
Ridhiima Kapoor
Managing Associate
Legal
Cayman Islands

Ridhiima Kapoor
Managing Associate
Cayman Islands
Services
We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies enable us to add real value to our clients’ businesses.
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Our sector approach relies on smart collaboration between our business divisions, our service lines and our jurisdictions. These sector-based teams have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients see around corners.
We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies enable us to add real value to our clients’ businesses.
Legal
Corporate and Fiduciary
Consulting
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Providing exceptional and efficient service, our Corporate, Funds, Private Wealth and Capital Markets teams offer clients integrated legal and corporate administration services with a strong reputation in governance and regulatory compliance.
Accounting and Financial Reporting Services - Ogier Global
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Fund Services - Ogier Global
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Real Estate Services - Ogier Global
Regulatory and Compliance Services - Ogier Global
Our experts provide independent guidance spanning advice and training to implementation and evaluation across sustainable investing, regulatory compliance and tech. Our tailored advice meets clients' specific needs, delivering flexible solutions and support.
Our sector approach relies on smart collaboration between our business divisions, our service lines and our jurisdictions. These sector-based teams have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients see around corners.
Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.
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Insight
22 August 2022
Cayman Islands, Hong Kong
Following consultation with industry, the Cayman Islands Monetary Authority (CIMA) has issued new regulatory procedures for Cayman Islands open-ended funds regulated under the Mutual Funds Act (Revised) (mutual funds) and for closed-ended funds registered under the Private Funds Act (Revised) (private funds) regarding their deregistration with CIMA, either at the end of the life of the fund or in certain limited circumstances where their regulatory status has changed (including a mutual fund re-registering as a private fund and vice versa).
In addition to several conforming changes to reflect amendments to the Cayman Islands mutual fund and private fund registration regime made in 2020, the principal changes in the new deregistration procedures relate to the timing of the deregistration process and the elimination of the option to place a fund in "License under Termination" (LUT) or "License under Liquidation" (LUL) status with CIMA.
Under the prior deregistration procedure a fund could be placed in LUT or LUL once it had determined to cease trading or to liquidate but before it had completed its final distributions and filed its final audit. Provided that this was done on or before 31 December in any year, the fund would benefit from either a reduction in, or complete waiver of, the CIMA annual fund registration fees for the following year. The fund would then have a prescribed period of time to complete its audit and file its deregistration documents.
Under the new deregistration procedures, although CIMA should be notified of a fund's intention to deregister within 21 days of that determination, the fund must complete and file its final audit (or seek and be granted an audit waiver from CIMA), and be in good standing, before the deregistration documents may be filed. Provided that the deregistration documents are complete and in good order, it is anticipated that the deregistration processing and approval will be a relatively quick and straightforward procedure.
Following their publication on 17 August 2022, the new deregistration procedures will apply to any new deregistration applications with effect from that date. CIMA have confirmed, however, that any funds that had previously submitted LUT or LUL applications under the old procedures will still be able to take advantage of the fee concessions under those procedures, provided that they meet the filing requirements associated with their LUT or LUL status.
Although the elimination of the LUT/LUL options means that the fund will be liable for registration fees until its deregistration, the clarificatory amendments, particularly in relation to the final audit, are to be welcomed and should result in increased efficiency and cost-effectiveness for funds seeking to deregister.
For further information or advice, please contact your usual Ogier attorney or any of the contacts listed in this briefing.
Cayman Islands
Hong Kong
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Ridhiima Kapoor
Managing Associate
Legal
Cayman Islands
Ridhiima Kapoor
Managing Associate
Cayman Islands
Contact Ridhiima
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James Bergstrom
Partner
Legal
Cayman Islands
James Bergstrom
Partner
Cayman Islands
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Tim Cone
Partner
Legal
Cayman Islands
Tim Cone
Partner
Cayman Islands
Contact Tim
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Angus Davison
Partner
Legal
Cayman Islands
Angus Davison
Partner
Cayman Islands
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Joanne Huckle
Partner
Legal
Cayman Islands
Joanne Huckle
Partner
Cayman Islands
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Bradley Kruger
Partner
Legal
Cayman Islands
Bradley Kruger
Partner
Cayman Islands
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Nick Rogers
Partner
Legal
Cayman Islands
Nick Rogers
Partner
Cayman Islands
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Justin Savage
Partner
Legal
Cayman Islands
Justin Savage
Partner
Cayman Islands
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Giorgio Subiotto
Partner
Legal
Cayman Islands
Giorgio Subiotto
Partner
Cayman Islands
Contact Giorgio
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Emma Sutherland
Partner
Legal
Cayman Islands
Emma Sutherland
Partner
Cayman Islands
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Lin Han 韩琳
Partner 合伙人
Legal
Hong Kong
Lin Han 韩琳
Partner 合伙人
Hong Kong
Contact Lin
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Kate Hodson 凯特 ·赫臣
Partner and Head of ESG (Legal) 合伙人
Legal
Hong Kong
Kate Hodson 凯特 ·赫臣
Partner and Head of ESG (Legal) 合伙人
Hong Kong
Contact Kate
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Nicholas Plowman 包乐文
Partner 合伙人
Legal
Hong Kong
Nicholas Plowman 包乐文
Partner 合伙人
Hong Kong
Contact Nicholas
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Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
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