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CIMA Filings - Audited Financial Statements and Fund Annual Return

Updated: Apr 9

A key Cayman Islands regulatory deadline is fast approaching.

Mutual funds and private funds registered with the Cayman Islands Monetary Authority (“CIMA”) with a financial year-end of December 31, 2021 must file their audited financial statements and Fund Annual Return (the “FAR”) by June 30, 2022.

The current version of the FAR remains FAR version 4.0 and is to be completed and submitted for funds with a financial year-end of June 30, 2020 or later.

The FAR Form version 4.0 can be downloaded from CIMA’s website, or to save time, the same form submitted for the December 31, 2020 year-end can be rolled forward as much of the static information on the forms’ first tab will remain unchanged. The information on the forms’ second tab will be taken directly from the fund’s December 31, 2021 audited financial statements.

While the FAR is the ultimate responsibility of the operators, it is often compiled by the fund’s administrator with input from the fund’s investment manager before review by the operators and auditor. The FAR must then be filed by the fund’s local auditor via CIMA’s REEFs system.

Operators of registered funds are also reminded of the annual FAR filing fee of US$365.85 (CI$300.00) which becomes due at the time of submission of the FAR. The FAR filing fee is often submitted to CIMA on the Fund’s behalf by its registered office provider, administrator or in some cases by its investment manager.

Comprehensive guidance notes and directions to complete the FAR can be downloaded from CIMA’s website. The guides provide an introduction and overview of the FAR, followed by detailed instructions on how to complete each section. The FAR itself also contains useful comments when the cursor is hovered over a particular cell. It is important to complete the FAR properly and completely as CIMA may reject a FAR for various reasons, which will require the FAR filing process to be repeated.

For private funds, which are regulated under the Private Funds Act, the June 30, 2022 deadline and FAR filing fee for December 31, 2021 year-ends, remain the same, however there is a separate private funds FAR (updated in February 2022) in addition to a Declaration to be completed by the operators. The FAR process for private funds is slightly different from mutual funds and please contact your IMS provided operator for further details.

In certain circumstances, for a non-refundable fee, operators may apply to CIMA for a waiver/exemption of the filing requirement or for an extension of the deadline by which the AFS and FAR must be filed.

For general enquires and questions on the completion of your fund’s FAR, please reach out to your IMS provided operator in the first instance.

IMS is one of the longest established company management firms in the Cayman Islands. IMS is licensed by the Cayman Islands Monetary Authority to provide independent directors, company management and incorporation, mutual fund administration, captive insurance and trust services. For more information about our services, please contact us.

Disclaimer: this publication does not constitute legal or professional advice and should not be relied on as such.

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