds Act (2025 Revision)\nSection 30\n\nc\nRevised as at 1st January, 2025\nPage 33\n\n(aa) cancel the licence or registration of a regulated EU Connected Fund;\n(b) impose conditions or further conditions on the mutual fund and to amend\nor revoke those conditions;\n(bb) impose conditions or further conditions on a licence granted to a regulated\nEU Connected Fund pursuant to section 22C or amend or revoke\nconditions attached to that licence;\n(c)\nrequire the substitution of any promoter or operator of the mutual fund or\nthe regulated EU Connected Fund;\n(d) appoint a person to advise the mutual fund or the regulated EU Connected\nFund on the proper conduct of its affairs; and\n(e)\nappoint a person to assume control of the affairs of the mutual fund or the\nregulated EU Connected Fund.\n(4) If the Authority takes action under subsection (3), it may apply to the Grand\nCourt for an order to take such other action as it considers necessary to protect\nthe interests of investors in, and creditors of, the mutual fund or the regulated\nEU Connected Fund and, subsequently, take any other action provided for in\nthat subsection.\n(5) Where it considers it necessary or appropriate to do so, and if it is practical to\ndo so, the Authority shall inform the investors of a mutual fund or a regulated\nEU Connected Fund of any action it is taking or intending to take in respect of\nthe mutual fund or the regulated EU Connected Fund under this section.\n(6) A person appointed under subsection (3)(d) or (e) is appointed at the expense of\nthe relevant fund, and any expenses incurred by the Authority by virtue of the\nappointment is an amount due to the Authority payable by the mutual fund or\nthe regulated EU Connected Fund.\n(7) A person appointed under subsection (3)(e) has all the powers necessary, to the\nexclusion of any operator, to administer the affairs of the mutual fund in the best\ninterests of the investors and creditors of the mutual fund or the regulated EU\nConnected Fund.\n(8) The powers referred to in subsection (7) include the power to terminate the\nbusiness of the mutual fund or the regulated EU Connected Fund.\n(9) A person appointed in respect of a mutual fund or a regulated EU Connected\nFund under subsection (3)(d) or (e) shall \u2014\n(a)\nwhen requested to do so by the Authority, supply the Authority with such\ninformation in respect of the mutual fund or the EU Connected Fund as is\nspecified by the Authority;\n(b) within three months of that person\u2019s appointment, or within such other\nperiod as the Authority may specify, prepare and supply to the Authority\na report on the affairs of the mutual fund or the EU Connected Fund\n\nSection 30\nMutual Funds Act (2025 Revision)\n\nPage 34\nRevised as at 1st January, 2025\nc\n\nmaking, where appropriate, recommendations in respect of the mutual\nfund or the EU Connected Fund; and\n(c)\nif that person\u2019s appointment is not terminated after supplying the report\nreferred to in paragraph (b), subsequently supply to the Authority such\nother information, reports and recommendations as the Authority\nspecifies.\n(10) If a person appointed under subsection (3)(d) or (e) fails to comply with an\nobligation under subsection (9), or, in the Authority\u2019s opinion, is not carrying\nout that person\u2019s obligations in respect of the relevant mutual fund or EU\nConnected Fund satisfactorily, the Authority may revoke the appointment and\nappoint some other person in that person\u2019s place.\n(11) On receipt of any information or a report under subsection (9) in respect of a\nmutual fund or the regulated EU Connected Fund, the Authority may \u2014\n(a)\nrequire the mutual fund or the regulated EU Connected Fund to reorganise\nits affairs in a manner specified by the Authority;\n(b) if the mutual fund or the regulated EU Connected Fund is a company,\napply to the Grand Court under section 94 of the Companies Act (2025\nRevision) for the company to be wound up by the Court in accordance with\nthat Act;\n(c)\nif the mutual fund or the regulated EU Connected Fund is a unit trust\ngoverned by the laws of the Islands, apply to the Grand Court for an order\ndirecting the trustee to wind up the fund; or\n(d) if the mutual fund or the regulated EU Connected Fund is a partnership\ngoverned by the laws of the Islands, apply to the Grand Court for an order\nto dissolve the partnership,\nand may take such action in respect of the appointment or continued\nappointment of the person appointed under subsection (3)(d) or (e) as it\nconsiders appropriate.\n(12) If the Authority takes action under subsection (11), it may apply to the Grand\nCourt for an order to take such other action as it considers necessary to protect\nthe interests of investors and creditors of the mutual fund or the regulated EU\nConnected Fund, and take any other action provided for in that subsection or\nsubsection (3).\n(13) Where a regulated mutual fund or regulated EU Connected Fund is a partnership\nformed under the laws of the Islands and the Authority revokes any Mutual Fund\nLicence of the mutual fund in accordance with subsection (3)(a) the partnership\nis to be taken to have been dissolved.\n(14) Without prejudice to any other powers of the Authority, the Authority may at\nany time cancel a Mutual Fund Administrators Licence, if the Authority is\n\nMutual Funds Act (2025 Revision)\nSection 31\n\nc\nRevised as at 1st January, 2025\nPage 35\n\nsatisfied that the mutual fund administrator has ceased to carry on or to attempt\nto carry on business or has been placed in voluntary winding-up or is dissolved.\n(15) Where the Grand Court makes an order on an application made in accordance\nwith subsection (11)(c), the Court may grant the trustee such indemnity as it\nconsiders appropriate out of the assets of the mutual fund or the regulated EU\nConnected Fund.\n(16) Without prejudice to any other power of the Authority, the Authority may, at\nany time, cancel any Mutual Fund Licence, or any registration under\nsection 4(1)(b), 4(3) or 4(4)(a), in force in respect of a mutual fund if the\nAuthority is satisfied that the fund has ceased to carry on or to attempt to carry\non business as a mutual fund or has been placed in winding-up or is dissolved.\n(16A)The Authority may, at any time, cancel a licence granted or registration, under\nsection 22C if the Authority is satisfied that the regulated EU Connected Fund\nhas ceased to carry on business as an EU Connected Fund or has been placed in\nwinding-up or is dissolved.\n(17) Nothing in this section shall be construed as limiting any power conferred on\nthe Authority by section 29 or by any other provision of this Act or the\nregulations made hereunder.\n31.\nPowers of Authority in respect of licensed mutual fund administrators\n31. (1) The Authority may take any actions specified in subsection (3) if it is\nsatisfied that \u2014\n(a)\na licensed mutual fund administrator is or is likely to become unable to\nmeet its obligations as they fall due;\n(aa) a licensed mutual fund administrator has contravened any provision of this\nAct or of the Anti-Money Laundering Regulations (2025 Revision);\n(ab) a licensed mutual fund administrator who is a \u201ccorporate services\nprovider\u201d, as defined in the Beneficial Ownership Transparency Act, 2023\n[Act 13 of 2023], has contravened that Act;\n(b) a licensed mutual fund administrator is carrying on or attempting to carry\non business or is winding-up its mutual fund administration business in a\nmanner that is prejudicial to investors in any mutual fund it is\nadministering or to its creditors or to the creditors of any such mutual fund;\n(c)\na licensed mutual fund administrator is carrying on or attempting to carry\non the business of mutual fund administration without complying with any\ncondition of its Mutual Fund Administrators Licence;\n(d) the direction and management of a licensed mutual fund administration\nbusiness has not been conducted in a fit and proper manner;\n\nSection 31\nMutual Funds Act (2025 Revision)\n\nPage 36\nRevised as at 1st January, 2025\nc\n\n(e)\na person holding a position as a director, manager or officer of a licensed\nmutual fund administration business is not a fit and proper person to hold\nthe respective position; or\n(f)\na person acquiring control or ownership of a licensed mutual fund\nadministration business in the circumstances set out in section 13(2)(a) is\nnot a fit and proper person to have such control or ownership.\n(2) For the purpose of alerting it as to whether or not an event referred to in\nsubsection (1) has occurred or is likely to occur, the Authority shall immediately\nenquire into and ascertain the reason for \u2014\n(a)\nany failure by a licensed mutual fund administrator \u2014\n(i)\nto give the Authority notice that it has started to provide the principal\noffice of a regulated mutual fund in accordance with section 14(1),\nto pay the prescribed annual fee in respect of a regulated mutual fund\nin accordance with section 14(2) or to pay its prescribed fee in\naccordance with section 14(3);\n(ii) to provide a guarantee or other financial support or to increase its net\nworth in accordance with a direction given under section 15;\n(iii) to satisfy itself with respect to a mutual fund or any promoter or\noperator of a fund as required by section 16;\n(iv) to give the Authority written notice in respect of the affairs of a\nregulated mutual fund as required by section 17;\n(v) to change its name in accordance with a direction given to it under\nsection 18(2);\n(vi) to have its accounts audited in accordance with section 20(1) or to\nsend its audited accounts to the Authority in accordance with\nsection 20(2);\n(vii) to have at least two directors as required by section 22; or\n(viii) to have its accounts audited, and to submit the audited accounts to\nthe Authority when instructed to do so under section 26;\n(b) the issue by the administrator of shares without the Authority\u2019s approval,\ncontrary to section 13;\n(c)\nthe appointment of a director or similar senior officer, or general partner\nof the administrator without the Authority\u2019s written approval, contrary to\nsection 21; or\n(d) any shares in the administrator being disposed of or dealt in without the\nAuthority\u2019s approval, contrary to section 13.\n(3) For the purposes of subsection (1), the actions the Authority may take in respect\nof a licensed mutual fund administrator are to \u2014\n\nMutual Funds Act (2025 Revision)\nSection 31\n\nc\nRevised as at 1st January, 2025\nPage 37\n\n(a)\nrevoke any Mutual Fund Administrators Licence the mutual fund\nadministrator holds;\n(b) impose conditions or further conditions on its Mutual Fund Administrators\nLicence and to amend or revoke those conditions;\n(c)\nrequire the substitution of any director or similar senior officer or a general\npartner of the administrator;\n(d) appoint a person to advise the administrator on the proper conduct of its\nmutual fund administration; and\n(e)\nappoint a person to assume control of the affairs of the administrator\nrelating to mutual fund administration.\n(4) If the Authority takes action under subsection (3), the Authority may apply to\nthe Grand Court for an order to take such other action as it considers necessary\nto protect the interests of investors in the funds administered by the\nadministrator and its creditors and the creditors of any such fund.\n(5) A person appointed under subsection (3)(d) or (e) is appointed at the expense of\nthe relevant administrator, and any expenses incurred by the Authority by virtue\nof the appointment is an amount due to the Authority, payable by the\nadministrator.\n(6) A person appointed under subsection (3)(e) has all the powers necessary, to the\nexclusion of any other person (other than a liquidator or receiver), to administer\nthe affairs of the administrator relating to mutual fund administration in the best\ninterest of investors in the funds administered by the administrator and its\ncreditors and creditors of any such funds.\n(7) The powers referred to in subsection (6) include the power to terminate the\nbusiness of the administrator so far as it relates to mutual fund administration.\n(8) A person appointed in respect of a licensed mutual fund administrator under\nsubsection (3)(d) or (e) shall \u2014\n(a)\nwhen requested to do so by the Authority, supply the Authority with such\ninformation in respect of the administrator\u2019s administration of mutual\nfunds as is specified by the Authority;\n(b) within three months of that person\u2019s appointment, or within such other\nperiod as the Authority may specify, prepare and supply to the Authority\na report on the administrator\u2019s administration of the mutual fund making,\nwhere appropriate, recommendations in respect of the administrator; and\n(c)\nif that person\u2019s appointment is not terminated after supplying the report\nreferred to in paragraph (b), subsequently supply to the Authority such\nother information, reports and recommendations as the Authority\nspecifies.\n(9) If a person appointed under subsection (3)(d) or (e) \u2014\n\nSection 32\nMutual Funds Act (2025 Revision)\n\nPage 38\nRevised as at 1st January, 2025\nc\n\n(a)\nfails to comply with an obligation under subsection (8); or\n(b) in the Authority\u2019s opinion, is not carrying out that person\u2019s obligations in\nrespect of the mutual fund administrator satisfactorily,\nthe Authority may revoke the appointment and appoint some other person in\nthat person\u2019s place.\n(10) On receipt of any information or a report under subsection (8) in respect of a\nlicensed mutual fund administrator, the Authority may \u2014\n(a)\nrequire the administrator to reorganise its affairs in a manner specified by\nthe Authority; or\n(b) if the administrator is a company, apply to the Grand Court in accordance\nwith section 94 of the Companies Act (2025 Revision) for the company to\nbe wound up by the Court in accordance with that Act,\nand may take such action in respect of the appointment of the person appointed\nunder subsection (3)(d) or (e) as the Authority considers appropriate.\n(11) If the Authority takes action under subsection (10), the Authority may apply to\nthe Grand Court for an order to take such other action as it considers necessary\nto protect the interests of investors in the funds administered by the\nadministrator and its creditors or the creditors of any such funds.\n(12) Without prejudice to any other power of the Authority, the Authority may, at\nany time, revoke a Mutual Fund Administrators Licence if \u2014\n(a)\nthe Authority is satisfied that the holder of the licence has ceased to carry\non or to attempt to carry on business as a mutual fund administrator; or\n(b) the holder of the licence is placed in winding-up or is dissolved.\n(13) Where a licensed mutual fund administrator is a partnership formed under the\nlaws of the Islands and the Authority revokes its Mutual Fund Administrators\nLicence in accordance with subsection (3) the partnership is to be taken to have\nbeen dissolved.\n32.\nAuthority may attend winding-up proceedings\n32. (1) Where a petition for the winding-up of \u2014\n(a)\na regulated mutual fund or a regulated EU Connected Fund;\n(b) a licensed mutual fund administrator;\n(c)\na person who has at any time been a regulated mutual fund; or\n(d) a person who has at any time been a licensed mutual fund administrator,\nis presented by a person other than the Authority, the Authority shall be served\nby the petitioner with a copy of the petition and may appear at the hearing of the\npetition and the provisions of subsections (2) and (3) shall apply.\n\nMutual Funds Act (2025 Revision)\nSection 33\n\nc\nRevised as at 1st January, 2025\nPage 39\n\n(2) A document which relates to a petition for winding-up and which is required to\nbe sent to any person specified in subsection (1)(a), (b), (c) or (d), or to any of\ntheir respective creditors, shall also be sent to the Authority.\n(3) A person appointed for the purpose by the Authority may \u2014\n(a)\nattend a meeting of creditors of a person specified in subsection (1)(a), (b),\n(c) or (d);\n(b) attend a meeting of a committee established to discuss a compromise or\narrangement; and\n(c)\nmake representations as to any matter for decision at any such meeting.\n33.\nPowers of Authority, etc., to search in accordance with search warrant\n33. (1) If a magistrate is satisfied on an application made by the Authority or a police\nofficer of the rank of Inspector or above that there are reasonable grounds for\nsuspecting that an offence under this Act or the Beneficial Ownership\nTransparency Act, 2023 [Act 13 of 2023] has been, is being, or is about to be\ncommitted in certain premises, the magistrate may issue a warrant authorising\nthe Authority or a police officer and such other persons as it or that police officer\nmay reasonably need to assist it or that police officer \u2014\n(i)\nto enter those premises, using force if necessary;\n(ii) to search the premises and any person in the premises;\n(iii) if it is necessary to do so, to break open and search anything on the\npremises in which a record may be stored or concealed;\n(iv) to take possession of, and secure against interference any record that\nappears to indicate that any offence under this Act or the Beneficial\nOwnership Transparency Act, 2023 [Act 13 of 2023] has been, is\nbeing or is about to be committed; and\n(v) to inspect and take copies of any record on the premises that appears\nto indicate that an offence under this Act or the Beneficial Ownership\nTransparency Act, 2023 [Act 13 of 2023] has been, is being or is\nabout to be committed, or, if this is not practical, to take away or\ndeliver any such records to the Authority.\n(2) If a record is taken away by, or delivered to the Authority in accordance with\nsubsection (1)(v), the Authority may retain it for as long as is necessary to allow\nit to be inspected and for copies or abstracts to be taken and it is then to be\nreturned to the premises from which it was taken.\n(3) While a record is in the possession of the Authority in accordance with\nsubsection (2), the Authority shall allow a person who would be entitled to\ninspect it if it were not in the possession of the Authority to inspect and take\ncopies and abstracts of it at any reasonable time.\n\nSection 34\nMutual Funds Act (2025 Revision)\n\nPage 40\nRevised as at 1st January, 2025\nc\n\n(4) If a person has a lien on a record, nothing done under this section in relation to\nthe record prejudices the lien.\n(5) Nothing in this section authorises a person to search a person of the opposite sex.\n(6) In this section \u2014\n\u201cpremises\u201d includes \u2014\n(a)\nland, whether or not covered by buildings;\n(b) any structure, whether or not attached to land; and\n(c)\na means of transport.\n34.\nAuthority shall not be hindered\n34. No person shall hinder the Authority in the exercise of any of its powers under this\nAct, and a person who contravenes this provision commits an offence and is liable on\nconviction to a fine of two hundred thousand dollars.\nPART 6 - Miscellaneous Provisions\n35.\nObligation of auditors\n35. (1) If an auditor, in the course of carrying out an audit of the accounts of a regulated\nmutual fund or a regulated EU Connected Fund, obtains information or suspects\nthat the mutual fund or the EU Connected Fund is \u2014\n(a)\nunable or likely to become unable to meet its obligations as they fall due;\n(b) carrying on or attempting to carry on business or winding-up its business\nvoluntarily in a manner that is prejudicial to its investors or creditors;\n(c)\ncarrying on or attempting to carry on business without keeping any or\nsufficient accounting records to allow its accounts to be properly audited;\n(d) carrying on or attempting to carry on business in a fraudulent or criminal\nmanner; or\n(e)\ncarrying on or attempting to carry on business otherwise than in\ncompliance with \u2014\n(i)\nthis Act or any regulations made hereunder;\n(ii) the Monetary Authority Act (2020 Revision);\n(iii) the Anti-Money Laundering Regulations (2025 Revision); or\n(iv) a condition of the licence,\nthe auditor shall immediately give the Authority written notice of that auditor\u2019s\ninformation or suspicion and, in the case of suspicion, that auditor\u2019s reason for\nthat suspicion.\n\nMutual Funds Act (2025 Revision)\nSection 35\n\nc\nRevised as at 1st January, 2025\nPage 41\n\n(2) If an auditor, in the course of carrying out an audit of the accounts of a licensed\nmutual fund administrator, obtains information or suspects that the mutual fund\nadministrator is \u2014\n(a)\nunable or likely to become unable to meet its obligations as they fall due;\n(b) carrying on or attempting to carry on business or winding-up its mutual\nfund administration business voluntarily in a manner that is prejudicial to\ninvestors in any mutual fund it is administering or to its creditors or the\ncreditors of any such mutual fund; or\n(c)\ncarrying on or attempting to carry on business without keeping any or\nsufficient accounting records to allow its accounts to be properly audited;\n(d) carrying on or attempting to carry on business in a fraudulent or criminal\nmanner; or\n(e)\ncarrying on or attempting to carry on business otherwise than in\ncompliance with \u2014\n(i)\nthis Act or any regulations made hereunder;\n(ia) in respect of a licensed mutual funds administrator, the Beneficial\nOwnership Transparency Act, 2023 [Act 13 of 2023], if the licensee\nis a \u201ccorporate services provider\u201d as defined in that Act\n(ii) the Monetary Authority Act (2020 Revision);\n(iii) the Anti-Money Laundering Regulations (2025 Revision); or\n(iv) a condition of the licence,\nthe auditor shall immediately give the Authority written notice of that person\u2019s\ninformation or suspicion and, in the case of suspicion, that person\u2019s reason for\nthat suspicion.\n(3) Without prejudice to subsection (9), if it appears to the Authority that an auditor\nhas failed to comply with subsection (1) or (2), the Authority may disqualify\nthat auditor from being an auditor of a regulated mutual fund or a regulated EU\nConnected Fund or a licensed mutual fund administrator; but the Authority may\nremove any disqualification imposed under this subsection if satisfied that the\nauditor in question will in future comply with subsection (1) or (2), as the case\nmay be.\n(4) A regulated mutual fund or a regulated EU Connected Fund or a licensed mutual\nfund administrator shall not appoint as an auditor a person disqualified under\nsubsection (3).\n(5) Where the Authority has granted approval of an auditor under this Act, the\napproval may be revoked by the Authority if the Authority is of the opinion that\nthe auditor is not sufficiently competent to carry out an audit of the accounts of\na regulated mutual fund or a regulated EU Connected Fund or a licensed mutual\n\nSection 36\nMutual Funds Act (2025 Revision)\n\nPage 42\nRevised as at 1st January, 2025\nc\n\nfund administrator or that, in all the circumstances, the auditor is incapable of\ncarrying out the audit objectively.\n(6) Repealed by section 8 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of\n2020].\n(7) A reference in this section to an auditor carrying out an audit of the accounts of\na regulated mutual fund or a regulated EU Connected Fund or a licensed mutual\nfund administrator includes a reference to an auditor who was engaged to carry\nout such an audit or who was in the course of carrying out such an audit but\nresigned before carrying out or completing the audit or whose contract to carry\nout or complete the audit was otherwise terminated.\n(8) A person who contravenes subsection (1) or (2) commits an offence and is liable\non summary conviction to a fine of twenty thousand dollars.\n(9) Nothing in subsection (1) or (2) shall impose on an auditor carrying out an audit\nof the accounts of a regulated mutual fund or a regulated EU Connected Fund\nor a licensed mutual fund administrator an obligation to do anything that that\nauditor would not otherwise be required to do in accordance with generally\naccepted auditing standards, other than the obligation to provide notice and\nreasons to the Authority.\n36.\nAppeals\n36. (1) An appeal lies to the Grand Court from any decision of the Authority revoking\na licence under sections 22C, 30(3)(a) or (16) or section 31(3)(a) or (12).\n(2) An appeal against the decision of the Authority shall be on motion, and the\nappellant, within twenty-one days after the day on which the Authority has given\nits decision, shall serve a notice in writing signed by the appellant or that\nappellant\u2019s attorney-at-law on the Authority of that appellant\u2019s intention to\nappeal and of the general ground of that appellant\u2019s appeal.\n(3) Notwithstanding subsection (2), a person aggrieved by a decision of the\nAuthority may, upon notice to the Authority, apply to the Grand Court for leave\nto extend the time within which the notice of appeal prescribed by this section\nmay be served, and the Grand Court upon hearing of such application may\nextend the time prescribed by this section as it deems fit.\n(4) Subject to subsection (5), the Authority shall, upon receiving the notice of\nappeal, transmit to the Clerk of the Grand Court without delay a copy of the\ndecision and all papers relating to the appeal.\n(5) The Authority is not compelled to disclose any information if it is considered\nthat the public interest would suffer by such disclosure.\n(6) The Clerk of the Grand Court shall set the appeal down for argument on such\nday, and shall cause notice of the same to be published in such manner, as the\nGrand Court may direct.\n\nMutual Funds Act (2025 Revision)\nSection 36A\n\nc\nRevised as at 1st January, 2025\nPage 43\n\n(7) At the hearing of the appeal, the appellant shall, before going into the case, state\nall the grounds of appeal on which that appellant intends to rely and shall not,\nunless by leave of the Grand Court, go into any matters not raised by such\nstatements.\n(8) The Grand Court may adjourn the hearing of an appeal and may, upon the\nhearing thereof, confirm, reverse, vary or modify the decision of the Authority\nor remit the matter with the opinion of the Grand Court thereon to the Authority.\n(9) An appeal against a decision of the Authority shall not have the effect of\nsuspending the execution of such decision.\n36A. Waiver or reduction of fees by Cabinet\n36A. The Cabinet may waive or reduce any or all of the fees payable under the Act in\nrelation to any person or group of persons in Cayman Brac or LittleCayman\n37.\nRepealed\n37. Repealed by section 9 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020].\n38.\nRepealed\n38. Repealed by section 10 of the Mutual Funds (Amendment) Act, 2020 [Law 2 of\n2020].\n39.\nRegulations\n39. (1) The Cabinet may make regulations \u2014\n(a)\nprescribing anything by this Act required to be prescribed;\n(b) exempting any person or class of persons or business or class of business\nfrom any provision of this Act;\n(c)\nprescribing forms to be used;\n(d) prescribing any returns to be made under this Act;\n(e)\nprescribing any fees payable; and\n(f)\nproviding for such matters as may be necessary or convenient for carrying\nout or giving effect to this Act and its administration.\n(2) Regulations made under this Act may \u2014\n(a)\nmake different provision in relation to different cases or circumstances;\n(b) apply in respect of particular persons or particular cases or particular\nclasses of persons or particular classes of cases, and define a class by\nreference to any circumstances whatsoever; or\n(c)\ncontain such transitional, consequential, incidental or supplementary\nprovisions as appear to the Cabinet to be necessary or expedient for the\npurposes of the regulations.\n\nSection 40\nMutual Funds Act (2025 Revision)\n\nPage 44\nRevised as at 1st January, 2025\nc\n\n(3) Regulations made under this Act may create an offence punishable by a fine not\nexceeding ten thousand dollars.\n(4) Fees prescribed for the purpose of this Act need bear no relationship to the cost\nof providing any service.\n40.\nExemption from compliance with Trade and Business Licensing Act\n40. (1) Mutual fund administration may be carried on by a licensed mutual fund\nadministrator without reference to the Trade and Business Licensing Act (2021\nRevision).\n(2) A mutual fund or an EU Connected Fund may carry on business without\nreference to the Trade and Business Licensing Act (2021 Revision).\n41.\nSavings and transitional provisions\n41. (1) Section 4(3)(a)(i) does not apply to a mutual fund which, immediately before\nthe 14th November, 2006, was carrying on business in or from the Islands; and\nsection 4(3)(a)(i) of the Law as contained in the Mutual Funds Act (2003\nRevision) shall continue to apply to such mutual fund.\n(2) Section 10 does not apply to a mutual fund administrator who, immediately\nbefore the 14th November, 2006, was exempted in accordance with\nsection 10(2) of the Law as contained in the Mutual Funds Act (2003 Revision);\nand section 10(2), (3), (4) and (5) of the Law as contained in the Mutual Funds\nAct (2003 Revision) continues to apply to such mutual fund administrator.\n(3) A power conferred on the Authority by section 30(3) may be exercised in\nrespect of a matter arising before, on or after the 14th November, 2006, the\ncommencement date of the Mutual Funds (Amendment) Act, 2006 [Law 29 of\n2006].\n(4) Section 32 does not apply in respect of a winding-up petition presented before\nthe 14th November, 2006, the commencement date of the Mutual Funds\n(Amendment) Act, 2006 [Law 29 of 2006].\n(5) Section 35 does not apply to an audit that was concluded before the 14th\nNovember, 2006, the commencement date of the Mutual Funds (Amendment)\nAct, 2006 [Law 29 of 2006].\n(6)  A mutual fund that immediately before 7th February, 2020, the commencement\ndate of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020], was carrying\non business in or from the Islands without complying with section 4(1) of the\nMutual Funds Act (2020 Revision) because the equity interests in the mutual\nfund are held by not more than fifteen investors, the majority of whom are\ncapable of approving or removing the operator of the fund, may continue to\ncarry on business in or from the Islands without complying with section 4(1) for\na period of not more than six months after the 7th February, 2020, the\n\nMutual Funds Act (2025 Revision)\nSection 42\n\nc\nRevised as at 1st January, 2025\nPage 45\n\ncommencement date of the Mutual Funds (Amendment) Act, 2020 [Law 2 of\n2020], or such further period as may be specified by the Authority.\n42.\nValidation of payment and collection of fees and of returns\n42. (1) The payment of fees to, and the charging and collection of fees by, the Authority\nwithout statutory authority prior to 1st January, 2025, the commencement date\nof the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024],\nfor \u2014\n(a)  any administrative service provided by the Authority; and\n(b)  the submission of returns,\n\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 the Mutual Funds (Admendment and Validation) Act, 2024 [Act 18\nof 2024] to charge and collect those fees.\n(2)  Any returns made, or required to be made, prior to the 1st January, 2025, the\ncommencement date of the Mutual Funds (Admendment and Validation) Act,\n2024 [Act 18 of 2024] are taken to have been lawfully made or required to be\nmade as if the returns were made or required to be made under the principal Act\nas amended by the Mutual Funds (Admendment and Validation) Act, 2024 [Act\n18 of 2024].\n43.\nOrders or determinations by court not affected\n43. The Mutual Funds (Admendment and Validation) Act, 2024 [Act 18 of 2024] does\nnot affect any order or determination made by a court prior to 1st January, 2025, the\ncommencement date of the Mutual Funds (Admendment and Validation) Act, 2024\n[Act 18 of 2024] with respect to \u2014\n(a)  fees charged by, paid to and collected by the Authority without statutory\nauthority for \u2014\n(i)  any 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 43\nMutual Funds Act (2025 Revision)\n\nPage 46\nRevised as at 1st January, 2025\nc\n\nPublication in consolidated and revised form authorised by the Cabinet this 21st\nday of January, 2025.\nKim Bullings\nClerk of the Cabinet\n\nMutual Funds Act (2025 Revision)\n\nENDNOTES\n\nc\nRevised as at 1st January, 2025\nPage 47\n\nENDNOTES\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n59\/2024\n\nMutual Funds (Admendment and Validation) Act, 2024\n(Commencement) Order, 2024\n19-Dec-2024\nLG47\/2024\/s25\n\n18\/2024\nMutual Funds (Admendment and Validation) Act, 2024\n1-Jan-2024\nLG47\/2024\/s9\n21\/2024\nMutual Funds (Amendment) Act, 2023 (Commencement)\nOrder, 2024\n31-Jul-2024\nLG26\/2024\/s6\n\n21\/2023\nMutual Funds (Amendment) Act, 2023\n31-Jul-2024\nLG41\/2023\/s9\n\nMutual Funds Act (2021 Revision)\n12-Feb-2021\nLG14\/2021\/s7\n\n56\/2020\nCitation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n\n29\/2020\nMutual Funds (Amendment) (No. 3) Law, 2020\n7-Jul-2020\nLG49\/2020\/s5\n135\/2020\n\nMutual Funds (Amendment) (No. 2) Law, 2020\n(Commencement) Order, 2020\n28-Oct-2020\nLG80\/2020\/s3\n\n17\/2020\nMutual Funds (Amendment) (No. 2) Law, 2020\n31-Oct-2020\nLG40\/2020\/s4\n\n2\/2020\nMutual Funds (Amendment) Law, 2020\n7-Feb-2020\nLG9\/2020\/s2\n\nMutual Funds Law (2020 Revision)\n14-Jan-2020\nLG5\/2020\/s10\n\n13\/2019\nMutual Funds (Amendment) Law, 2019\n8-Aug-19\nLG28\/2019\/s4\n\nMutual Funds Law (2019 Revision)\n19-Feb-19\nLG2\/2019\/s8\n43\/2018\n\nMutual Funds (Amendment) Law, 2015 (Commencement)\nOrder, 2018\n31-Dec-18\nGE99\/2018\/s1\n12\/2015\nMutual Funds (Amendment) Law, 2015\n1-Jan-19\nGE73\/2015\/s2\nMutual Funds Law (2015 Revision)\n17-Jul-15\nGE53\/2015\/s21\n16\/2014\nMutual Funds (Amendment) Law, 2014\n20-Oct-14\nG21\/2014\/s2\nMutual Funds Law (2013 Revision)\n11-Oct-13\nGE82\/2013\/s16\n31\/2012\nMutual Funds (Amendment) Law, 2012\n10-Jan-13\nGE4\/2013\/s7\nMutual Funds Law (2012 Revision)\n22-Oct-12\nG22\/2012\/s1\n32\/2011\nMutual Funds (Amendment) Law, 2011\n22-Dec-11\nGE113\/2011\/s1\nMutual Funds Law (2009 Revision)\n20-Jul-09\nG15\/2009\/s5\n12\/2008\nMutual Funds (Amendment) Law, 2008\n7-Aug-08\nGE21\/2008\/s3\nMutual Funds Law (2007 Revision)\n6-Aug-07\nG16\/2007\/s4\n29\/2006\nMutual Funds (Amendment) Law, 2006\n14-Nov-06\nG23\/2006\/s2\nMutual Funds Law (2003 Revision)\n28-Jul-03\nG15\/2003\/s6\n38\/2003\n\nMutual Funds (Amendment) Law, 2002 (Commencement)\nOrder, 2003\n12-Mar-03\nGE10\/2003\/s6\n36\/2002\nMutual Funds (Amendment) Law, 2002\n17-Mar-03\nGE5\/2003\/s3\nMutual Funds Law (2001 Revision)\n30-Apr-01\nGE8\/2001\/s5\n4\/2001\nMutual Funds (Amendment) (Prudent Administration) Law,\n2001\n26-Apr-01\nGE7\/2001\/s4\n\nENDNOTES\nMutual Funds Act (2025 Revision)\n\nPage 48\nRevised as at 1st January, 2025\nc\n\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n\nMutual Funds Law (1999 Revision)\n\n2-Aug-99\n\nG16\/1999\/s9\n\n9\/1998\nMutual Funds (Amendment) Law, 1998\n17-Aug-98\nG17\/1998\/s7\n\n16\/1996\n\nMonetary Authority Law, 1996 (Part)\n\n9-Dec-96\n\nG25\/1996\/s4\nMutual Funds Law (1996 Revision)\n24-Jun-96\nG13\/1996\/s3\n18\/1993\nMutual Funds (Amendment) Law, 1993\n13-Dec-93\nG25\/1993\/s1\n\n13\/1993\n\nMutual Funds Law, 1993\n\n26-Jul-93\n\nG15\/1993\/s9\n\n(Price: $9.60)","akn_extracted_at":"2026-06-22 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