Electronic Submission of De-registration Applications for Regulated Mutual Funds (2020-10-19)

Summary

This is a General Industry Notice issued by CIMA on 19 October 2020 announcing a procedural change to how de-registration applications for regulated mutual funds are submitted. Previously the REEFS portal process required some manual steps, but CIMA enhanced REEFS so that the entire de-registration application can now be completed electronically within the portal using form TMF-147-22.

• From 1 November 2020: All new de-registration applications and any outstanding supporting documents needed to complete an existing de-registration must be filed through the REEFS portal rather than by other means.
• Funds in LUT or LUL status: Funds already in 'Licence Under Termination' (LUT) or 'Licence Under Liquidation' (LUL) status that are ready to submit final de-registration documents must first email terminations@cima.ky with the fund's name and registration number, after which CIMA will 'return' the REEFS form to the submitter so the final documents can be filed.
• Application fees: Application fees for de-registration must be paid by local cheque or via escrow arrangements.
• Further guidance: Users are referred to the applicable REEFS User Guide for further guidance on completing the form or the de-registration process generally.

This is an operational/process notice rather than a change in substantive regulatory requirements.

Key obligations

• From 1 November 2020, submit all new de-registration applications for regulated mutual funds, and any outstanding documents needed to complete a de-registration, via the REEFS portal using form TMF-147-22.
• Funds currently in LUT or LUL status that are ready to submit final de-registration documents must email terminations@cima.ky with the fund's name and registration number before filing final documents via REEFS.
• Pay the relevant de-registration application fee(s) only by local cheque or escrow payment, as these are the only accepted payment methods.

Applies to

regulated mutual funds, fund operators/administrators submitting via REEFS

Deadlines

• 1 November 2020: Effective date from which all new de-registration applications and outstanding supporting documents must be filed via the REEFS portal using form TMF-147-22.