The Act commenced on 7 February 2020 and provides for the registration of certain closed-ended entities (private funds) with CIMA. A “private fund” includes a company, unit trust or partnership that offers or issues or has issued investment interests, the purpose or effect of which is the pooling of investor funds with the aim of enabling investors to receive profits or gains from such entity’s acquisition, holding, management or disposal or investment where:
A “private fund” does not include (i) a person licensed under the Banks and Trust Companies Act or the Insurance Act; (ii) a person registered under the Building Societies Act or the Friendly Societies Act; or (iii) any non-fund arrangements.
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Cayman Islands Private Funds Act: Guidance on “Non-Fund Arrangements”