Investment Funds Licensing Requirements
Mutual Fund Administrators Licence
The information and particulars to be contained in an application for a Mutual Fund Administrator licence under Section 11 of the Mutual Funds Law are contained in the Mutual Fund Administrators Licence (Applications) Regulations.
The application should be sent to:
Cayman Islands Monetary Authority
P.O Box 10052
Grand Cayman KY1-1001
Note that CIMA may require additional information to determine the application.
Timeframe for Approval
It takes approximately six to eight weeks to obtain a Mutual Fund Adminstrators license once CIMA receives all required documentation.
Mutual Funds Licence / Registration
Documentation Required for Authorisation of All Funds
The documentation to be submitted for the licensing or registration of a mutual fund is as follows:
- Application Form - Select and download the application form (MF Form) relevant to the fund to be authorised:
- Registered Fund - for regulation pursuant to section 4(3): MF1 Form
- Administered Fund - for regulation pursuant to section 4(1)(b): MF2/MF2A Forms
- Licensed Fund - for regulation pursuant to section 4(1)(a): MF3 Form
- Master Fund - for regulation pursuant to section 4(3)(a)(iii): MF4 Form
- Certified copy of Certificate of Incorporation/Registration
- Administrator’s Letter of Consent (may not be applicable to Master funds - see MF4 Form)
- Auditor’s Letter of Consent * (may not be applicable to Master funds - see MF4 Form)
- Offering Memorandum
- Fee for Registered, Administered, and Licensed funds / Fee for Master funds.
- Administrative Fee for the filing of an application form (MF Form) for registration of a regulated mutual fund or Master Fund and/or a mutual fund license.
To access CIMA's online regulatory application submission portal
Additional Documentation Required for Operators of Licensed Funds
In addition to the documentation listed above, CIMA requires that all Operators who wish to be appointed to a fund licensed under Section 4(1)(a) - Licensed Fund - must also provide the following documents:
- Personal Questionnaire, completed
- One Financial Reference
- Two Character References. For the requirements for reference letters, see pages 73 & 74 of the Regulatory Handbook - Appendices.
- Police Certificate or Affidavit of no Convictions
Timeframe for Approval
It takes approximately five business days to register a mutual fund and four to six weeks to license a fund once all documentation has been received.
Auditor Approval Requirements
* Local Auditor sign-off is required for all mutal funds and mutual fund adminstrators regulated by the Authority. For a list of Approved Auditors click on the link below:
Current List of Approved Local Auditors
The Authority has issued the following policy on the auditor approval process:
Revised Auditor Approval Policy
Please note the following for additonal information on guidance for local Auditors:
Regulatory Policy on Fitness and Propriety
Regulatory Procedure on Fitness and Propriety
Local Auditor Sign off Policy
Marketing Policies of Licensees
Policy on Prudential Reports and Statistical Returns