Private Funds (Amendment and Validation) Act, 2024 (Act 20 of 2024)

Summary

This Act amends the Private Funds Act (2021 Revision) to give CIMA clear statutory authority to charge fees in connection with private fund registrations, notifications of changes, and annual returns.

• Section 6 (registration): Applications for registration must be accompanied by a 'prescribed fee', which is non-refundable except as noted below for pending applications.
• Section 11 (change notifications): Notifications of changes must be accompanied by a 'prescribed fee'.
• Section 14 (annual returns): Annual return filings must be accompanied by a 'prescribed fee'.

The Act also retroactively validates fees that CIMA had already been charging and collecting for these same purposes before it had explicit statutory power to do so, treating those past charges as lawfully made. It expressly preserves any court orders or determinations already made about such fees, and provides a transitional rule making the registration application fee refundable for any pending applications where a decision was outstanding on the day before the Act commences.

The Act comes into force on a date to be appointed by Cabinet Order, so it is not automatically effective on passage or assent.

Key obligations

• Applicants seeking registration of a private fund under the Private Funds Act must accompany their application with the prescribed non-refundable application fee (once the Act is in force), except that the fee remains refundable for applications still pending a decision on the day before commencement.
• Registered private funds must accompany notifications to CIMA of changes in the details previously provided (under section 11) with the prescribed fee.
• Registered private funds must accompany their annual return filings (under section 14) with the prescribed fee.

Applies to

private funds, private funds registered under the Private Funds Act (2021 Revision)

Deadlines

• date appointed by Cabinet Order: The Act (and its fee requirements) comes into force only on a date to be fixed by Order of the Cabinet, not on the date of enactment or assent.
• day immediately preceding commencement of the Act: Cut-off point for determining which pending registration applications qualify for a refundable application fee under the transitional provision.

Related documents

• This document amends Private Funds Act (2025 Revision)
• Private Funds (Amendment and Validation) Act, 2024 (Commencement) Order, 2024 commences this document
• Private Funds Act (2025 Revision) replaces this document
• Private Funds (Amendment and Validation) Act, 2024 (Commencement) Order, 2024 is made under this document