In June 2011 the Cayman Islands government announced a proposal to amend the Mutual Funds Law (“2009 Revision”) (the “Mutual Funds Law”) to require Cayman Islands master funds that have regulated feeder funds as part of their structure to be subject to new registration and filing requirements. A draft bill containing these proposals was published on 20 October 2011. Following consultation by the Cayman Islands government and the Cayman Islands Monetary Authority (“CIMA”) with industry experts a revised version of the bill (the “Bill”) was passed by the Legislative Assembly of the Cayman Islands on 5 December 2011.

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