Private Funds (Fees) Regulations, 2020 (SL 16 of 2020)

Summary

This is a short set of subsidiary regulations made under the Private Funds Law, 2020 that establishes the fee schedule for private funds registering with CIMA. It sets fees for initial registration and notifications, as well as the annual registration fee structure that private funds must pay to remain registered.

• Initial registration and notification fees: A flat fee applies for initial registration applications and for notifying changes.
• Annual registration fee: An annual registration fee structure applies for private funds to remain registered, including extra charges for each alternative investment vehicle attached to the fund.

The regulations also include a transitional relief: a private fund's very first annual registration fee is waived (nil) if its initial registration application is submitted within six months of the Law's commencement, or within any further period CIMA specifies. This was intended to ease the transition for funds newly brought into scope under the Private Funds Law, 2020.

Key obligations

• Pay a fee of three hundred dollars (US$300) when applying for registration under section 6 of the Private Funds Law, 2020, or when filing details of a change with CIMA under section 11 of the Law.
• Pay an annual registration fee of three thousand five hundred dollars (US$3,500) under section 10(1) of the Law.
• Pay an additional two hundred and fifty dollars (US$250) for each alternative investment vehicle of the private fund, up to a maximum of twenty-five investment vehicles.
• A private fund making its first registration application may have its annual registration fee waived (nil) if the application is submitted within six months of the Law's commencement date, or within such further period as CIMA specifies.

Applies to

private funds, alternative investment vehicles

Deadlines

• within six months after the date of commencement of the Law (or such further period as CIMA may specify): Period within which a private fund must submit its first registration application to qualify for a nil annual registration fee.

Related documents

• Private Funds (Fees) Regulations, 2024 repeals this document