Procedures for Mutual Fund Administrators Licence (2018-11-29)

Summary

This is a General Industry Notice issued by the Cayman Islands Monetary Authority (CIMA) on 29 November 2018 explaining the procedure for obtaining a Mutual Fund Administrators Licence. It applies to any entity that wishes to conduct mutual fund administration business in or from within the Cayman Islands, and confirms that such entities must apply to CIMA for a licence under section 11 of the Mutual Funds Law (as revised).

• Submission method: Applications must be submitted electronically through CIMA's Regulatory Enhanced Electronic Forms Submissions (REEFS) Portal; applications will not be accepted in hard copy by mail or by email.
• Prescribed forms: One of three prescribed forms must be used depending on the type of licence sought: Full licence for 1-50 funds, Full licence for 51+ funds, or Restricted licence.
• Supporting requirements: Applications must be accompanied by the supporting documents and information required under the Mutual Fund Administrators Licence (Applications) Regulations 2001, CIMA's related Regulatory Policy, and the prescribed fee.
• Processing timeframe: Applicants can expect processing to take six to eight weeks from receipt of a complete application, and the notice provides a contact email for queries.

The notice is purely procedural guidance rather than a change to substantive licensing requirements.

Key obligations

• Entities seeking to conduct mutual fund administration business in or from within the Cayman Islands must apply to CIMA for a licence under section 11 of the Mutual Funds Law (as revised).
• Applications must be submitted via the REEFS Portal using the correct prescribed form (APP-101-26a, APP-101-26b, or APP-101-27) depending on licence type and number of funds administered.
• Applications must not be submitted in hard copy, by mail, or by email.
• Applications must be accompanied by the documents and information required under the Mutual Fund Administrators Licence (Applications) Regulations 2001 and CIMA's Regulatory Policy on Licensing Mutual Fund Administrators, plus the prescribed fee.

Applies to

mutual fund administrators, entities seeking to conduct mutual fund administration business