Extract
Unit Trusts.
INTRODUCTION
A unit trust is a special kind of trust which, in addition to being subject to the laws governing trusts, is also subject to the laws governing mutual funds. A unit trust may be registered as a mutual fund if the trust units are redeemable at the option of the investor. Units trusts may also be registered as exempted trusts under the provisions of the Trusts Law (as amended) provided that none of the investors are, or are likely to be, resident or domiciled in the Cayman Islands. A unit trust can also be created as a STAR trust, a statutory purpose trust. The Mutual Funds Law 1993 was introduced to the Cayman Islands on 26 July 1993 and was consolidated and revised to become the Mutual Funds Law (as amended) (the "MFL"). The MFL regulates all mutual funds established in or operating from the Cayman Islands, and those who administer mutual funds in or from the Cayman Islands. A unit trust is a type of mutual fund defined by the MFL to mean a trust established by a trustee which, for valuable co...See the full content of this document
Sponsored links
