On February 7, 2020 the Cayman Islands Government enacted an amendment to the Mutual Funds Law (2020 Revision).  This amendment will impact any open-ended fund carrying on business in or from the Cayman Islands that were previoulsy exempt from regulation by the Cayman Islands Monetary Authority under section 4(4) of the Mutual Funds Law.  Generally funds that were previouls exempt under section 4(4) by virtue of the fact that the equity interests of the fund were held by not more than fifteen investors, a majority of whom were capable of appointing or removing the operator, will now have to register with the Cayman Islands Monetary Authority.  The deadline to complete this registration process is August 7, 2020.  Please refer to the attached amendment.