Private Funds Regulations (2022 Revision)

Summary

This is a consolidated regulation made under the Private Funds Act (2021 Revision), setting out two definitions used under the Act and a filing requirement for certain private funds. It defines "alternative investment vehicle" and "restricted scope private fund" for purposes of the Act, clarifying which vehicles and exempted limited partnerships fall within those categories (the latter being relevant to funds with only non-retail, high-net-worth or sophisticated investors managed by a licensed/registered person).

Filing Obligation

The substantive obligation applies to operators of a private fund that falls under section 3(2) of the Private Funds Act (2021 Revision) -- i.e., a fund that has not received capital contributions from investors for investment purposes, meaning Part 3 of the Act (which contains most private fund regulatory requirements) does not yet apply to it. Such operators must file a declaration with the Cayman Islands Monetary Authority (CIMA) attesting to this fact, using the prescribed form set out in the Schedule to the Regulations.

• Filing deadline: The declaration must be filed within six months after the end of the financial year to which it relates.
• Form requirements: The Schedule sets out the exact wording and signature block operators must use, including confirmation that the signatory is authorised to make the declaration and that the information is accurate and complete.

Key obligations

• An operator 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 made using the form set out in the Schedule to the Regulations, signed by an authorised person confirming the information is accurate and complete.
• The declaration must be filed within six months after the end of the financial year to which it relates.

Applies to

private funds, operators of private funds, restricted scope private funds, alternative investment vehicles

Deadlines

• within six months after the end of the financial year to which it relates: Deadline for an operator of a qualifying private fund (one that has not received capital contributions per section 3(2) of the Act) to file the declaration in the Schedule with CIMA.

Related documents

• This document replaces Private Funds (Amendment) Regulations, 2021 (SL 32 of 2021)