17-Apr-2014

House Approves Bills on Partnership Formation, Third-Party Rights

Ministry of Financial Services, Commerce and Environment

Legislation to increase Cayman’s attractiveness for partnership formation, as well as a law that will
give more rights to persons who are not direct parties in a contract, was approved on Friday, 11
April in the Legislative Assembly.

Both pieces of legislation will become effective once the Governor has assented to them, and
following their publication in the Cayman Islands Gazette.

The Exempted Limited Partnerships Bill will repeal the current Exempted Limited Partnerships Law.
It enhances Cayman’s partnership formation framework by providing much more flexibility in the
types of partnerships that can be formed, similar to what is provided in the Companies Law. It also
provides for the registration, licensing and regulation of exempted limited partnerships.

The Contracts (Rights of Third Parties) Bill gives the authority to enforce rights to persons who are
not direct parties in a contract, once these rights have been conferred to them by the contract’s
principal parties.

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