Mutual Funds (Annual Returns) (Amendment) Regulations, 2024 (SL 71 of 2024)

Summary

This is an amendment to the Mutual Funds (Annual Returns) Regulations (2021 Revision), made under the Mutual Funds Act (2021 Revision). It changes the fee payable when a regulated mutual fund submits its annual return to CIMA. It also repeals a now-unnecessary validation provision (regulation 4) from the principal regulations.

• Standard fee: The standard fee for submitting an annual return remains three hundred dollars per return.
• Large umbrella funds: If a regulated mutual fund has eighty-four or more sub-funds, a single aggregate fee of twenty-five thousand dollars covers the annual return fees for all of its sub-funds, rather than paying three hundred dollars per sub-fund.

The amendment applies to regulated mutual funds, including umbrella funds with multiple sub-funds, that are required to file annual returns with CIMA under the Mutual Funds (Annual Returns) Regulations. The Regulations do not take effect on their own fixed date but come into force immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force, so readers should check the commencement date of that Act to determine when the new fee applies.

Key obligations

• Regulated mutual funds must pay a fee of three hundred dollars for each annual return submitted under regulation 2(1) of the Mutual Funds (Annual Returns) Regulations.
• Where a regulated mutual fund has eighty-four or more sub-funds, it must instead pay a single aggregate fee of twenty-five thousand dollars covering the annual return fees for all of its sub-funds.

Applies to

regulated mutual funds, sub-funds of regulated mutual funds

Deadlines

• immediately after the Mutual Funds (Amendment and Validation) Act, 2024 comes into force: Commencement of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2024, including the new annual return fee structure

Related documents

• This document amends Mutual Funds (Annual Returns) Regulations (2026 Revision)
• Mutual Funds (Annual Returns) Regulations (2026 Revision) replaces this document