Update on Private Funds Regulations in the Cayman Islands
The legislative framework for Cayman Islands Private Funds came into force in February 2020 when the Legislative Assembly passed into law the Private Funds Act (2020).
The Private Funds (Annual Returns) Regulations, 2021 provide the form of annual return to be filed by private fund operators when providing general operation and financial information for private funds as required by the regulator, the Cayman Islands Monetary Authority (CIMA). These regulations also set out the filing fees which must be paid along with submission of annual returns.
The Private Funds (Amendment) Regulations, 2021 set out the process for notifying CIMA, for registered private funds that are not legally required to file audited accounts or annual returns because they have not received capital contributions from investors. Private fund operators must submit an operator’s declaration with six (6) months of the private fund’s financial year-end.
Please contact Stefanie Suckoo at email@example.com or +1 345 324 6382 to discuss how the recent amendments may affect your business and how AMS Law can assist you in this regard.