Comparison of Bermuda,

Cayman Islands and British Virgin

Islands Funds

Foreword

Thismemorandumhasbeenpreparedfortheassistanceofthosewhoareconsidering
theformationofafundinanoffshorejurisdictionsuchasBermuda,theBritishVirgin
Islands(BVI)ortheCaymanIslands(Cayman).

Thismemorandumdealsinbroadtermswiththerequirementsofeachjurisdictionfor
the establishment and operation of a fund. It is not intended to be exhaustive, but
merelytoprovidebriefdetailsandinformation,which,wehope,willbeofusetoour
clients. We have separate memoranda dealing with each jurisdiction, which can be
provideduponrequest.Werecommendthatourclientsseeklegaladviceinrelation
toeachjurisdictionontheirspecificproposalsbeforetakingstepstoimplementthem.

Beforeproceedingwiththeincorporationofafundinanyofthejurisdictions,persons
are advised to consult their tax, legal and other professional advisors in their
respectivejurisdiction.

This memorandum has been prepared on the basis of the law and practice as of the
datereferredtobelow.

ConyersDill&Pearman

October2013
Page 2 of 11

BERMUDA CAYMAN B.V.I.

1. INTRODUCTION
As the establishment of investment funds, mutual funds and hedge funds in offshore jurisdictions continues to
grow, it is becoming increasingly important to understand the advantages offered by each jurisdiction. Conyers
Dill&PearmanhasofficesineachofBermuda,theBVIandCaymanandisabletoadviseontheestablishmentof
a fund in each of these three jurisdictions. The purpose of this comparison is to help our clients identify which
jurisdictionbestsuitstheirlegalandcommercialrequirements.
2. FUNDVEHICLES
A fund may be a company,
segregated accounts company, unit
trustschemeorlimitedpartnership.
A fund may be a company,
segregated portfolio company, unit
trustorpartnership.
A fund may be a business
company, segregated portfolio
company, unit trust, partnership
orotherbody.

3. FUNDCATEGORIES:UNREGULATED
1. UnregulatedFunds
E.g.privatefunds/excludedfunds
includingmasterfundswithless
than20investorsandwhichdo
notpromotethemselvestothe
publicgenerally.(Norequirement
thatinvestorsbeabletoremove
fundoperator(s)(i.e.directors,
generalpartnerortrusteeas
applicable))
E.g.closedendedfundssuchas
privateequityfundswhicharenot
subjecttotheprovisionsoftheIFA
(definedbelow)
Applicationfee:zero
1. UnregulatedFunds
E.g.closedendedfundssuchas
privateequityfundsandcertain
overseasfunds
E.g.privatefundssetupfora
max.of15investorsandthe
majorityofinvestors(whether
votingornonvoting)canappoint
orremovefundoperator(s)(i.e.
directors,generalpartneror
trusteeasapplicable)(exemption
fromlicensingandregistrationnot
availableforMasterFunds(see
below))
Applicationfee:zero
1. UnregulatedFunds
E.g.closedendedfundssuchas
privateequityfunds
Applicationfee:zero
4. FUNDCATEGORIES:REGISTERED
Legislation:
InvestmentFundsAct2006(the
IFA)

1. ClassAExemptFunds
Opentoqualifiedparticipants
(e.g.sophisticatedinvestors)and
investmentmanagerswithcertain
qualifications(seebelow).
Noregulatoryapprovalrequired;
filingonly.
ApplicationFee:$1,500
AnnualFee:$1,500

Legislation:
MutualFundsLaw(2012Revision)
(theLaw)

1. RegisteredFunds
Setupformin.investmentof
US$100,000orinterestslistedona
recognisedstockexchange.
ApplicationFee:CI$3,500/US$4,270
AnnualFee:CI$3,500/US$4,270

Legislation:
SecuritiesandInvestmentBusiness
Act2010(SIBA)

1. PrivateFunds
Setupformax.of50investorsor
interestsofferedonprivatebasis
only.
ApplicationFeeforRecognition:
$1,000(onorbeforeJune30inany
year;$500thereafter)
AnnualRenewalFee:$1,000

Page 3 of 11

Page 4 of 11
BERMUDA CAYMAN B.V.I.
2. ClassBExemptFunds
Onlyopentoqualified
participants.
ApplicationFee:$1,000
AnnualFee:$1,000
5. FUNDCATEGORIES:REGULATED
Legislation:
InvestmentFundsAct2006(the
IFA)

1. InstitutionalFunds
Onlyopentoqualified
participantsorsetupformin.
investmentof$100,000.
ApplicationFee:$830
AnnualFee:$940
2. StandardFunds
Generallyretailfunds
Allotherfundsnototherwise
classifiedorexempted/excluded.
ApplicationFee:$830
AnnualFee:$1,490
3. AdministeredFunds
Setupformin.investmentof
$50,000orinterestslistedona
BMArecognisedstockexchange.
IFAlicensedadministrator.
ApplicationFee:$830
AnnualFee:$940
Legislation:
MutualFundsLaw(2012Revision)
(theLaw)

1. AdministeredFunds
LicensedCaymanadministrator
appointedtoprovideprincipal
office.
ApplicationFee:CI$3,500/US$4,270
AnnualFee:CI$3,500/US$4,270
2. LicensedFunds
Licensedasaregulatedfundby
CIMA.
ApplicationFee:CI$3,500/US$4,270
AnnualFee:CI$3,500/US$4,270

Legislation:
SecuritiesandInvestmentBusiness
Act2010(SIBA)

1. ProfessionalFunds
Onlyopentoprofessional
investorsandsetupformin.
investmentof$100,000(unlessan
exemptedinvestori.e.the
manager,promoterandtheir
employees,theadministratoror
underwriter).
ApplicationFeeforRecognition:
$1,000(onorbeforeJune30inany
year;$500thereafter)
AnnualRenewalFee:$1,000
2. PublicFund
(businesscompanyorunittrust)
Mayofferintereststothepublicin
accordancewithSIBA.
ApplicationFeeforRegistration:
$1,500(onorbeforeJune30inany
year;$750thereafter)
AnnualRenewalFee:$1,500
SpecifiedJurisdictionFunds(Japan)
Recognisedtobemarketedtothe
Japanesepublic.
ApplicationFee:zero

MasterFunds
Hasoneormoreregulatedfeeder
funds(i.e.mutualfundsthat
conductmorethan51%oftheir
investingthroughanothermutual
fund).
ApplicationFee:CI$2,500/US$3,050
AnnualFee:CI$2,500/US$3,050
RecognisedForeignFunds
Overseasfundsalreadyregulated
andsupervisedbyanFSC
approvedjurisdictionmaybe
recognisedintheBVI.
ApplicationFeeforRecognition:
$1,000(onorbeforeJune30inany
year;$500thereafter)
AnnualRenewalFee:$1,000
6. ESTABLISHMENTPROCEDURE(EXEMPTED/INTERNATIONALCOMPANIES)
Requestforpermissionto
incorporatemadetoBMA.
Incorporationcangenerallybe
completedwithin2448hours
aftercollectionofduediligence
Filingforincorporationmadeto
RegistrarofCompanies.
Incorporationcangenerallybe
completedwithin2448hours
aftercollectionofduediligence
Filingforincorporationmadeto
RegistrarofCorporateAffairs.
Incorporationcangenerallybe
completedwithin2448hours
afterthememorandumand

Page 5 of 11
BERMUDA CAYMAN B.V.I.
documentation.
Byelaws,prospectusand
agreementsmustbefinalised
beforelaunch.
RegisteredFunds:
(1)ClassAExemptFunds:Filing
withBMAofconfirmationof
eligibilitycertificateandoffering
memorandum.Nofurther
approvalsorrequirements.
(2)ClassBExemptFunds:BMA
approvalofexemptionmustbe
obtainedbeforelaunch(approx.5
10days).
RegulatedFunds:BMAapproval
ofauthorisationandappointment
ofserviceprovidersmustbe
obtainedbeforelaunch(approx.5
days)
documentation.
Articlesofassociation,prospectus
andagreementsmustbefinalised
beforelaunch.
RegisteredandRegulatedFunds:
CIMAmustconfirmapprovalof
statutoryparticularssubmitted
beforelaunch(approx.5days).
articlesareinfinalform.
Prospectusandvarious
agreementsmustbefinalisedand
governmentapprovalsreceived
beforelaunch.
Registered/PublicFunds:must
applytoberecognised/registered
bytheFSCbeforelaunch(approx.
14days).
ProfessionalFunds:maycarryon
businessupto21dayspriorto
beingrecognised.
7. ORGANISATIONCOSTS*
IncorporationCost:$2,524
(includingtaxassurance,filingfeeand
firstyearannualgovfee)
AnnualGovFee:$1,995

PartnershipCost:$2,715
(includingtaxassurance,filingfeeand
firstyearannualgovfee)
AnnualGovFee:$2,235

RegisteringUnitTrust:zero
AnnualFee:zero

SegregatedAccountsCompany
RegistrationFee:$250
FeeperSegregatedAccount:$280(up
toamaximumof$1,120i.e.4accounts;
thereafterzeroperaccount)
IncorporationCost:US$$2,653
(includingtaxundertaking,filingfee
andfirstyearannualgovfee)
AnnualGovFee:US$854for
companieswithauthorisedcapitalofup
toUS$50,000

PartnershipCost:US$3,150
(includingtaxundertaking,filingfee
andfirstyearannualgovfee)
AnnualGovFee:US$1,464

UnitTrustRegistrationandAnnual
GovFee:US$610

SegregatedPortfolioCompanyFee:
US$2,440
Registrationfee:US$610
FeeperPortfolio:US$366
(uptomaximumofUS$1,830)
MutualFundSPCspayanadditional
US$305perportfolio
(uptoamaximumof25portfolios)
IncorporationCost:$350
(includingfilingfeeandfirstyear
annualgovfee)
AnnualGovFee:$350forcompanies
authorisedtoissueupto50,000shares
orwithauthorisedsharecapitalofupto
$50,000

PartnershipCost:$500
(includingfilingfeeandfirstyear
annualgovfee)
AnnualGovFee:$500

UnitTrustEstablishmentFee:$200
AnnualFee:zero

SegregatedPortfolioCompany
ApplicationFee:$1,000
ApplicationFeeperPortfolio:$250
AnnualFee:$1,000
AnnualFeeperPortfolio:$100
(subjectto50%discountfortheinitial
yearifapprovalonorafterJuly1
st
);
providedthetotalannualfeepayableby
anSPCwillnotexceed$10,000inany
year)

Page 6 of 11
BERMUDA CAYMAN B.V.I.

*The costs listed do not include legal or service fees charged by service providers which vary depending on the
specificfactsofthematter.Pleasecontactanyofourofficesforafeeestimateforyourparticularmatter.

8. EXEMPTED/INTERNATIONAL UNIT TRUSTS: Legal Nature, Establishment Procedure &

LocalRequirements
Notaseparatelegalentity.
Onlytrusteecanenterinto
contracts,sueandbesued.
Eachinvestordoesnothavean
entitlementtothespecific
investmentscomprisedinthe
trustfund,butjusttherightto
redeemhisshareinitsassets,
knownasaunit,forcashata
pricebasedonthevalueofthe
investments.
Notaseparatelegalentity.
Onlytrusteecanenterinto
contracts,sueandbesued.
Eachinvestordoesnothavean
entitlementtothespecific
investmentscomprisedinthe
trustfund,butjusttherightto
redeemhisshareinitsassets,
knownasaunit,forcashata
pricebasedonthevalueofthe
investments.
Notaseparatelegalentity.
Onlytrusteecanenterinto
contracts,sueand,unless
section97TrusteeActisapplied
tothetrust,besued.Ifsection
97issoapplied,trusteehasno
personalliabilityto
counterpartyontransaction
properlyenteredintoin
disclosedorknownfiduciary
capacityandcounterparty
effectivelyaffordedrightto
proceedagainstfunddirectly.
Eachinvestordoesnothavean
entitlementtothespecific
investmentscomprisedinthe
trustfund,butjusttherightto
redeemhisshareinitsassets,
knownasaunit,forcashata
pricebasedonthevalueofthe
investments.
Ifopenended,applytoBMA
forclassification/tobeaClassB
ExemptFundundertheIFA
(approx.5days).
Ifsatisfiesrequirementsfora
ClassAExemptFund,make
filingwithBMAunderIFAto
completeregistration.
Ifrelevant,applytoCIMAfor
regulationasamutualfund
undertheLaw(approx.5days).
ApplytotheFSCfor
registrationasamutualfund
underSIBA(approx.14days).
Theunittrustmusthavea
Bermudanexus,e.g.aBermuda
functionary,trusteeorresident
representative.
ThetrusteeofaCaymanunit
trustwilltypicallybeatrust
companyundertheBanksand
TrustCompaniesLaw(as
amended).
Aunittrustmayalsoitselfbe
registeredinCaymanwiththe
RegistrarofTrustsasan
exemptedtrustpursuantto
Section74oftheTrustsLaw.
Notethatinthecaseofan
Aunittrustregisteredasa
PublicFund,musthaveaBVI
companyasatrustee.

Page 7 of 11
BERMUDA CAYMAN B.V.I.
exemptedtrust,thebeneficiaries
shouldnotincludeaperson
residentorlikelytoberesident
ordomiciledinCayman.
9. EXEMPTED/INTERNATIONAL LIMITED PARTNERSHIPS: Legal Nature, Establishment
Procedure&LocalRequirements
Separatelegalpersonality
available.
Cancarryonbusiness,sueandbe
suedinpartnershipname.
Noseparatelegalpersonality
available.
Cancarryonbusiness,sueandbe
suedinpartnershipname.
Noseparatelegalpersonality
available.
Cancarryonbusiness,sueandbe
suedinpartnershipname.
GeneralpartnerappliestoBMA
forpermissiontoform;
particularsofthepartnership
required(approx.2448hours).
Oncepermissiongranted,the
generalpartnerfilescertificatesof
limitedandexempted
partnershiptoregisterthe
partnership.
RegistrarofCompaniesissues
certificateofregistration(approx.
2448hours).
Generalpartnersubmitsto
RegistrarofExemptedLimited
Partnershipsastatementsetting
outparticularsofthepartnership
andadeclarationthatthe
partnershipwillnotundertake
businesswiththeCaymanpublic
saveaspermitted.
Registrarissuescertificateof
registration(approx.45days;24
hoursforanadditionalfeeof
CI$400/US$500).
Partnerssubmitexecutedarticles
ofpartnershiptolocalregistered
agent.
Localregisteredagentsubmitsto
FSCforregistrationa
memorandumoflimited
partnershipwhichincludes
particularsofthepartnershipand
astatementthatthepartnership
willnotcarryonbusinesswith
personsresidentintheBVIor
ownaninterestinrealpropertyin
theBVI(otherthananoffice
lease).
FSCissuescertificateoflimited
partnership(approx.14days).
Nolocalconnectionrequiredfor
generalpartner(s).
Mustappointresident
representativeandhaveBermuda
registeredoffice.

Musthaveatleast1general
partnerwithalocalconnectionto
Cayman.
MusthaveCaymanregistered
office.
Mustfileannualstatementof
prescribedpartnershipparticulars
anddeclarationthatthe
partnershipwillnotundertake
businesswiththeCaymanpublic
saveaspermitted.
Nolocalconnectionrequiredfor
generalpartner(s).
Mustappointregisteredagentin
theBVIandhaveaBVIregistered
office.
Mustmaintainrecordsofaccount
andaregisterofpartnership
interests,whichareopento
inspectionbylimitedpartners
only.
Thecertificatesofexemptedand
limitedpartnershipareavailable
forpublicinspection.
Subjecttopartnershipagreement,
limitedpartnersareentitledto
fullinformationregardingthe
stateofthebusinessandfinancial
conditionofthepartnership.
Theregisterofpartnership
interestsisavailableforpublic
inspectionwiththeconsentofthe
generalpartner.Forafee,the
publiccanobtainacopyofthe
certificateofregistrationorany
Mustmaintainrecordsand
underlyingdocuments,including
accounts,andaregisterof
partnershipinterestswhichare
opentoinspectionbylimited
partners.
Theregisteroflimited
partnershipsandthe
memorandumoflimited
partnershipareavailablefor
publicinspection.

Page 8 of 11
BERMUDA CAYMAN B.V.I.
registeredstatementfiledin
respectofthepartnership.
Thepartnershipagreementcan
setouttransfer/withdrawal
restrictions(ifany).
Thepartnershipagreementcan
setouttransfer/withdrawal
restrictions(ifany).
Subjecttothearticlesof
partnership,alimitedpartnership
interestisassignable.Anassignee
maybecomeasubstitutelimited
partnerwiththeconsentofall
partnersotherthantheassignor
or,inaccordancewiththearticles
ofpartnership,withtheconsent
oftheassignororoneormore
otherpartners.
10. PROSPECTUSES
Unlessacceptedbyacompetent
regulatoryauthorityorappointed
stockexchanged,orsubjecttoa
Directiontodisapplyfiling
requirement,copymustbefiled
withRegistrarofCompanies.
FilingFee:$82
Mustcontainparticularssetoutin
theCompaniesAct1981andthe
IFA(unlessunregulated/
exempted).
MasterFunds:notrequiredto
adoptorfileanoffering
document.
RegisteredandRegulatedFunds
mustfileacopywithCIMA
togetherwithstatutory
particulars.
Administrativefeeforfilingfor
registrationofafundormasterfund
CI$300/US$366
MasterFunds:notrequiredto
adoptorfileanoffering
document;mustdisclose
informationthroughFormMF4.
PublicFunds:mustapplyand
registeracopywiththeFSC.
ApplicationFee:$250
RegistrationFee:$500(or$250foran
amendment)
Professional/PrivateFunds:
requiredtosubmitacopywhich
mustcontainaprescribedformof
investmentwarning,orif
permittedbytheFSC,canavoid
submittingbutmustprovideeach
investorwithaseparatedocument
containingtheinvestment
warning.
11. FUNCTIONARIES
ExceptforUnregulatedFunds,
mustappoint:
Investmentmanager
Administrator
CustodianorPrimeBroker
(NB:ExceptforStandardFunds,noneof
theaboveneedberesidentinBermuda
ifthereissomeotherBermudanexus
e.g.aBermudadirector,secretaryor
residentrepresentative)
Willtypicallyappoint:

Investmentmanager
Custodian/PrimeBroker

Mustappoint(unlessexempted):

Investmentmanager
Administrator
Custodian
(NB:forRegistered/ProfessionalFunds,
custodianmustbeindependentfrom
themanager/administratorunlessthere
aresufficientsystemstoensure
functionalindependence)
ClassAExemptFunds:
investmentmanagermustbe
regulatedbyanacceptable
regulatorormanageatleast$100
million.
StandardFunds:ifadministrator
doesnotcarryonadministration
businessinBermuda,custodian
RegisteredandRegulatedFunds:
dependingonthetypeoffund,
maybeobligedtoappointa
licensedmutualfund
administratorwhichmustcomply
withcertainobligationsandduties
pursuanttotheLaw.Socalled
sophisticatedinvestorfunds
Registered/ProfessionalFunds:
FSCcanexemptfromrequirement
tohaveamanager,custodianor
auditor.
PublicFunds:FSCcanexempt
fromrequirementtohavea
custodian.
Certainterms,limitations,

Page 9 of 11
BERMUDA CAYMAN B.V.I.
mustbelicensedbytheBMA. neednotappointaCaymanbased
administrator.

restrictions,orconditionsthatmay
beplacedonacertificateof
recognition/registrationwillnot
ariseinprinciplewhenappointed
functionariesareincorporatedin
BVI,arecognisedjurisdiction
underSIBA,oranacceptable
jurisdictiontotheFSC.
12. REPORTINGREQUIREMENTS
Annualsubmissionofstatement
confirmingcompliancewiththe
IFA,fundrulesandfund
prospectusrulestoBMA,as
applicable.
RegulatedFunds:BMAapproval
neededtoanyproposaltoreplace
adirectororaserviceprovider
andforanymaterialchangesto
prospectus/offeringdocument.
MaterialChangesApplication:$250
ClassAExemptFunds:annual
compliancestatementtoBMAthat
fundcontinuestoqualifyfor
exemptionandoutliningany
materialchangesto
prospectus/offeringdocument.
ClassBExemptFunds:annual
compliancestatementtoBMA.
AlsorequireBMAapprovalfor
anyproposaltoreplaceadirector
oraserviceprovider.
StandardFunds:monthlyreports
onshareactivitytoBMA.
Institutional/AdministeredFunds:
quarterlyreportsonshareactivity
toBMA.
AdviseCIMAofchangesof
directorsandserviceproviders.
RegisteredandRegulatedFunds:
fileanamendedoffering
documentorstatutoryparticulars
ifthereisamaterialchangewith
CIMA.
FilingFee:CI$300/US$366
AmendmentsorSupplementsto
Prospectus:CI$100/US$122
RegisteredandRegulatedFunds:
fileannualreportwithCIMA.

NotificationtoFSCofanewor
amendedofferingdocument,
changeinbusinessaddressor
amendmentstoconstitutional
documents.
PublicFunds:FSCapproval
neededforanymaterialchanges
toprospectusorstructure
(includingchangeofdirectors,
functionaryorauditor).
Registered/ProfessionalFunds:
notificationtoFSCofanychange
indirectors,authorised
representative,functionaryor
auditor.
(NB:nonotificationrequiredifa
functionaryresigns,isterminatedor
otherwiseceasestoactanda
replacementisappointedwithin7days)
13. REPORTINGREQUIREMENTS:FINANCIAL
Distributionoffinancialreportto
investorsincludingcopiesof
auditedfinancialstatements.
RegisteredFundsonly:Filingof
annualauditedaccountswith
BMArequired.
Generallyacceptedaccounting
principalsandgenerallyaccepted
auditingstandardsofany
RegisteredandRegulatedFunds
(includingregulatedMaster
Funds):annualauditedaccounts
filedwithCIMA(unless
exemptionisgranted).
AccountsmusthavelocalCayman
auditorsignoff.
Registered/ProfessionalFunds:
copyofauditedfinancial
statementsprovidedtoFSC.
InternationalFinancingReporting
Standardspromulgatedbythe
InternationalAccountStandards
Board,UKGAAP,USGAAP,
CanadianGAAPorinternationally
recognisedandequivalent

BERMUDA CAYMAN B.V.I.

Page 10 of 11
jurisdictionapply.
Norequirementtohavelocal
auditorsignoffofaccounts.
generallyacceptedaccount
standardsapply.
14. LOCALREQUIREMENTS:COMPANIES
MustmaintainaBermuda
registeredoffice.
Mustappointaregistrarto
maintainaregisterofparticipants
inBermuda(althoughoverseas
subregisterorbranchis
permissible).
Nolocaldirectorrequired(if
secretary/residentrepresentative
inBermuda).
MustmaintainaCayman
registeredoffice.
Nolocaldirectorrequired.

MustmaintainaBVIregistered
officeandregisteredagent.
Mustappointanauthorised
representativebeingaBVIentity
orindividualcertifiedbytheFSC
forsuchpurposetoactasaliaison
betweentheFSCandthelicensee
andmaintainrecords.
Nolocaldirectorrequired.
15. MANAGEMENT:COMPANIES
Musthaveatleast1directoranda
secretary;1mustbeordinarily
residentinBermuda.Ifneitherare
resident,mustappointaresident
representative.
Secretary,directororresident
representativecanbean
individualorcompany.
Musthaveatleast2individual
directors.
Corporatedirectorsarepermitted
incertaincircumstances.
Registered/ProfessionalFunds:
musthaveatleast2directors;1
mustbeanindividual.
PublicFunds:musthaveatleast2
directors;cannothavecorporate
directors.

RegisteredandRegulatedFunds:
auditormustbeacceptableto
BMAbutisnotrequiredtobe
basedinBermuda.
UnregulatedFunds:auditornot
required.
RegisteredandRegulatedFunds:
auditormustbeaCIMAapproved
firmbasedinCayman.
UnregulatedFunds:auditornot
required.
Registered/ProfessionalFunds:
auditormustsatisfyrequirements
ofSIBAandtheBVIRegulatory
Code.FSCcanexempt
requirementtohaveanauditor.
PublicFunds:auditormustbe
specificallyapprovedbytheFSC.
Thereisnorequirementtohold
boardmeetingsor,ifwaivedbya
shareholderresolution,anannual
generalmeeting.
Anysuchmeetingsneednotbe
heldinBermuda.
Thereisnorequirementtohold
boardmeetingsoranannual
generalmeeting.
Anysuchmeetingsneednotbe
heldinCayman.

Thereisnorequirementtohold
boardmeetingsoranannual
generalmeeting.
Anysuchmeetingsneednotbe
heldintheBVI.

Page 11 of 11
Thispublicationisnota substitutefor legaladvice norisitalegalopinion.Itdealsinbroad
termsonlyandisintendedmerelytoprovideabriefoverviewandgivegeneralinformation.

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