Almost 11,200 private funds have registered with the Cayman Islands Monetary Authority under the Private Funds Law passed in February of this year.
More than 4,300 private funds registered in the last week before the 7 Aug. deadline, data provided by tech consultancy Cartan Group shows.
The government adopted the Private Funds Law in response to European Union pressure, requiring certain closed-ended funds, or private funds, to register with CIMA, which now has enforcement powers over the funds.
The law further requires private funds to file audited accounts, have appropriate internal asset-valuation procedures, and proper custodial and cash-monitoring processes.
About 86.5% of the funds only registered after legislators amended the law on 1 July.
Government introduced last-minute committee stage changes to an amendment bill to clarify the definition of private funds and the scope of the law.
Financial Services Minister Tara Rivers said at the time that some areas in the law seemed to have created uncertainty among practitioners and changes were needed to remove any ambiguity over which types of funds should be registered.
The amendment was expected to significantly increase the number and types of closed-ended investment vehicles that are subject to the law.
While only 1,511 private funds had registered by 4 July, this figure jumped, following the legal changes, to 11,193 on 6 Aug, according to data released by Cartan Group in its Private Funds Transparency Report.