Government amends framework for exempted limited partnerships

Government is reducing the registration fees for exempted limited partnerships that are registered with the Registrar of ELPs within General Registry and “formed for the purpose of being regulated by the Cayman Islands Monetary Authority”, the ministry of financial services said in a press release.

The Exempted Limited Partnership (Amendment) Regulations, 2020 were gazetted on Friday, 22 May, and took immediate effect.

The annual fee for exempted limited partnerships that are not regulated is $2,000, whereas the annual fee for regulated ELPs is $1,200, according to the General Registry website.

The ministry said it is also conducting a brief industry consultation on the proposed Exempted Limited Partnership (Amendment) Bill, 2020.

The consultation began on Monday, 25 May, and concludes on Monday, 1 June.
This bill seeks to include the Private Funds Law, 2020 in the list of regulatory laws under which an ELP can be prudentially regulated.

In addition, it aims to clarify the deregistration process for those ELPs regulated by CIMA. ELPs that request to be deregistered to register in another jurisdiction, must first seek approval from CIMA.

The ministry said, once the consultation has been completed, it will gazette the bill and present it at the next available meeting of the Legislative Assembly.

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