Private Fund Audit Requirement (2021-04-19)

Summary

This is a short industry notice from the Cayman Islands Monetary Authority (CIMA) updating private funds on the status of the Private Fund Annual Return (FAR) Form. It follows an earlier notice from July 2020 and references the Private Funds (Annual Returns) Regulations, 2021, gazetted on 25 March 2021, which set out the reporting requirements to be submitted via the Form alongside audited financial statements.

• Form status: The Form itself was still under development and not yet available as of the notice date.
• Expected release: CIMA expected to release the Form by 30 June 2021.
• Extended deadline: As a direct consequence, the deadline for filing both the audited accounts and the Form was extended to 30 September 2021.
• Interim relief: In the interim period before the Form's release, private funds will not face penalties for non-compliance with section 13 of the Private Funds Act (2021 Revision), which relates to the audited accounts filing requirement.
• Further notice: CIMA indicated a further notice would follow once the Form was released.

Key obligations

• Private funds must file their audited financial statements together with the FAR Form by the extended deadline of 30 September 2021.
• Private funds are exempt from penalties for non-compliance with section 13 of the Private Funds Act (2021 Revision) until the FAR Form is released and the extended deadline applies.

Applies to

private funds

Deadlines

• 30 June 2021: Date by which CIMA expected to release the Private Fund FAR Form
• 30 September 2021: Extended deadline for filing of audited accounts and the Private Fund FAR Form