Private Funds (Amendment) Regulations, 2021 (SL 32 of 2021)

Summary

This 2021 amending regulation modifies the Private Funds Regulations, 2020 made under the Private Funds Act. It inserts a new regulation 3 and an accompanying Schedule that create a formal declaration process for operators of private funds that fall outside the scope of Part 3 of the Private Funds Act because they have not received capital contributions from investors for investment purposes (as described in section 3(2) of the Act).

Under the new provision, an operator of such a private fund must file a written declaration with the Cayman Islands Monetary Authority attesting that the fund has not received investor capital contributions for investment purposes for the relevant financial year. The declaration must be made using the specific form set out in the new Schedule.

• Required content of the declaration form: Operator's name, fund's name, the financial year concerned, signature, position, and date
• Required confirmations: Confirmation that the signatory is authorised to make the declaration and that the information is accurate and complete
• Filing deadline: Six months after the end of the financial year to which the declaration relates
• Who this applies to: Operators of private funds that are exempt from Part 3 of the Act under section 3(2) due to not having received investor capital contributions for investment

Key obligations

• Operators of a private fund that has not received capital contributions from investors for investment purposes (and to which Part 3 of the Private Funds Act does not apply under section 3(2)) must file a declaration with CIMA attesting to this fact.
• The declaration must be filed using the form set out in the Schedule to the Regulations.
• The declaration must be filed within six months after the end of the financial year to which it relates.

Applies to

operators of private funds

Deadlines

• within six months after the end of the financial year to which it relates: Deadline for an operator of a qualifying private fund to file the declaration regarding capital contributions with CIMA.

Related documents

• Private Funds Regulations (2022 Revision) replaces this document