Mutual Funds (Fees) (Amendment) Regulations, 2024 (SL 72 of 2024)

Summary

This is a set of amendments to the Mutual Funds (Fees) Regulations (2021 Revision), made under the Mutual Funds Act (2021 Revision). It does three main things: it inserts a new definitions provision (regulation 1A) into the principal Fees Regulations, it repeals regulation 4, which had provided a waiver of fees for funds connected with Cayman Brac and Little Cayman, and it amends the Schedule (table of fees) to increase several fees payable by regulated mutual funds and their sub-funds.

• New definitions (regulation 1A): Adds definitions for terms such as "exempted trust", "master unit trust structure", "segregated portfolio company", "sub-fund", "sub-trust" and "umbrella trust structure".
• Item 1 and related items: Fee raised from $3,500 to $3,675.
• Item 1A: Fee raised from $2,500 to $2,625.
• Item 4: The annual registration fee for a regulated mutual fund with sub-funds is replaced with a new fee of $3,675 plus an additional $300 for each sub-fund.
• Items 5 and 10: Deleted outright, removing those fee categories.

The Regulations apply to mutual funds regulated under the Mutual Funds Act, including funds structured as segregated portfolio companies, unit trusts (including master unit trust and umbrella trust structures), and funds with one or more sub-funds. The changes take effect not on a stated calendar date but immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force, so the actual commencement date depends on that separate Act.

Key obligations

• Regulated mutual funds with sub-funds must pay the revised annual registration fee of $3,675 plus an additional $300 for each sub-fund, in place of the previous fee structure
• Regulated mutual funds subject to the fees in items 1, 1A, 1F, 2 and 3 of the Schedule must pay the increased fee amounts ($3,675 or $2,625, as applicable) in place of the former amounts
• Funds previously relying on the fee waiver for Cayman Brac and Little Cayman under regulation 4 of the principal Regulations can no longer do so, as that regulation is repealed

Applies to

mutual funds, regulated mutual funds, segregated portfolio companies, master unit trust structures, umbrella trust structures, exempted trusts

Deadlines

• immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force: Commencement date of these amendment Regulations, tied to the coming into force of a separate Act rather than a fixed calendar date

Related documents

• This document amends Mutual Funds (Fees) Regulations (2026 Revision)
• Mutual Funds (Fees) Regulations (2026 Revision) replaces this document