The Cayman Islands Monetary Authority (CIMA) issued a notice on 10 September 2021 advising that the filing due date for the Private Fund annual return form (FAR) and related fund entity form (RFE) (together, the Forms) has been extended to 31 October 2021. Accordingly, all private funds registered with CIMA that have a 2020 financial year-end or a 2021 financial year-end up to 31 March 2021 are required to submit the Forms by 31 October 2021.
CIMA further advised that no further extensions to the filing deadline will be granted for private funds with these financial year-ends. The filing due date for the Forms for private funds with a financial year-end of 30 April 2021 and later will continue to be 6 months following such financial year-end.
The FAR form for private funds was released by CIMA on 9 July 2021 and it substantially captures the reporting requirements of private funds regulated by CIMA under the Cayman Islands Private Funds Act (Revised). Our recent update setting out the details of FAR form can be accessed here.
The RFE form was released by CIMA on 30 August 2021 and it captures reportable information on a regulated private fund's related fund entities. A "related fund entity" is an entity established by or on behalf of the promoter of the private fund which may account for certain regulatory, tax and other structing needs of one or more groups of persons, which itself may not meet the definition of a private fund. A related fund entity will include parallel funds, alternative investment vehicles and co-investment vehicles established in any jurisdiction. The CIMA notice relating to the RFE form can be accessed here and the related CIMA REEFS Form Completion Guide for the RFE form can be accessed here.
Regulated private funds are required to submit both the FAR form and the RFE form in order to satisfy reporting requirements under the Private Funds (Annual Returns) Regulations, 2021. Both Forms are available for completion on CIMA's online regulatory enhanced electronic forms submission (REEFS) portal. The CIMA notice relating the extension of the filing deadline can be accessed here.
Please reach out to your usual Appleby contact or one of the attorneys listed on this page for further information or advice.