The Private Funds legislation has introduced regulation to closed end funds, which is broadly in line with existing requirements for hedge funds. There are, however, some important new requirements for ongoing compliance in Sections 16 through 19 as well as Rules that provide more detailed requirements in certain areas.

Given that we will all be having many discussions at the board level and with investment managers and advisors with respect to practical steps to ensure compliance, we arranged for one of our Executive Committee members to discuss these issues with Heather Smith, Head of the Investments Supervision Division at the Cayman Islands Monetary Authority.

We hope that this discussion will be of value to our members and look forward to your feedback and any questions on the subject matter.