As noted in our recent update, the deadline for funds registered under the Private Funds Act (Revised) (Private Funds) to submit their first fund annual return (FAR) form is 30 September 2021. This deadline applies to Private Funds with a 2020 financial year end and those with a 2021 year end falling on or before 31 March 2021.
In addition to the FAR form previously released, the Cayman Islands Monetary Authority (CIMA) has now released an additional form which must be used by Private Funds to submit data relating to their 'related fund entities' (RFE form). A 'related fund entity', in relation to a Private Fund, means an entity established by or on behalf of the promoter of the Private Fund which may account for certain regulatory, tax and other structuring needs of one or more groups of persons, which may itself not meet the definition of a Private Fund, and includes a parallel fund, an alternative investment vehicles or a co-investment vehicle established in any jurisdiction. There will generally be a distinction between those related fund entities which are required to be identified in the FAR form (generally limited to those which are investors in the reporting Private Fund e.g. non-Cayman feeder funds) and those which must be identified in the RFE form (generally those which are parallel funds, co-investment vehicles and/or AIVs to the reporting Private Fund). We are able to assist in advising which vehicles within a fund structure should be reported and on which form.
The deadline for the filing of all relevant RFE forms by each Private Fund will be the same as the deadline for the filing of its FAR form. The standard deadline for both forms is within six months of the end of a Private Fund's financial year end, though this was modified to 30 September 2021 for all financial year ends prior to 1 April 2021. CIMA will not consider a completed FAR form to have been filed unless the related RFE forms have also been filed.
The RFE form is now available for completion on CIMA's online REEFS portal. The CIMA notice relating to the RFE form can be accessed here and CIMA-issued completion guidance regarding the RFE form can be accessed here.
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