The Cayman Islands Government is boosting the regulatory framework for financial services in the jurisdiction through legislation pertaining to exempted limited partnerships.
The Exempted Limited Partnership (Amendment) Regulations, 2020 was gazetted on Friday, 22 May and took immediate effect. Under the regulations, exempted limited partnerships (ELPs) will receive a reduction in registration fees.
Specifically, the fee reduction applies to ELPs registered with the Registrar of ELPs (which falls under the General Registry department within the Ministry of Financial Services) that are formed for the purpose of being regulated by the Cayman Islands Monetary Authority (CIMA), Cayman’s chief financial services regulator.
The Ministry of Financial Services is also conducting a brief industry consultation on the proposed Exempted Limited Partnership (Amendment) Bill, 2020. The consultation began on Monday, 25 May, and concludes on Monday 1, June.
This bill seeks to include the Private Funds Law, 2020 to the list of regulatory laws under which an ELP can be prudentially regulated. Furthermore, the bill seeks to clarify the deregistration process for those ELPs prudentially regulated by CIMA; whereby an ELP requesting to be deregistered by the Registrar of ELPs in Cayman, in order to register in another jurisdiction, needs to first seek approval from CIMA.
Once the consultation has been completed, the bill will be gazetted and then presented by the Minister of Financial Services at the next available meeting of the Legislative Assembly.
For more information on the Ministry’s current initiatives, please visit www.mfs.ky.