Filing of Audited Financial Statements and Fund Annual Return Form for Funds (2023-09-01)

Summary

This is a short industry notice from the Cayman Islands Monetary Authority (CIMA) addressing a technical system issue that affected the filing of audited financial statements and the Fund Annual Return (FAR) form for funds with a financial year end (FYE) of 31 December 2022. CIMA acknowledges that some funds were ready to file but could not do so because of the system problem.

• Penalty relief: No penalties will be levied for late filing in these cases, provided the filing is made through the REEFS Portal by 30 September 2023.
• Scope of relief: This relief is limited to funds with a 31 December 2022 FYE affected by the system issue.
• Standard obligation unaffected: Funds with financial year ends after that date remain fully subject to the standard filing obligation: they must file their audited financial statements and FAR form within six months of their FYE, or submit an extension request along with the required fee if they cannot meet that deadline.

The notice applies to funds regulated by CIMA (referred to generally as "Funds", which in context includes mutual funds and private funds) and is primarily informational/transitional in nature, granting temporary penalty relief rather than changing the underlying filing rules.

Key obligations

• Funds with a FYE of 31 December 2022 that were unable to file audited financial statements and the FAR form due to the system issue must complete filing via the REEFS Portal by 30 September 2023 to avoid late filing penalties.
• Funds with FYEs subsequent to 31 December 2022 must file audited financial statements and the FAR form within six (6) months of their financial year end.
• Funds unable to meet the six-month filing deadline must submit an extension request and pay the requisite fee.

Applies to

funds, mutual funds, private funds

Deadlines

• 30 September 2023: Deadline for funds with FYE 31 December 2022 affected by the REEFS system issue to file audited financial statements and FAR form without incurring late filing penalties.
• within six (6) months of FYE: Standard deadline for funds with FYEs after 31 December 2022 to file audited financial statements and the FAR form, or to submit an extension request with the requisite fee.