What are the main corporate structures used to set up a retail fund? How are they formed?

The statutory and regulatory frameworks that apply to investment funds in the Cayman Islands do not distinguish between retail funds and non-retail funds as the Cayman Islands is not primarily known as a retail fund jurisdiction. Its laws and regulations applicable to investment funds are geared mainly towards attracting institutional investors. Accordingly, the legal structure used for an investment fund is typically based on whether the fund’s strategy will be open-ended or closed-ended. The exempted company (which includes the segregated portfolio company) is the most commonly used legal structure for open-ended funds and the exempted limited partnership is the most commonly used legal structure for closed-ended funds. Both types of legal structures are formed by filing formation documents with the Companies Registry and paying the requisite government fee. There are no special requirements that apply to managers or operators of retail funds (which for present purposes are taken to mean funds that permit an investor to invest an initial minimum amount of less than US$100,000) as distinct from the specific rules, du􀆟es and guidances that (i) apply to all Cayman Islands’ domiciled managers and (ii) apply to operators of all Cayman Islands investment funds.

What are the key laws and other sets of rules that govern retail funds?

As stated above, the statutory and regulatory frameworks that apply to investment funds in the Cayman Islands do not distinguish between retail funds and non-retail funds. Under section 4(1)(b) of the Mutual Funds Act, a mutual fund can register with the Cayman Islands Monetary Authority (“CIMA”) and permit its investors to each invest an initial minimum amount of less than US$100,000. This type of fund is often referred to as a ‘retail’ fund. However, the regulatory framework that applies to this category of mutual fund (referred to as an administered fund which comprises approximately 1.92% of Cayman Islands’ mutual funds as at 31 December 2025) is pretty much the same as is applicable to other mutual funds registered with CIMA. Closed-ended funds that fall within the scope of the Private Funds Act and are, therefore, registered with, and regulated by, CIMA do not have a minimum initial investment threshold set by law and, therefore, investors will simply have to comply with the investment limits and restrictions set by the manager or operator of the fund.

The Retail Mutual Funds (Japan) Regulations are an exception to the above in that they effectively make a distinction between retail funds and non-retail funds by providing a compliance framework for certain licensed funds under section 4(1)(a) of the Mutual Funds Act that will market to retail investors in Japan, enabling these funds to automatically comply with the applicable securities laws and regulations in Japan. However, these funds are merely a sub-set of licensed funds, which themselves only comprise approximately 0.33% of Cayman Islands’ mutual funds as at 31 December 2025.

Must retail funds be authorised or licensed to be established or marketed in the Cayman Islands?

All mutual funds which fall within the scope of the Mutual Funds Act and all closed-ended funds that fall within the scope of the Private Funds Act are required to be registered with, and be regulated by, CIMA.

Who can market retail funds? To whom can they be marketed?

Investment funds (whether structured as an exempted company or a limited liability company (LLC)) are restricted from making an offer of shares of the company or interests of the LLC to the public in the Cayman Islands to subscribe for such securities unless those securities are listed on the Cayman Islands Stock Exchange. There are no similar restrictions in the laws governing limited partnerships or unit trusts. The term “public in the Islands” excludes certain entities and residents, including other Cayman Islands exempted companies, LLCs, exempted limited partnerships, any exempted or ordinary non-resident companies, foreign companies registered in the Cayman Islands and foreign limited partnerships. It also excludes sophisticated persons and high net worth persons (as defined under the Securities Investment Business Act (SIB Act)), which means that making an offer of securities to “private funds” (as defined in the Private Funds Act) in the Cayman Islands is not restricted. Private funds would most likely qualify as sophisticated persons or high net worth persons, or both. An overseas investment fund that wishes to make an offering of its securities to the public in the Cayman Islands will need to either (1) register with CIMA as a mutual fund under the Mutual Funds Act or a private fund under the Private Funds Act or (2) market its securities through a person who is appropriately licensed or authorised by CIMA under the terms of the SIB Act (provided that the securities being offered to the public in the Cayman Islands are listed on a stock exchange approved by CIMA or the investment fund is regulated by a recognised overseas regulatory authority approved by CIMA). However, there is no legal requirement for a local entity to be involved in the fund marketing process.

Are there any special requirements that apply to managers or operators of retail funds?

The statutory and regulatory frameworks that apply to investment funds in the Cayman Islands do not distinguish between retail funds and non-retail funds. There are no special requirements that apply to managers or operators of retail funds as distinct from the specific rules, du􀆟es and guidances that (i) apply to all Cayman Islands’ domiciled managers and (ii) apply to operators of all Cayman Islands investment funds.

What are the investment and borrowing restrictions on retail funds?

There are no specific legal investment and borrowing restrictions on retail funds under Cayman Islands laws.

What is the tax treatment of retail funds? Are exemptions available?

The tax treatments and exemptions available to non-retail funds apply equally to retail funds. See section on non-retail funds below.

Must the portfolio of assets of a retail fund be held by a separate local custodian? What regulations are in place to protect the fund’s assets?

Under CIMA’s Rule on the Segregation of Assets – Regulated Mutual Funds, a Cayman Islands mutual fund is required to do the following.

1. Appoint a Service Provider (which includes an administrator, custodian, prime broker, or any of their delegates) with regard to ensuring safekeeping of the fund’s Portfolio (i.e. all financial assets and liabilities of an investment fund and any part thereof, including “investor funds” and “investments” as those terms are used in the definition of “mutual fund” in section 2 of the Mutual Funds Act).
2. The Portfolio must be segregated and accounted for separately from any assets of any Service Provider.
3. The fund must ensure that any Service Provider that holds or manages the Por􀆞olio complies with the requirement to ensure that the Portfolio is segregated and accounted for separately from any assets of any Service Provider.
4. The overriding requirement of the Rule is that a fund must ensure that none of its Service Providers use the Portfolio to finance their own or any other operations in  any way.

Closed-ended funds that fall within the scope of the Private Funds Act are required to appoint a custodian:

1. 1. to hold in custody, in segregated accounts opened in the name or for the account, of the private fund, the private fund’s assets that are capable of physical delivery or capable of registration (except where the private fund has notified CIMA and it is neither practical nor proportionate given the nature of the private fund and the type of assets held to do so); and
   2. to verify title to, and maintain records of, fund assets. However, there is no legal requirement for the custodian to be located in the Cayman Islands.

Where a private fund notifies CIMA of its intention not to appoint a custodian, the private fund is required to appoint one of the following persons to carry out the title verification:

1. 1. an administrator or another independent third party; or
   2. the manager or operator, or a person with a control relationship with the manager of the private fund, provided that:
      1. the title verification function is independent from the portfolio management function; or
      2. potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the private fund.

What are the main governance requirements for a retail fund formed in the Cayman Islands?

CIMA’s Rule on Corporate Governance for Regulated Entities requires a Cayman Islands regulated investment fund to:

1. establish, implement, and maintain a corporate governance framework which provides for sound and prudent management oversight of the regulated entity’s business and protects the legitimate interests of relevant stakeholders.
2. establish a Governing Body (i.e. the Board of Directors where the entity is a corporation, the General Partner where the entity is a partnership, the manager (or equivalent) where the entity is a Limited Liability Company, and the Board of Trustees where the entity is a trust business) that is responsible for implementing a corporate governance framework that addresses, at a minimum:

1. 1. Objectives and strategies of the regulated entity;
   2. Structure of the governance of the Governing Body;
   3. Appropriate allocation of oversight and management responsibilities;
   4. Independence and objectivity;
   5. Collective duties of the Governing Body;
   6. Duties of individual directors of the Governing Body;
   7. Appointments and delegation of functions and responsibilities;
   8. Risk management and internal control systems;
   9. Conflicts of interest and code of conduct;
   10. Renumeration policy and practices;
   11. Reliable and transparent financial reporting;
   12. Transparency and communications;
   13. Duties of Senior Management;
   14. Relations with CIMA

CIMA’s Rule on Corporate Governance for Regulated Entities also sets out CIMA’s expectations with respect to certain baseline standards that a regulated investment fund should have in
place with respect to the matters listed above.

What are the periodic reporting requirements for retail funds?

Mutual funds regulated by CIMA must, as long as there is a continuing offering, update their offering documents and prescribed particulars within 21 days of any material change, and are required to file the updated offering document or the prescribed particulars with CIMA within this 21-day period.

A private fund is required under the Private Funds Act to notify CIMA of any change that materially affects any information submitted to CIMA and of any change of its registered office or the location of its principal.  The Private Fund will have 21 days a􀅌er making the change or becoming aware of the change to file details of the change with CIMA.

All funds regulated by CIMA (mutual funds and private funds) are required to have their accounts audited annually and such audited financial statements must be filed with CIMA within six months of the year end of the fund, along with a financial annual return form including prescribed details, signed by a director. These audited financial statements must be signed off by a CIMA approved Cayman Islands based audit firm.

Can the manager or operator place any restrictions on the issue, transfer and redemption of interests in retail funds?

Restrictions can be contained in the constitutive documents of a fund or otherwise in the terms of issue of the relevant equity interests or investment interests of the fund.

Available vehicles
What are the main legal vehicles used to set up a non-retail fund? How are they formed?
Open-ended funds
Exempt companies

Exempt companies are the most common legal vehicle for open-ended funds. The exempted company limited by shares and the exempted segregated portfolio companies (SPCs) make up  the overwhelming majority of open-ended funds registered with the Cayman Islands Monetary Authority (CIMA) as at 31 December 2025.

It is possible to incorporate an exempted company limited by shares (including an SPC) on either a standard basis (which takes 4-5 business days after submission of formation documents to the Registrar of Companies) or on an express (same-day) basis subject to paying an additional express fee. Incorporation is effected by filing the company’s memorandum and articles of association and an affidavit sworn by the subscriber to the memorandum of association with the Registrar of Companies. Unless the company proposes to use a restricted word in its
name (eg, “bank” or “insurance”) no prior consent or approval is required from CIMA or any other government agency. The use of the word “fund” in the name is not restricted. The   memorandum of association must contain certain basic information about the company, including its registered office address, its authorised share capital and the objects for which it is incorporated. Shares can be denominated in any currency and denomination. There is no minimum or maximum amount prescribed for authorised, issued or paid-up share capital (although at least one share must be in issue at the time of incorporation).

A limited liability company (LLC) is a corporate entity that has separate legal personality to its members. Formation of an LLC requires the filing of a registration statement with the  Registrar of Companies and payment of the requisite government fee. The LLC must have at least one member and it can be member managed (by some or all of its members) or the LLC agreement can provide for the appointment of persons (who need not be members) to manage and operate the LLC. The liability of an LLC’s members is limited and members can have capital accounts and can agree among themselves (in the LLC agreement) how the profits and losses of the LLC are to be allocated and how and when distributions are to be made (similar to a Cayman Islands exempted limited partnership). An LLC may be formed for any lawful business, purpose or activity and it has full power to carry on its business or affairs unless its LLC agreement provides otherwise. An LLC may (but is not required to) use one of the following suffixes in its name: Limited Liability Company, LLC or L.L.C.

The LLC structure is an attractive option for certain Cayman closed-ended investment funds (eg, they facilitate aligning the rights of investors in onshore and offshore investment funds in a main fund and sub-fund structures) as well as for general partner entities and other carried interest distribution vehicles.

Exempted limited partnerships (ELPs) are most commonly used for closed-ended funds and, to the extent that they fall within the scope of the Private Funds Act, are required to be registered with CIMA.

Unit trusts are based on English trust law but are modified by the Trusts Act of the Cayman Islands for suitability as investment fund vehicles. Under a unit trust arrangement, investors contribute funds to a trustee that holds those funds on trust for the investors, and each investor is directly entitled to share pro rata in the trust’s assets. An advantage of the unit trust is that it may be structured as an ‘umbrella’ unit trust so that different investments may be allocated to different ‘sub-trusts’ with investors subscribing for units in a particular sub-trust. Unlike SPCs, however, there is no statutory segregation of assets and liabilities of each sub-trust.

A unit trust is formed through a declaration of trust by the trustee alone or by a trust deed executed by both the trustee and the investment manager.

The legal vehicles that can be used for closed-ended funds are the same as for open-ended funds. The most popular vehicle used for closed-ended funds is the ELP. Cayman ELPs are  governed by a combination of equitable and common law rules (based on English common law) and also statutory provisions, pursuant to the Exempted Limited Partnership Act (as  revised). An ELP may be formed for any lawful purpose to be carried out and undertaken either in or from within the Cayman Islands or elsewhere upon the terms, with the rights and powers, and subject to the conditions, limitations, restrictions and liabilities set forth in the Exempted Limited Partnership Act.

An ELP is a legal arrangement and does not have separate corporate personality. The terms of the ELP are set out in a limited partnership agreement and registered in the Cayman Islands by
filing a registration statement with the Registrar of Exempted Limited Partnerships containing the following details:

1. the name of the partnership;
2. the general nature of the business and term of the partnership;
3. the address of the registered office of the partnership
4. the name and address of its general partner; and
5. a declaration that the partnership shall not undertake business with the public in the Cayman Islands other than so far as may be necessary to conduct business outside the Cayman Islands.

What are the key laws and other sets of rules that govern non-retail funds?
Open-ended funds

The Mutual Funds Act (for open-ended funds) and the Private Funds Act (for closed-ended funds) are the two main statutes relevant to the regulation of investment funds in the Cayman
Islands. CIMA is the regulatory body responsible for compliance with these laws and related regulations and has broad powers of enforcement.

The Mutual Funds Act defines a mutual fund as [“a company, unit trust or partnership that issues equity interests, the purpose or effect of which is the pooling of investor funds with the aim of spreading investment risks and enabling investors in the mutual fund to receive profits or gains from the acquisition, holding, management or disposal of investments…”] The reference to “equity interests” means that debt instruments (including warrants, convertibles and sukuk instruments) are excluded and funds issuing such instruments will not be required to register with CIMA as a mutual fund. The scope of regulation extends to Cayman Islands incorporated or established master funds that have one or more CIMA-regulated feeder funds and hold investments and conduct trading activities. Under sec􀆟on 4(4) of the Mutual Funds Act, limited investor funds (i.e. mutual funds which have 15 investors or less, the majority of whom have the power to appoint or remove the operators of the investment fund (the operator being the directors, the general partner or the trustee, as is relevant given the legal vehicle used for the fund)), are also required to be registered with CIMA with each investor being able to invest less than US$100,000. As at 31 December 2025 there
were 583 limited investors funds registered with CIMA. As at that same date, there were 8,840 registered funds and 3,164 master funds registered with CIMA.

Each CIMA-registered mutual fund is required to have its accounts audited annually by a firm of auditors on the CIMA approved list of auditors and file such audited accounts with CIMA
within six months of the end of each financial year of the mutual fund (along with a financial annual return in CIMA’s prescribed form).

Mutual funds that are established for a sole investor and do not involve the pooling of investor funds fall outside the regulatory framework of the Mutual Funds Act. Nonetheless, a
mutual fund with a single investor can apply for voluntary registration to, among other things, benefit from the status of being a regulated fund.

Cayman Islands laws and regulations do not impose restrictions on, or prescribe rules for investment strategies of open-ended funds, or their use of leverage, shorting or other techniques.

The Private Funds Act requires the registration of closed-ended funds (typically, investment funds that do not grant investors with a right or entitlement to withdraw or redeem their shares or interests from the fund upon notice) with CIMA. The Private Funds Act applies to private equity funds, venture capital funds, real estate funds, and other types of closed-ended funds set up as Cayman Islands limited partnerships, companies (including SPCs), unit trusts and limited liability companies.

The Private Funds Act also applies to non-Cayman Islands private funds carrying on business or attempting to carry on business in or from the Cayman Islands. In addition to registration with CIMA, the Private Funds Act also imposes the following regulatory requirements to be met by private funds.

1. Audit – Each private fund is required to have its accounts audited annually by a firm of auditors on the CIMA-approved list of auditors and file such audited accounts with CIMA within six months of the end of each financial year of the private fund (along with a financial annual return in CIMA’s prescribed form).
2. Valuation of assets – A private fund must have appropriate and consistent procedures for the purposes of proper valuations of its assets, which ensures that valuations are conducted in accordance with the requirements in the Private Funds Act. Valuations of the assets of a private fund are required to be carried out at a frequency that is appropriate to the assets held by the private fund and, in any case, on at least an annual basis.
3. Safekeeping of fund assets – The Private Funds Act requires a custodian: (1) to hold the private fund’s assets that are capable of physical delivery or capable of registration in a custodial account except where that is neither practical nor proportionate given the nature of the private fund and the type of assets held; and (2) to verify title to, and maintain records of, fund assets.
4. Cash monitoring – The Private Funds Act requires a private fund to appoint an administrator, custodian or another independent third party (or the manager or operator of the private fund):
   1. to monitor the cash flows of the private fund;
   2. to ensure that all cash has been booked in cash accounts opened in the name, or for the account, of the private fund; and
   3. to ensure that all payments made by investors in respect of investment interests have been received.
5. Identification of securities

A private fund that regularly trades securities or holds them on a consistent basis must maintain a record of the identification codes of the securities that it trades and holds and make this available to CIMA upon request.

Directors of mutual funds structured as exempted companies, managers of investment funds structured as LLCs and directors of general partners of investment funds structured as an exempted limited partnership (in each case, wherever in the world these persons are located, not just to Cayman Islands-based directors) regulated by CIMA are required to register with CIMA under the Directors Registration and Licensing Act (DRLA). The DRLA enables CIMA to verify certain information in respect of directors or managers of CIMA-registered funds. There is currently no requirement for registration of directors with CIMA under the DRLA who are directors of closed-ended funds that fall within the scope of the Private Funds Act. However, this may change in the future.

All investment funds are required to comply with Cayman Islands anti-money laundering legislation and regulations, including appointing an anti-money laundering compliance officer, a money laundering reporting officer, and a deputy money laundering reporting officer. The Cayman Islands government and CIMA actively work with the European Union, the Organisation for Economic Co-operation and Development, the Financial Action Task Force and regulators in numerous jurisdictions to observe and maintain international standards on transparency and good corporate governance.

Must non-retail funds be authorised or licensed to be established or marketed in the Cayman Islands?

The statutory and regulatory frameworks that apply to investment funds in the Cayman Islands do not distinguish between retail funds and non-retail funds. All mutual funds (except for those that are single investor funds) are required to be registered with CIMA and fall within its regulatory framework. Closed-ended funds that fall within the scope of the Private Funds Act are required to be registered with, and regulated by, CIMA.

Who can market non-retail funds? To whom can they be marketed?

Investment funds (whether structured as an exempted company or a LLC) are restricted from making an offer of shares of the company or interests of the LLC to the public in the Cayman Islands to subscribe for such securities unless those securities are listed on the Cayman Islands Stock Exchange. There are no similar restrictions in the laws governing limited partnerships or unit trusts. The term “public in the Islands” excludes certain entities and residents, including other Cayman Islands exempted companies, LLCs, exempted limited partnerships, any exempted or ordinary non-resident companies, foreign companies registered in the Cayman Islands and foreign limited partnerships. It also excludes sophisticated persons and high net worth persons (as defined under the Securities Investment Business Act (the “SIB Act”)), which means that making an offer of securities to “private funds” (as defined in the Private Funds Act) in the Cayman Islands is not restricted. Private funds would most likely qualify as sophisticated persons or high net worth persons, or both. An overseas investment fund that wishes to make an offering of its securities to the public in the Cayman Islands will need to either (1) register with CIMA as a mutual fund under the Mutual Funds Act or a private fund under the Private Funds Act, or (2) market its securities through a person who is appropriately licensed or authorised by CIMA under the terms of the SIB Act (provided that the securities being offered to the public in the Cayman Islands are listed on a stock exchange approved by CIMA or the investment fund is regulated by a recognised overseas regulatory authority approved by CIMA). However, there is no legal requirement for a local entity to be involved in the fund marketing process.

Do investor-protection rules restrict ownership in non-retail funds to certain classes of investor?

The legal requirement to be an eligible investor in a registered mutual fund with more than 15 investors is a minimum initial investment of US$100,000 (or its equivalent in any other currency); otherwise no other investor – qualification criteria apply to such funds. This minimum initial investment requirement does not apply to registered mutual funds with 15 or fewer investors and also does not apply to closed-ended funds falling within the scope of the Private Funds Act.

Are there any special requirements that apply to managers or operators of non-retail funds?

There is no requirement for the manager of a Cayman Islands fund to be resident or domiciled in the Cayman Islands.

There are no Cayman Islands laws that seek to regulate overseas managers of Cayman Islands investment funds. Fund managers established in the Cayman Islands need to comply with the provisions of the Securities Investment Business Act and such fund managers must either be licensed or registered with the CIMA. There are also economic substance requirements and AML requirements which must be complied with.

Directors of mutual funds structured as exempted companies, managers of investment funds structured as LLCs and directors of general partners of investment funds structured as exempted limited partnerships (in each case, wherever in the world these persons are located, not just Cayman Islands-based directors) regulated by CIMA are required to register with CIMA under the DRLA. The DRLA enables CIMA to verify certain information in respect of directors or managers of CIMA-registered funds. There is currently no requirement for registration of directors with CIMA under the DRLA who are directors of closed-ended funds that fall within the scope of the Private Funds Act. However, this may change in the future.

What is the tax treatment of non-retail funds? Are any exemptions available?

Cayman Islands tax treatment is the same for both “retail” funds and non-retail funds. The Cayman Islands has no direct taxa􀆟on of any kind. There are no income, corpora􀆟on, capital gains or withholding taxes or death duties. It is possible for all types of Cayman Islands legal structures (exempted company, LLC, unit trust and ELP) to apply to the Cayman Islands government  or a tax undertaking that the legal structure will not be subject to direct taxation, for a minimum period, which in the case of a company is 20 years, and in the case of an LLC, unit trust and an ELP is 50 years.

Must the portfolio of assets of a non-retail fund be held by a separate local custodian? What regulations are in place to protect the fund’s assets?

Under CIMA’s Rule on the Segregation of Assets – Regulated Mutual Funds, a Cayman Islands mutual fund is required to do the following.

1. Appoint a Service Provider (which includes an administrator, custodian, prime broker, or any of their delegates) with regard to ensuring safekeeping of the fund’s  portfolio (i.e. all financial assets and liabilities of an investment fund and any part thereof, including “investor funds” and “investments” as those terms are used in the
   definition of “mutual fund” in section 2 of the Mutual Funds Act).
2. The Portfolio must be segregated and accounted for separately from any assets of any Service Provider.
3. The fund must ensure that any Service Provider that holds or manages the Portfolio complies with the requirement to ensure that the Portfolio is segregated and accounted for separately from any assets of any Service Provider.
4. The overriding requirement of the Rule is that a fund must ensure that none of its Service Providers use the Portfolio to finance their own or any other operations in any way.

Closed-ended funds that fall within the scope of the Private Funds Act are required to appoint a custodian (1) to hold the private fund’s assets that are capable of physical delivery or  capable of registration in a custodial account except where that is neither practical nor proportionate given the nature of the private fund and the type of assets held; and (2) to verify  title to, and maintain records of, fund assets. However, there is no legal requirement for the custodian to be located in the Cayman Islands.

What are the main governance requirements for a non-retail fund formed in the Cayman Islands?

The Mutual Funds Act (for open-ended funds) and the Private Funds Act (for closed-ended funds) are the two main statutes relevant to the regulation of investment funds in the Cayman Islands. CIMA is the regulatory body responsible for compliance with these laws and related regulations and has broad powers of enforcement. Depending on the legal structure of the investment fund, there are also various continuing filing obligations and annual registration fees to be paid.

What are the periodic reporting requirements for non-retail funds?

CIMA’s Rule on Corporate Governance for Regulated Entities requires a Cayman Islands regulated investment fund to:

1. establish, implement, and maintain a corporate governance framework which provides for sound and prudent management oversight of the regulated entity’s business and protects the legitimate interests of relevant stakeholders.
2. establish a Governing Body (i.e. the Board of Directors where the entity is a corporation, the General Partner where the entity is a partnership, the manager (or equivalent) where the entity is a Limited Liability Company, and the Board of Trustees where the entity is a trust business) that is responsible for implementing a corporate governance framework that addresses, at a minimum:

1. 1. Objectives and strategies of the regulated entity;
   2. Structure of the governance of the Governing Body;
   3. Appropriate allocation of oversight and management responsibilities;
   4. Independence and objectivity;
   5. Collective duties of the Governing Body;
   6. Duties of individual directors of the Governing Body;
   7. Appointments and delegation of functions and responsibilities;
   8. Risk management and internal control systems;
   9. Conflicts of interest and code of conduct;
   10. Remuneration policy and practices;
   11. Reliable and transparent financial reporting;
   12. Transparency and communications;
   13. Duties of Senior Management;
   14. Relations with CIMA.

CIMA’s Rule on Corporate Governance for Regulated En􀆟􀆟es also sets out CIMA’s expectations with respect to certain baseline standards that a regulated investment fund should have in place with respect to the matters listed above.

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This publication is not intended to be a substitute for specific legal advice or legal opinion. For more information or specific legal advice, please contact:-

E: gary.smith@loebsmith.com
E:  robert.farrell@loebsmith.com
E:  elizabeth.kenny@loebsmith.com
E:  vanisha.harjani@loebsmith.com
E:  faye.huang@loebsmith.com
E:  vivian.huang@loebsmith.com

零售基金设立主要采用哪些法律结构？它们如何设立？

因为开曼群岛并非以零售基金为主的司法管辖区，开曼群岛有关投资基金的法律法规框架并未区分零售基金和非零售基金。适用于投资基金的法律法规主要旨在吸引机构投资者。因此，投资基金的法律结构通常取决于基金的投资策略是开放式还是封闭式。豁免公司（包括独立投资组合公司）是开放式基金最常用的法律结构，而豁免有限合伙企业是封闭式基金最常用的法律结构。设立这两种法律结构均需向公司注册处提交成立文件并缴纳相应的政府费用。开曼群岛的法律法规对于零售基金的管理人或经营者（目前来说，零售基金是指允许投资者初始最低投资额低于 10 万美元的基金）没有特殊要求，( i ) 适用于所有开曼群岛注册管理人以及 (ii) 适用于所有开曼群岛投资基金经营者的具体规则、职责和指引。

规管零售基金的主要法律和其他规则有哪些？

如上所述，开曼群岛适用于投资基金的法律法规框架并未区分零售基金和非零售基金。根据《共同基金法》第4(1)(b)条，共同基金可以向开曼群岛金融管理局（“CIMA”）注册登记，并允许其投资者每位投资者的最低初始投资额低于10万美元。此类基金通常被称为“零售”基金。然而，适用于此类共同基金（称为受管理基金，截至2025年12月31日，约占开曼群岛共同基金总数的1.92%）的监管框架与适用于其他在CIMA注册的共同基金的监管框架基本相同。属于《私人基金法》范围的封闭式基金须在CIMA注册并受其监管，法律没有规定最低初始投资门槛，因此，投资者只需遵守基金经理或运营者设定的投资限额和限制即可。

零售共同基金（日本）条例》是上述规定的例外，它通过为根据《共同基金法》第4(1)(a)条获得许可、面向日本零售投资者进行营销的特定基金提供合规框架，有效地区分了零售基金和非零售基金，使这些基金能够自动遵守日本适用的证券法律法规。然而，这些基金仅仅是获得许可的基金的一个子集，截至2025年12月31日，这些基金本身仅占开曼群岛共同基金总量的约0.33 % 。

零售基金在开曼群岛设立或销售是否必须获得授权或许可？

所有属于《共同基金法》管辖范围内的共同基金以及所有属于《私人基金法》管辖范围内的封闭式基金，都必须在CIMA注册并接受其监管。

谁可以销售零售基金？零售基金可以销售给哪些人群？

投资基金（无论其结构为豁免公司还是有限责任公司 (LLC)）均不得向开曼群岛内公众发出认购公司股份或有限责任公司权益的要约，除非这些证券已在开曼群岛证券交易所上市。而有限合伙企业或单位信托的有关法律中并无类似限制。“开曼群岛内公众”一词排除了某些实体和居民，包括其他开曼群岛豁免公司、有限责任公司、豁免有限合伙企业、任何豁免或普通非居民公司、在开曼群岛注册的外国公司以及外国有限合伙企业。该词还排除了成熟投资者和高净值人士（定义见《证券投资业务法》(SIB Act)），这意味着向开曼群岛的“私人基金”（定义见《私人基金法》）发行证券不受限制。私人基金很可能符合成熟投资者或高净值人士的定义，或两者兼具。希望向开曼群岛内公众发行证券的海外投资基金需要满足以下两个条件之一：(1) 根据《共同基金法》在CIMA注册为共同基金，或根据《私人基金法》注册为私人基金；(2) 通过根据《证券投资银行法》获得 CIMA 适当许可或授权的机构销售其证券（前提是，向开曼群岛内公众发行的证券已在 CIMA 认可的证券交易所上市，或该投资基金受 CIMA 认可的海外监管机构监管）。但是，法律并未强制要求本地实体参与基金的营销过程。

对零售基金的经理或运营人士是否有任何特殊要求？

适用于开曼群岛投资基金的法律法规框架并未区分零售基金和非零售基金。零售基金的经理或运营人士无需遵守任何特殊要求，他们只需遵守适用于所有开曼群岛注册经理以及所有开曼群岛投资基金运营人的特定规则、职责和指引即可。

零售基金的投资和借贷有哪些限制？

开曼群岛法律对零售基金的投资和借贷没有具体的法律限制。

零售基金的税务处理方式是什么？是否有免税政策？

适用于非零售基金的税收优惠和豁免同样适用于零售基金。请参阅下文关于非零售基金的部分。

零售基金的资产组合是否必须由独立的本地托管机构持有？有哪些法规保护基金资产？

根据CIMA的《关于资产隔离——受监管共同基金的规定》，开曼群岛共同基金必须遵守以下规定。

1. 委任服务提供商（包括管理人、托管人、主经纪商或其任何代理人）以确保基金投资组合受到安全保管（即投资基金的所有金融资产和负债及其任何部分，包括《共同基金法》第 2 条中“共同基金”定义中使用的“投资者资金”和“投资”等术语）。
2. 该投资组合必须与任何服务提供商的任何资产分开，并单独进行核算。
3. 该基金必须确保持有或管理该投资组合的任何服务提供商遵守相关规定，确保该投资组合与任何服务提供商的任何资产分开存放并单独核算。
4. 该规则的首要要求是，基金必须确保其任何服务提供商不得以任何方式利用投资组合为其自身或任何其他运营活动提供资金。

属于《私人基金法》管辖范围的封闭式基金必须指定托管人：

1. 1. 将私人基金的可实物交付或可登记的资产存放在以该私人基金名义或为其账户开设的隔离账户中（除非该私人基金已通知CIMA，且鉴于该私人基金的性质和所持资产的类型，这样做既不实际也不相称，则可免于此项要求）；
   2. 核实基金资产的所有权并保存相关记录。但是，法律并未规定托管人必须位于开曼群岛。

如果私人基金通知CIMA其不打算指定托管人，则该私人基金必须指定以下人员之一进行所有权核实：

1. 1. 行政管理人或其他独立的第三方；或
   2. 经理或运营人士，或与私人基金经理有控制关系的人，但前提是：
      1. 产权核实功能独立于投资组合管理功能；或者
      2. 潜在的利益冲突得到妥善识别、管理、监控，并向私人基金的投资者披露。

在开曼群岛成立的零售基金的主要治理要求是什么？

CIMA的《受监管实体公司治理规则》要求开曼群岛受监管的投资基金：

1. 建立、实施和维护公司治理框架，为受监管实体的业务提供健全审慎的管理监督，并保护相关利益相关者的合法权益。
2. 设立一个治理机构负责实施公司治理框架（如果实体是公司，则为董事会；如果实体是合伙企业，则为普通合伙人；如果实体是有限责任公司，则为经理（或同等人员）；如果实体是信托机构，则为受托人委员会），该框架至少应涵盖以下内容：

1. 1. 受监管实体的目标和策略；
   2. 理事会治理结构；
   3. 合理分配监督和管理职责；
   4. 独立性和客观性；
   5. 理事会的集体职责；
   6. 理事会成员的职责；
   7. 职务任命和职能职责委派；
   8. 风险管理和内部控制系统；
   9. 利益冲突和行为准则；
   10. 薪酬政策和实践；
   11. 可靠且透明的财务报告；
   12. 透明度和沟通；
   13. 高级管理层的职责；
   14. 与CIMA的关系。

CIMA 的《受监管实体公司治理规则》也规定了 CIMA 对受监管投资基金在上述事项方面应具备的某些基本标准的期望。

零售基金有什么定期报告要求？

只要持续发行，共同基金就必须在任何重大变更发生后的 21 天内更新其发行文件和注册详情，并须在此 21 天期限内向CIMA提交更新后的发行文件或注册详情。

根据《私人基金法》，私人基金须将任何对提交给CIMA的信息产生重大影响的变更，以及其注册办事处或主要办事处所在地的任何变更通知CIMA。

私人基金在做出变更或知悉变更后有 21 天的时间向CIMA提交变更详情。

所有受CIMA监管的基金（包括共同基金和私人基金）均须每年进行账目审计，且经审计的财务报表须在基金年度结束后的六个月内提交给 CIMA，同时还须提交一份包含规定详细信息的年度财务申报表，并由一名董事签署。这些经审计的财务报表必须由 CIMA 认可的开曼群岛审计公司出具。

基金经理或运营者能否对零售基金的权益发行、转让和赎回施加任何限制？

限制条款可以列在基金的章程文件中，或者以其他方式列在基金相关股权或投资权益的发行条款中。

可供选择的法律结构

非零售基金设立主要采用那些法律结构？它们如何设立？

开放式基金

豁免公司

豁免公司是开放式基金最常见的法律载体。截至2025年12月31日，在CIMA注册的开放式基金中，股份制豁免公司和豁免独立投资组合公司（SPC）占绝大多数。

设立豁免股份有限公司（包括独立投资组合公司）有两种方式：标准方式（在向公司注册处提交成立文件后需4-5个工作日）或加急方式（当日），后者需支付额外的加急费用。公司成立需向公司注册处提交公司章程及组织大纲，以及章程签署人签署的宣誓书。除非公司拟在其名称中使用受限词语（例如“银行”或“保险”），否则无需事先获得CIMA或任何其他政府机构的同意或批准。名称中使用“基金”一词不受限制。公司章程必须包含有关公司的一些基本信息，包括注册办公地址、授权股本和公司成立宗旨。股份可以以任何货币和面额计价。公司注册资本没有规定最低或最高限额（尽管在公司成立时至少要有一股已发行股份）。

有限责任公司 (LLC) 是一种具有独立于其成员的法人资格的公司实体。成立有限责任公司需要向公司注册处提交注册声明并缴纳相应的政府费用。有限责任公司必须至少有一名成员，并且可以由成员管理（由部分或全部成员管理），或者有限责任公司协议可以规定指定人员（无需是成员）来管理和运营有限责任公司。有限责任公司成员的责任是有限的，成员可以拥有资本账户，并且可以在有限责任公司协议中约定如何分配有限责任公司的利润和亏损以及何时以及如何进行分配（类似于开曼群岛的豁免有限合伙企业）。有限责任公司可以为任何合法的商业、目的或活动而成立，并且拥有开展其业务或事务的全部权力，除非其有限责任公司协议另有规定。有限责任公司可以在其名称中使用以下后缀之一（但并非必须使用）：Limited Liability Company、LLC 或 L.L.C.。

有限责任公司结构对于某些开曼群岛封闭式投资基金来说具有吸引力（例如，它有助于在主基金和子基金结构中协调境内外投资基金投资者的权利），对普通合伙人实体和其他附带权益分配结构来说也具有吸引力。

豁免有限合伙企业（ELP）最常用于封闭式基金，并且如果它们属于《私人基金法》的适用范围，则必须在CIMA注册。

单位信托基金以英国信托法为基础，但根据开曼群岛信托法进行了修改，使其更适合作为投资基金工具。在单位信托安排下，投资者向受托人出资，受托人以信托方式为投资者持有这些资金，每位投资者均有权按比例直接分享信托资产。单位信托基金的优势在于，它可以构建为“伞式”单位信托基金，从而将不同的投资分配到不同的“子信托”中，投资者认购特定子信托的份额。然而，与独立投资组合公司（SPC）不同，单位信托基金中各子信托的资产和负债没有法定隔离。

单位信托是通过受托人单独签署的信托声明，或者通过受托人和投资经理共同签署的信托契约成立。

封闭式基金和开放式基金可使用的法律结构相同。最常用的封闭式基金工具是豁免有限合伙企业（ELP）。开曼群岛的豁免有限合伙企业受衡平法和普通法规则（基于英国普通法）以及《豁免有限合伙法》（修订版）规定的成文法条款的约束。豁免有限合伙企业可以出于任何合法目的而设立，其经营活动可以在开曼群岛境内或境外进行，但须遵守《豁免有限合伙法》规定的条款、权利和权力，以及其中规定的条件、限制、约束和责任。

豁免有限合伙企业（ELP）是一种法律安排，不具有独立的法人资格。ELP 的条款载于有限合伙协议中，并通过向开曼群岛豁免有限合伙企业注册处提交注册声明进行注册，注册声明中应包含以下详细信息：

1. 合伙企业的名称；
2. 业务的一般性质和合伙期限；
3. 合伙企业注册办事处的地址；
4. 其普通合伙人的名称和地址；以及
5. 声明合伙企业不得在开曼群岛与公众开展业务，但为在开曼群岛以外开展业务所必需的情况除外。

规管非零售基金的主要法律和其他规则有哪些？

开放式基金

《共同基金法》（适用于开放式基金）和《私人基金法》（适用于封闭式基金）是开曼群岛监管投资基金的两大主要法规。CIMA是负责监督这些法律及相关法规执行情况的监管机构，并拥有广泛的执法权。

《共同基金法》将共同基金定义为“发行股权的公司、单位信托或合伙企业，其目的或效果是汇集投资者资金，旨在分散投资风险，并使共同基金的投资者能够从投资的收购、持有、管理或处置中获得利润或收益……”。此处提及的“股权”旨在排除债务工具（包括认股权证、可转换债券和伊斯兰债券），发行此类工具的基金无需在CIMA)注册为共同基金。该监管范围涵盖在开曼群岛注册成立或设立的、拥有一个或多个受 CIMA 监管的子基金并持有投资和开展交易活动的母基金。根据《共同基金法》第4(4)条，有限投资者基金（即投资者人数不超过15人的共同基金，且多数投资者有权任命或罢免基金的运营者，运营者可以是董事、普通合伙人或受托人，具体取决于基金的法律结构）也必须在CIMA注册，且每位投资者的投资额不得超过10万美元。截至2025年12月31日，CIMA注册的有限投资者基金共有583只。截至同一日期，CIMA注册的基金共有8,840只，主基金共有3,164只。

每只在CIMA)注册的共同基金都必须每年由 CIMA 认可的审计师名单上的审计师事务所对其账目进行审计，并在共同基金每个财政年度结束后的六个月内向 CIMA 提交经审计的账目（以及按照 CIMA 规定格式提交的年度财务报表）。

为单一投资者设立且不涉及投资者资金汇集的共同基金不受《共同基金法》监管。然而，仅有一位投资者的共同基金可以申请自愿注册，以获得受监管基金的待遇等。

开曼群岛的法律法规并未对开放式基金的投资策略或其使用杠杆、卖空或其他技术施加限制或规定规则。

《私人基金法》要求封闭式基金（通常指不赋予投资者在收到通知后赎回其基金份额或权益的权利或资格的投资基金）在CIMA注册。该法适用于私募股权基金、风险投资基金、房地产基金以及其他类型的封闭式基金，这些基金以开曼群岛有限合伙企业、公司（包括独立投资组合公司）、单位信托和有限责任公司的形式设立。

《私人基金法》同样适用于在开曼群岛开展业务或试图在开曼群岛开展业务的非开曼群岛私人基金。除在CIMA注册外，《私人基金法》还规定了私人基金必须满足的以下监管要求。

1. 审计——每只私人基金都必须每年由 CIMA 认可的审计师名单上的审计师事务所对其账目进行审计，并在私人基金每个财政年度结束后的六 (6) 个月内向 CIMA 提交经审计的账目（以及 CIMA 规定格式的年度财务报表）。
2. 资产估值——私人投资基金必须制定适当且一致的程序，以对其资产进行适当估值，确保估值工作符合《私人基金法》的规定。私人基金的资产估值频率应与其持有的资产规模相适应，且至少每年一次。
3. 基金资产保管——《私人基金法》要求托管人：(1) 持有私人基金中能够进行实物交付或能够在托管账户中登记的资产，除非考虑到私人基金的性质和所持有资产的类型，这样做既不实际也不相称；及(2) 核实基金资产的所有权并保存相关记录。
4. 现金监控——《私人基金法》要求私人基金指定一名管理人、托管人或其他独立的第三方（或私人基金的管理人或运营人）：
   1. 监控私人基金的现金流；
   2. 确保所有现金均已记入以该私人基金名义或为其账户开设的现金账户；
   3. 确保投资者就投资权益支付的所有款项均已收到。
5. 证券识别

定期交易证券或持续持有证券的私人基金必须保存其交易和持有的证券的识别码记录，并应CIMA的要求提供该记录。

根据《董事注册和许可法》(DRLA)，受CIMA监管的以豁免公司形式设立的共同基金的董事、以有限责任公司形式设立的投资基金的经理以及以豁免有限合伙形式设立的投资基金的普通合伙人的董事（无论这些人身处世界何地，而不仅仅是身处于开曼群岛的董事）均须在(CIMA注册。

董事注册法（DRLA）使CIMA能够核实CIMA注册基金的董事或经理的某些信息。目前，根据DRLA，受《私人基金法》规管的封闭式基金的董事无需在CIMA注册。但是，这种情况未来可能会发生变化。

所有投资基金均须遵守开曼群岛的反洗钱法律法规，包括任命一名反洗钱合规官、一名洗钱报告官和一名副洗钱报告官。开曼群岛政府和CIMA积极与欧盟、经济合作与发展组织（OECD）、金融行动特别工作组（FATF）以及众多司法管辖区的监管机构合作，以遵守和维护国际透明度和良好公司治理标准。

非零售基金是否必须获得授权或许可才能在开曼群岛设立或销售？

开曼群岛适用于投资基金的法律法规框架并未区分零售基金和非零售基金。所有共同基金（单一投资者基金除外）均须在CIMA注册，并受其监管。根据《私人基金法》规定，封闭式基金也须在CIMA注册并接受其监管。

谁可以销售非零售基金？这些基金可以销售给哪些人群？

投资基金（无论其结构为豁免公司还是有限责任公司）均不得向开曼群岛内公众发出认购公司股份或有限责任公司权益的要约，除非这些证券已在开曼群岛证券交易所上市。而有限合伙企业或单位信托的有关法律中并无类似限制。“开曼群岛内公众”一词排除了某些实体和居民，包括其他开曼群岛豁免公司、有限责任公司、豁免有限合伙企业、任何豁免或普通非居民公司、在开曼群岛注册的外国公司以及外国有限合伙企业。此外，该词还排除了成熟投资者和高净值人士（定义见《证券投资业务法》（“SIB法”）），这意味着向开曼群岛的“私人基金”（定义见《私人基金法》）发行证券不受限制。

私人基金很可能符合成熟投资者或高净值人士的资格，或两者兼具。希望向开曼群岛内公众发行证券的海外投资基金，需要满足以下两个条件之一：(1) 根据《共同基金法》在CIMA注册为共同基金，或根据《私人基金法》注册为私人基金；或 (2) 通过根据《证券投资银行法》获得 CIMA 适当许可或授权的机构销售其证券（前提是向开曼群内向公众发行的证券已在 CIMA 批准的证券交易所上市，或该投资基金受 CIMA 批准的认可的海外监管机构监管）。但是，法律并未要求本地实体参与基金的营销过程。

针对非零售基金的投资者保护规则是否对某些类别的投资者设立了所有权限制？

对于拥有超过15名投资者的注册共同基金，成为合格投资者的法律要求是最低初始投资额为10万美元（或等值其他货币）；除此之外就没有对投资者的资格限制了。此最低初始投资额要求不适用于拥有15名或以下投资者的注册共同基金，也不适用于受《私人基金法》规管的封闭式基金。

对非零售基金的经理或运营人士是否有任何特殊要求？

开曼群岛基金的经理无须是开曼群岛的居民或定居在开曼群岛。

开曼群岛目前没有针对境外开曼群岛投资基金管理人的法律法规。在开曼群岛设立的基金管理人必须遵守《证券投资业务法》的规定，并须获得CIMA的许可或注册。此外，还必须遵守经济实质要求和反洗钱（AML）要求。

根据《董事注册法》（DRLA），受开CIMA监管的以豁免公司形式设立的共同基金的董事、以有限责任公司形式设立的投资基金的经理以及以豁免有限合伙形式设立的投资基金的普通合伙人的董事（无论其身处世界何地，并非仅限于开曼群岛的董事）均须向CIMA注册。DRLA使CIMA能够核实CIMA注册基金的董事或经理的某些信息。目前，根据DRLA，受《私人基金法》管辖的封闭式基金的董事无需向CIMA注册。但未来情况可能会有所变化。

非零售基金的税务处理方式是什么？是否有任何豁免？

开曼群岛对零售基金和非零售基金的税务处理相同。开曼群岛不征收任何形式的直接税，包括所得税、公司税、资本利得税、预扣税和遗产税。所有类型的开曼群岛法律结构（豁免公司、有限责任公司、单位信托和有限合伙企业）均可向开曼群岛政府申请税务承诺，保证其在最低期限内免于缴纳直接税。豁免公司最低期限为20年，有限责任公司、单位信托和有限合伙企业最低期限为50年。

非零售基金的资产组合是否必须由独立的本地托管机构持有？有哪些法规保护基金资产？

根据CIMA)的《关于资产隔离——受监管共同基金的规定》，开曼群岛共同基金必须遵守以下规定。

1. 委任服务提供商（包括管理人、托管人、主经纪商或其任何代理人）以确保基金投资组合受到安全保管（即投资基金的所有金融资产和负债及其任何部分，包括《共同基金法》第 2 条中“共同基金”定义中使用的“投资者资金”和“投资”等术语）。
2. 该投资组合必须与任何服务提供商的任何资产分开，并单独进行核算。
3. 该基金必须确保持有或管理该投资组合的任何服务提供商遵守相关规定，确保该投资组合与任何服务提供商的任何资产分开存放并单独核算。
4. 该规则的首要要求是，基金必须确保其任何服务提供商不得以任何方式利用投资组合为其自身或任何其他运营活动提供资金。

根据《私人基金法》，封闭式基金须指定一名托管人，(1) 持有该私人基金可进行实物交付或可登记在托管账户中的资产，除非鉴于该私人基金的性质和所持资产类型，实物交付或登记在托管账户中的情况除外；(2) 核实基金资产的所有权并维护相关记录。然而，法律并未要求托管人必须位于开曼群岛。

在开曼群岛成立的非零售基金的主要治理要求是什么？

《共同基金法》（适用于开放式基金）和《私人基金法》（适用于封闭式基金）是开曼群岛监管投资基金的两大主要法规。CIMA是负责监督这些法律及相关法规执行情况的监管机构，拥有广泛的执法权。根据投资基金的法律结构，各基金还需履行各种持续申报义务并缴纳年度注册费。

非零售基金有什么定期报告要求？

CIMA的《受监管实体公司治理规则》要求开曼群岛受监管的投资基金：

1. 建立、实施和维护公司治理框架，为受监管实体的业务提供健全审慎的管理监督，并保护相关利益相关者的合法权益。
2. 设立一个治理机构负责实施公司治理框架（如果实体是公司，则为董事会；如果实体是合伙企业，则为普通合伙人；如果实体是有限责任公司，则为经理（或同等人员）；如果实体是信托机构，则为受托人委员会），该框架至少应涵盖以下内容：

1. 1. 受监管实体的目标和策略；
   2. 理事会治理结构；
   3. 合理分配监督和管理职责；
   4. 独立性和客观性；
   5. 理事会的集体职责；
   6. 理事会成员的职责；
   7. 职务任命和职能职责委派；
   8. 风险管理和内部控制系统；
   9. 利益冲突和行为准则；
   10. 薪酬政策和实践；
   11. 可靠且透明的财务报告；
   12. 透明度和沟通；
   13. 高级管理层的职责；
   14. 与CIMA的关系。

CIMA 的《受监管实体公司治理规则》也规定了 CIMA 对受监管投资基金在上述事项方面应具备的某些基本标准的期望。

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