The Cayman Islands Monetary Authority, through a working group it created, has recommended major changes to the current mutual funds law, TheLawyer.com reports. According to Mark Lewis of the law firm Walkers, legislation, which is expected to take effect later this year, will replace the term "mutual fund," which usually denotes public funds, with "investment funds." The proposed recommendations offer a more precise definition of "physical presence," and would no longer require funds that are domiciled in member jurisdictions of the International Organization of Securities Commissions to be regulated by Cayman authorities. This, says Lewis, will put Cayman administrators on the same level as those in Bermuda, the British Virgin Islands and U.S. onshore funds, which spares funds the expense of registration both in their home countries and in their domicile.