Private Funds (Annual Returns) (Amendment) Regulations, 2024 (SL 73 of 2024)

Summary

This is a short amendment regulation made under the Private Funds Act (2021 Revision) that changes two provisions of the existing Private Funds (Annual Returns) Regulations, 2021.

• Master unit trust structure definition: Amends paragraph (e) of the definition so that it now excludes entities licensed or registered under the Banks and Trust Companies Act (2021 Revision), or registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision).
• Regulation 4 (fees): Renames the heading to "Fee for submission of annual return" and removes the previous cap that limited the fee calculation to "up to a maximum of twenty-five alternative investment vehicles or sub-funds or both."

The practical effect is that the fee for submitting an annual return under the Private Funds (Annual Returns) Regulations, 2021 is no longer capped by reference to a maximum of 25 alternative investment vehicles or sub-funds, meaning funds with structures involving more vehicles or sub-funds than that threshold may now face different, likely higher, fee calculations tied to their actual structure. It also narrows or clarifies which entities can qualify as a "master unit trust structure" for purposes of the underlying regulations, excluding those licensed or registered under the specified banking, trust, building society or friendly society legislation.

The Regulations apply to private funds and master unit trust structures registered under the Private Funds Act, and to persons responsible for submitting annual returns and paying associated fees to CIMA. They come into force immediately after the Private Funds (Amendment and Validation) Act, 2024 comes into force, rather than on a fixed calendar date stated in this instrument.

Key obligations

• Persons submitting annual returns for private funds must pay the fee under regulation 4 as amended, which no longer caps calculation at a maximum of twenty-five alternative investment vehicles or sub-funds
• Entities assessing whether a fund qualifies as a "master unit trust structure" must apply the revised paragraph (e) exclusion, which now excludes entities licensed/registered under the Banks and Trust Companies Act (2021 Revision), Building Societies Act (2020 Revision), or Friendly Societies Act (1998 Revision)

Applies to

private funds, master unit trust structures

Deadlines

• immediately after the Private Funds (Amendment and Validation) Act, 2024 comes into force: Commencement date of these Regulations, tied to the coming into force of the Private Funds (Amendment and Validation) Act, 2024 rather than a fixed date

Related documents

• This document amends Private Funds (Annual Returns) Regulations (2026 Revision)
• This document amends Private Funds (Annual Returns) Regulations, 2021 (SL 31 of 2021)
• Private Funds (Annual Returns) Regulations (2026 Revision) replaces this document