CIMA Extends Deadline For Far Filings For Private Funds

      The Cayman Islands Monetary Authority (CIMA) has issued an industry communication extending the deadline for fund annual return (FAR) filings for private funds registered under the Private Funds Act (Revised) (Private Funds).

      CIMA has confirmed that the revised deadline for the first filing of audited accounts and the associated FAR form by all Private Funds is now 30 September 2021. The communication also states that Private Funds will not be subject to penalties for non-compliance with annual audit filing requirements prior to the revised deadline. To read the full details of the notice you can access it here.

      Please note that this extension relates only to the FAR forms for Private Funds. FAR forms relating to open-ended mutual funds registered under the Mutual Funds Act (Revised) must still be filed within six months of the relevant financial year end.

      In addition, the Private Funds (Annual Returns) Regulations includes the requirement for a declaration of compliance with the valuation, safekeeping of fund assets and cash monitoring requirements of the Private Funds Act. This declaration must be signed by an operator (director or on behalf of the General Partner) and the signatory must be authorised to make the declaration and must “have taken all reasonable steps to ensure that the information in this declaration is accurate and complete.”

      If you have any queries regarding any of this information, please reach out to your usual Waystone representative or contact us here.

       
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