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On 13 January 2014, following an extensive public-private consultation process, the Cayman Islands Monetary Authority (“CIMA”) formally issued its long awaited Statement of Guidance on Corporate Governance for Regulated Mutual Funds (“SOG”). The SOG applies to all regulated mutual funds and includes funds licensed and administered under section 4(1) of the Mutual Funds Law (2013 Revision) (the “Law”) or registered under section 4(3) of the Law (collectively, “Funds”). The SOG provides the governing body of a Fund (i.e. its board of directors, general partners or trustees, as the case may be) and its operators (i.e. individual members of the governing body) with guidance on the minimum expectations for the sound and prudent governance of a Fund. Although the SOG is ‘policy’ as opposed to ‘law’, all operators of Funds are expected to be in full compliance with the SOG and, when assessing a Fund’s direction and management, CIMA may apply the SOG to determine whether a Fund has been conducted in a fit and proper manner.
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Corporate Governance for Regulated Mutual Funds in the Cayman Islands