Audited Financial Statements and Fund Annual Return
The Fund Annual Return (FAR) Form version 4.0 (FAR-016-22-04) and updated Completion Guide (see below) were issued on 27 November 2020. FAR Form 4.0 is an updated version and will replace FAR Form version 3.0 (FAR-016-22-03) that was released on 14 June 2016.
Various sections of FAR Form 4.0 has been updated to collect additional information and data as outlined in the Mutual Funds (Annual Returns) (Amendment) Regulations, 2020. The relevant sections of the Completion Guide have also been updated to clarify the reporting requirements under those sections.
FAR Form 4.0 is required to be completed and submitted for funds with a financial year-end of 30 June 2020 or later.
FAR Form 3.0 is to be used for funds with a financial year-end prior to 30 June 2020.
All FAR Forms are available here.
All funds regulated under the Cayman Islands’ Mutual Funds Act (as revised) (the "MFA") must submit, to CIMA, the following documents covering the fund’s financial year, within six months of the fund’s financial year-end:
These documents must be submitted electronically through CIMA’s electronic reporting system as explained below.
To make it easier for mutual fund operators to meet the annual return submission requirements, CIMA implemented the FAR Form that operators fill out, as well as electronic reporting systems through which the FAR and audited annual financial statements are submitted. There are two systems running concurrently at present, the old system, E-Reporting, and the new system, Regulatory Enhanced Electronic Forms Submission ("REEFS").
The latest mutual fund FAR Form is available here.
The fund operator is responsible for ensuring the FAR is filled out accurately and completely, and submitted to CIMA.
The local auditor for each fund (CIMA-approved Cayman Islands audit firms) is responsible for submitting the FAR to CIMA, through either the E-reporting or REEFS systems, depending on the fund’s year-end.
If you require further information regarding mutual fund FAR filings, please contact the Investments Supervision Division.
The Fund Annual Return (“FAR”) Form for Private Funds and related Completion Guide (see below) were released on 9 July 2021. The audited financial accounts and FAR for Private Funds are completed and submitted via the REEFS system by utilising form PFR-049-77.
All funds regulated under the Private Funds Act (as revised) (the “PFA”) must submit, to CIMA, the following documents covering the fund’s financial year, within six months of the fund’s financial year-end:
Related Fund Entity form (RFE-050-77), duly completed and submitted via REEFS.
The above must be submitted electronically through REEFS as explained below.
The private fund FAR is submitted through REEFS using form PFR-049-77. Please refer to comments here for obtaining a downloadable Excel version of the private fund FAR form from designated submitters.
Operators of all funds regulated under the PFA are responsible for ensuring the FAR is duly completed and submitted to CIMA.
Operators may delegate the submission of the FAR to a local Cayman Islands service provider (“designated submitter”), including CIMA-approved Cayman Islands audit firms. However, operators remain legally responsible for the accuracy and completeness of the FAR submitted. The designated submitter is responsible for submitting the FAR and other required documents to CIMA through REEFS.
While the private fund FAR substantially captures the reporting requirements of private funds pursuant to the Private Funds (Annual Returns) Regulations, 2021 (“Regulations”), the Regulations also require that certain information is reported regarding private funds’ related fund entities. The purpose of the RFE Form is to facilitate the reporting of such information. The Completion Guidance explains how to complete the RFE Form (RFE-050-77). Consistent with the approach for the private fund FAR form, the RFE Form is to be submitted by a designated submitter and a downloadable Excel version of the RFE Form is available via the same method as noted above for the private fund FAR form. In addition, a blank version of the downloadable Excel form has been made available here.The filing due date of the RFE Form for private funds with a 2020 financial year-end, as well as 2021 year-ends up to 31 March 2021, is 31 October 2021. The filing due date of the RFE Form for private funds with financial year-ends of 30 April 2021 and later will be 6 months following such financial year-end.
If you require further information regarding private fund FAR filings, please contact the Investments Supervision Division.
Waivers/Exemptions & Extensions
In certain circumstances, fund operators may apply to CIMA for a waiver/exemption of the filing requirement or for an extension of the deadline by which the documents must be filed.
All waiver/exemption requests (for both mutual and private fnds), as well as private fund filing extension requests, must be submitted in writing to CIMA via email.
Requests for mutual fund extensions must be submitted via the REEFS system by using form FXT-162-22.
CIMA will review the request for an extension, in line with its ‘Procedure for the Granting of Extensions for the Filing of Supervisory Reports’ (See Regulatory Handbook Appendices, section F2) and for a waiver/exemption, in line with the Audit Waiver Policy. In relation to audit waivers for funds that are terminating, CIMA will make a determination as to whether an affidavit, liquidators report or procedures will suffice in place of the audit. CIMA will inform the operator of its decision in writing.
Fee for Waivers/Exemptions or Extensions
As of 13 December 2012, CIMA charges a non-refundable administrative fee for each waiver/exemption or extension request. For further information, refer to Investment Funds Fees for a current Fee Schedule, which lists all fees that CIMA collects.
See the current reporting schedule for prudential and statistical returns for all CIMA-regulated entities.
The Coordinated Portfolio Investment Survey (Form CPIS) collects information on investment holdings, by banks and mutual funds domiciled in the Cayman Islands, in equity, short-term debt and long-term debt securities issued by unrelated non-residents as at 31 December 2004. The Cayman Islands Monetary Authority is conducting this survey in coordination with the International Monetary Fund (IMF) to facilitate international data comparability. The information provided will remain fully confidential to the Monetary Authority, only aggregated details will be submitted to the IMF. Cayman’s participation in the CPIS will contribute to an improved understanding of Cayman’s international financial centre and its impact on global financial intermediation. It will enable the Cayman Islands to emphasize its positive role in facilitating the free flow of cross-border investments.