請點擊此處查看繁體中文版本

请点击此处查看简体中文版本

日本語版を見るにはここをクリックしてください

 

한국어 버전은 여기를 클릭하십시오

 

On 7 February 2020, the Cayman Islands Government published the Private Funds Law, 2020 and the Private Funds (Savings and Transitional Provisions) Regulations 2020 (together, the "Law").

The Law provides for the registration of certain closed-ended funds (termed "private funds") with the Cayman Islands Monetary Authority ("CIMA"). The main provisions of the Law, including what constitutes a private fund, are summarised in the update1  we published when the Law was in draft bill form.

The Law commenced on 7 February 2020 (the "Commencement Date").

When will private funds need to register?

The regulations provide certain transitional provisions for private funds that have commenced carrying on business at any time prior to the date which is six months after the Commencement Date (each a "transitional private fund").

For these purposes, a private fund will be carrying on business if it has received capital contributions from investors for the purpose of investment.

A transitional private fund will have six months from the Commencement Date to register with CIMA and comply with the Law.

No registration fee will be payable upon the initial registration of a transitional private fund but an annual fee will be payable in January of each following year.

Any private fund which commences carrying on business after this six month transitional period will need to register with CIMA in accordance with the timing requirements set out in the Law.

When will transitional private funds be required to file audited accounts?


A transitional private fund will be required to file audited accounts with CIMA within six months of the end of each financial year. This requirement will apply with respect to the current financial year in which the transitional private fund first registers with CIMA and for each financial year thereafter.

For example, if a transitional private fund has a 31 December year end and registers with CIMA in June 2020, it would first be required to file audited accounts with CIMA in respect of its financial year ending 31 December 2020.

Audited accounts that are filed with CIMA must be audited by an approved Cayman Islands- based auditor.

 

Lawyers from the Maples Group will be reaching out to clients in due course to discuss how the Law may affect them and the process required to register their private funds.

 

Print Ready Version.

 

If you should have any questions, please contact your usual Maples Group contact or any of the contacts below. 

 

*Updated pursuant to CIMA Press Release dated 3 March 2020.

1. Cayman Islands Private Funds Bill 2020

CONTACTS

bioImage

Jon Fowler

Partner

+1 345 814 5526

bioImage

Michael Richardson

Partner

+1 345 814 5532

bioImage

Iain McMurdo

Partner

+1 345 814 5378

bioImage

Grant Dixon

Partner

+1 345 814 5507

bioImage

Jonathan Green

Global Managing Partner

+1 345 814 5466

bioImage

Julian Ashworth

Partner

+1 345 814 5413

bioImage

Philip Dickinson

Partner

+1 345 814 5410

bioImage

Sheryl Dean

Partner

+1 345 814 5294

bioImage

Philip Ireland

Partner

+971 4 360 4073

bioImage

Anthony Webster

Partner

+852 2971 3001

bioImage

Ann Ng

Partner

+852 3690 7475

bioImage

Terence Ho

Partner

+852 2971 3097

bioImage

Sharon Yap

Partner

+852 2971 3079

bioImage

Harjit Kaur

Partner

+44 20 7466 1655

bioImage

Heidi de Vries

Managing Partner

+44 20 7466 1651

bioImage

Tom Katsaros

Partner

+65 6922 8403

*
*
*
*


Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

The use of this form does not create an attorney-client relationship and information submitted will not necessarily be treated as privileged or confidential, nor will it prevent us from accepting related instructions on behalf of others. Do not send us any information regarding any current or potential legal matters until your proposed engagement of us as legal counsel has been agreed and confirmed by us in writing.

*
*
*

Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

Connect

Want to get in touch ?

Contact Us