Electronic Submission of Applications for Audit Waivers for Regulated Mutual and Private Funds (2024-05-02)

Summary

This is a general industry notice from the Cayman Islands Monetary Authority (CIMA) announcing a procedural change to how Audit Waiver applications for regulated mutual and private funds must be submitted. CIMA has enhanced its REEFS online portal so that Audit Waiver applications can be processed entirely within REEFS, rather than partly via email.

• From 27 May 2024: All new Audit Waiver applications must be filed through the REEFS portal using form FWV-161-22.
• Before 27 May 2024: CIMA will continue to accept applications by email to Ereporting@cima.ky.
• Application fee: Can only be paid by local cheque or escrow payment.
• Guidance: Users are pointed to a Completion Guide for help with the form.

This notice is purely procedural/administrative in nature, changing the channel and format for submitting an existing regulatory application (the Audit Waiver), rather than altering the substantive eligibility criteria or legal requirements for obtaining an audit waiver.

Key obligations

• From 27 May 2024, submit all new Audit Waiver applications through the REEFS portal using form FWV-161-22 rather than by email.
• Pay the relevant Audit Waiver application fee only by local cheque or escrow payment.
• Consult the applicable Completion Guide for guidance on completing the Form or the Audit Waiver application process.

Applies to

regulated mutual funds, regulated private funds

Deadlines

• 27 May 2024: Effective date after which all new Audit Waiver applications must be submitted via the REEFS portal; email submissions to Ereporting@cima.ky will no longer be accepted after this date.