On March 20, 2012, the Government of the Cayman Islands approved a 60-day extension to the deadline by which master funds must register under the new Cayman Islands Mutual Funds (Amendment) Law, 2011 (the “Amendment”). Master funds subject to the Amendment’s registration requirements must now be registered and in compliance by May 21, 2012.

Under the Amendment, certain master funds formed in the Cayman Islands are now required to register with the Cayman Islands Monetary Authority (CIMA). The new registration requirements apply to master fund structures with one or more regulated feeder funds.

Please refer to the Foley Adviser of February 3, 2012 and March 16, 2012 for more information on the requirements.