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Private Funds Law FAQs Update - Audit Requirements

General Industry Notices
Date: Wed, 22 July 2020

Further to the Notice dated 3 March 2020 and subsequent updates, the Cayman Islands Monetary Authority is advising an update to one of the frequently asked questions relating to Private Funds. 

Audit Requirements
What are the audit requirements for Private Fund? 

A Private Fund, pursuant to section 13(1) of the PFL, is required to have its accounts audited annually by an auditor approved by CIMA. The Private Fund is also required to submit its audited accounts, along with the Fund Annual Return (“FAR”), to CIMA within six months of the end of each financial year. 

Will an audit for a Private Fund be required for 2020?

Yes. All Private Funds that were active as at 7 February 2020, or were registered subsequent to that date (including prior to the end of the transitional period (7 August 2020)), are required to submit audited accounts and FAR for the 2020 financial year within six (6) months of their financial year-end (“FYE”). The audited accounts are subject to the local audit sign-off requirement. 

Private funds with a FYE that fall between 7 February 2020 to 31 July 2020 will be granted an additional three months in which to file their audited accounts and FAR (ex. FYE - February 2020, to be filed by November 2020 instead of August 2020). 

A full list of frequently asked questions in reference to the new funds laws can be found here under the sub-heading ‘Private Funds Law 2020’ and/or ‘Mutual Funds (Amendments) Law 2020’, respectively.

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