On February 7, 2020, the Cayman Islands Government enacted the Private Funds Law, 2020.  This law will require certain closed-ended funds to register with the Cayman Islands Monetary Authority.  A "private fund" is considered to be any company, unit trust or partnership whose principal buisness is the offering and issuing to investors of its participating, non-redeemable investment interests, the purpose or effect of which is the pooling of investor funds with the aim of spreading investment risks and enabling investors to receive profits or gains from such a vehicle's investment activity, where (a) the holders of investment interests do not have day-to-day control over the vehicle's investment activites; and (b) the investments are managed as a whole by or on behalf of the fund operator for reward based on the vehicle's assets, profits or gains.  Existing Private Fund's will have until August 7, 2020 to register with the Cayman Islands Monetary Authority.  Please refer to the Law.