Under pressure from the E.U., the Cayman Islands has been seeking to increase the transparency of its substantial private funds industry. In February 2020, it adopted the Private Funds Act (Act), which established a registration regime for closed-end funds. In July 2020, it amended the Act to increase its scope. At a recent program presented by law firm Carey Olsen, partners Jasmine Amaria and Jarrod Farley discussed the adoption and fundamental requirements of the Act, the impact of the July amendment and the available guidance under the Act. This article discusses the key takeaways from the presentation. See “Cayman Makes Legislative Changes in Line With Global Transparency Drive” (Nov. 14, 2019).