Extension for Audited Financial Statements and Fund Annual Return Form for Mutual Funds (2020-10-16)

Summary

This is a CIMA general industry notice announcing a procedural change to how mutual funds request extensions for filing audited financial statements and the Fund Annual Return (FAR). CIMA has introduced a new form, FXT-162-22, available through the REEFS portal, which funds must use to request such extensions.

• Scope: Applies to all categories of mutual funds regulated by CIMA, including Registered, Administered, Licensed, Limited Investor, Master and Sub-funds.
• Effective date: From 1 November 2020, extension requests must be made using the new Form.
• Transitional measure: CIMA states it will continue to accept email requests to ereporting@cima.ky in the interim.
• Application fees: Fees can be paid by local cheque (received by the Authority) or by escrow payment from the fund's Registered/Principal Office.

The notice also serves as a reminder that extension requests should be submitted before the fund's audit filing deadline, since failure to do so could jeopardize the fund's good standing status with CIMA.

Key obligations

• From 1 November 2020, requests for extensions to file audited financial statements and the Fund Annual Return (FAR) must be submitted using Form FXT-162-22 via the REEFS Portal.
• Extension requests must be submitted to CIMA prior to the regulated mutual fund's audit filing deadline to maintain good standing.
• Application fees for extension requests must be paid via local cheque received by the Authority or via escrow payment from the fund's Registered/Principal Office.

Applies to

Registered mutual funds, Administered mutual funds, Licensed mutual funds, Limited Investor funds, Master funds, Sub-funds

Deadlines

• 1 November 2020: Effective date after which extension requests for audited financial statements and FAR filings can only be made using Form FXT-162-22, though CIMA will continue interim acceptance via email.