The Cayman Islands Monetary Authority (“CIMA”) has now released the Fund Annual Return (FAR) for all funds registered with CIMA under the Private Funds Act (“Private Funds”).
Filing requirements for Private Funds
Operators of Private Funds are responsible for completing and submitting the FAR to CIMA within six months of the Private Fund’s year end. Please note that CIMA has provided a filing extension to 30 September 2021 for all Private Funds that have a financial year-end before 31 March 2021.
The submission to CIMA must be submitted via CIMA’s Regulatory Enhanced Electronic Forms Submission (“REEFS”) system and must include the following:
- The Private Fund’s completed FAR.
- The Private Fund’s audited financial statements.
- The Operator Declaration, signed by the operator (director/general partner/trustee).
The Operator Declaration confirms that the Private Fund has complied with sections 16 (valuation), 17 (safekeeping of assets) and 18 (cash monitoring) of the Private Funds Act.
Next steps – filing the FAR
- Obtain the latest version of the FAR from your usual West Bay Global Services representative, via REEFS, or from the Private Fund’s auditor.
- The FAR to be prepared by an appropriate person with knowledge of the Private Fund’s operations and financial statements. Please contact your usual West Bay Global Services representative if you require assistance with preparation of the FAR.
- The operator reviews and approves the FAR, confirms the statements in the Operator Declaration are accurate, and signs the Operator Declaration; we can provide a template Operator Declaration if required.
- The Private Fund’s auditor or registered office will submit the FAR, the audited financial statements and the Operator Declaration via REEFS.
If you have any questions about the FAR preparation process or the Operator Declaration or would like to discuss how West Bay Global Services can assist you, please reach out to your usual representative or contact us below.