Although the Cayman Islands is known as a major international finance center, few people appreciate the sheer size and complexity of its funds landscape. Over 24,000 investment funds were registered with the Cayman Islands Monetary Authority as of the end of 2020, including 12,695 private funds. According to Cayman Finance, 70% of non‑U.S. domiciled alternative investment funds managed by SEC‑registered investment advisers are domiciled in the Cayman Islands. To accommodate the growth in its private funds industry and improve its oversight thereof, the Cayman Islands government enacted the Private Funds Act (PFA) on February 7, 2020. Since it has gone into force, the PFA has both modernized the Cayman Islands’ funds framework and imposed additional burdens on fund managers. In a guest article, Laura da Ascenção, commercial director at TMF Group, details measures taken by the Cayman Islands government to enhance its regulatory approach; the impact of the PFA; key PFA requirements to which managers must adhere; and a forecast of what lies ahead for the Cayman Islands’ regulatory efforts. See “Practical Impact of the Cayman Islands Private Funds Regime on Closed‑End Fund Managers” (Apr. 7, 2020); and “Key Similarities and Differences Between the BVI and Cayman Islands As Fund Domiciles” (Sep. 3, 2019).