On December 5, 2011, the Cayman Islands legislature passed the Mutual Funds (Amendment) Bill 2011, requiring new and existing master funds in open-ended master-feeder fund complexes to register with the Cayman Islands Monetary Authority (CIMA). Existing master funds organized in the Cayman Islands have until March 21, 2012 to register with CIMA, and all new Cayman Islands master funds are now subject to registration.

Registration with CIMA will not differ significantly from the current registration requirement for open-ended feeder funds organized under the laws of the Cayman Islands, and will include the payment of an initial fee together with the filing of Form MF4. Each registered master fund will then be required on an annual basis to pay a fee and file audited financial statements signed off by a Cayman-approved auditor and an FAR Form within six months of year end.