Private Funds –  Fund Annual Return (FAR) Requirements - Waystone

      Private Funds – Fund Annual Return (FAR) Requirements

      Filing requirements for Cayman Private Funds

      Operators of Private Funds are responsible for completing and submitting the Fund Annual Return (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 for Private Funds

      1. Obtain the latest version of the FAR from your usual Waystone representative, via REEFS, or from the Private Fund’s auditor.
      2. The FAR to be prepared by an appropriate person with knowledge of the Private Fund’s operations and financial statements. Please contact your usual Waystone representative if you require assistance with preparation of the FAR.
      3. The operator reviews and approves the FAR, confirms the statements in the Operator Declaration are accurate, and signs the Operator Declaration. An Operator Declaration sample can be found here.
      4. 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 Waystone can assist you with Private Funds Act Compliance, please reach out to your usual Waystone representative or contact us below.

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