SEPTEMBER 2014

Legal Focus

57

Cayman Islands: The Exempted Limited Partnership Bill, 2014

With the long anticipated reforms to the Exempted Limited Partnership Law enacted on 2 July, the September edition of Lawyer Monthly magazine will be covering the new law and the key changes introduced.

The Exempted Limited Partnership Law, 2014 (the New Law) took effect on July 2, 2014 and is a comprehensive revision of the Cayman Islands exempted limited partnership law. The New Law was enacted in response to industry needs, and it generally updates the old law to give greater freedom to the general partner (GP) and limited partners (LPs) to determine how the partnership is to operate. The changes also align Cayman Islands law more closely with Delaware law, allowing GPs to offer their US and offshore investor base a harmonised product. It has been very well received by the market and leaves competing offshore jurisdictions playing ‘catch-up’.

Over the next few pages, we benefit from two insightful articles relating to the new bill.

www.lawyer-monthly.com