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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.

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