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Industry Updates
Cayman Islands: Private Funds Fund Annual Return Form Released
10 Aug 2021
The Cayman Islands Monetary Authority ("CIMA") has released the form for completing Fund Annual Returns ("FAR"). The FAR is a Microsoft Excel-based tool through which CIMA captures general, operating and financial information relating to regulated funds. It is required to be filed annually alongside the audited financial statements within six months after the financial year-end.
While the local Cayman Islands auditor or other designated persons files the FAR on behalf of the fund, the fund operator, which includes directors, trustee or general partner, is ultimately responsible for completing the FAR.
Due to delays in the release of FAR, the deadline for filing of a private fund's audited accounts and the form has been extended to 30 September 2021. In the interim, private funds will not be subject to any related penalties for non-compliance with section 13 of the Private Funds Act (2021 Revision)
How can Maples Group help?
Our Accounting, Tax & Agency Services team can provide FAR services that include on-boarding, assistance with FAR preparation, and ongoing feedback and consultation on completing the FAR.
The team can also submit the approved FAR directly to CIMA through their portal or provide it to the fund's auditor for filing. In addition, payment of the CIMA filing fees can be coordinated on behalf of the fund. A stand-alone filing service is also available if assistance with preparation is not required.
If you have any questions relating to these changes or our services, please reach out to any of the below or your usual Maples Group contact.
While the local Cayman Islands auditor or other designated persons files the FAR on behalf of the fund, the fund operator, which includes directors, trustee or general partner, is ultimately responsible for completing the FAR.
Due to delays in the release of FAR, the deadline for filing of a private fund's audited accounts and the form has been extended to 30 September 2021. In the interim, private funds will not be subject to any related penalties for non-compliance with section 13 of the Private Funds Act (2021 Revision)
How can Maples Group help?
Our Accounting, Tax & Agency Services team can provide FAR services that include on-boarding, assistance with FAR preparation, and ongoing feedback and consultation on completing the FAR.
The team can also submit the approved FAR directly to CIMA through their portal or provide it to the fund's auditor for filing. In addition, payment of the CIMA filing fees can be coordinated on behalf of the fund. A stand-alone filing service is also available if assistance with preparation is not required.
If you have any questions relating to these changes or our services, please reach out to any of the below or your usual Maples Group contact.
Related Services
Funds & Investment Management
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Funds & Investment Management team provides expert legal advice on every aspect of the life cycle of an investment fund including set up, management and investment across a broad range of fund structures and management entities.
Regulatory & Financial Services Advisory
Our global team of regulatory lawyers provides expert legal advice to BVI, Cayman Islands, Irish, Jersey and Luxembourg entities regarding AML and CTF compliance including development and assessment of AML / CTF and risk management systems, KYC and customer due diligence best practices, conduct of money laundering and fraud proceedings and provision of expert evidence on AML / CTF and regulatory obligations.
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