Private Fund Audit Requirement

Further to the Notice dated 22 July 2020, the Cayman Islands Monetary Authority (the “Authority”) is providing an update regarding the Private Fund FAR form (the “Form”).

The Private Funds (Annual Returns) Regulations, 2021 was gazetted on 25 March 2021 and details the reporting requirements to be submitted via the Form when submitting audited financial statements to the Authority. The Form is in the process of being developed and therefore not currently available. The Authority expects to have the Form(s) released by 30 June 2021 and therefore the deadline for filing of the audited accounts and Form has been extended to 30 September 2021. 

A further notice will be issued on the release of the Form. In the interim, Private Funds will therefore not be subject to any related penalties for non-compliance with section 13 of the Private Funds Act (2021 Revision)