The Accounting, Tax & Agency Services team at the Maples Group provides a host of services assisting with Fund Annual Return filing.
The Maples Group provides Fund Annual Return ("FAR") completion and filing services to ensure filings are made on time and alleviate the operational burden and cost to fund advisers. This service includes FAR preparation, FAR filing and coordinating fee payments to regulators.
Cayman Islands-domiciled closed-ended investment funds that are registered as private funds with the Cayman Islands Monetary Authority ("CIMA") are subject to a filing requirement through their online portal Regulatory Enhanced Electronic Forms Submission ("REEFS"), which includes informational data encompassing general, operating, related fund entity and financial information, as well as submission of annual audited financial statements and an operator declaration.
What is the FAR? Who needs to complete it?
The FAR is a Microsoft Excel-based tool through which CIMA captures general, operating and financial information relating to registered funds. It is required to be filed annually alongside the audited financial statements accompanying an operator declaration within six months after the fund's financial year-end. While the local Cayman Islands auditor or other designated person files the FAR on behalf of the fund, the fund operator, which includes the directors, trustee or general partner depending on how the fund is structured, ultimately is responsible for completing the FAR.
This filing is an annual requirement. The initial period covered for a newly launched fund coincides the initial financial statement audit period, which can be up to 18 months from commencement of operations The filing deadline is no later than six months after the end of a fund's financial year. Declarations and waivers are required for closed-ended funds not filing, whether due to a fund not yet drawing down capital from investors for investment purposes or were reporting an approved extended period (up to 18 months for first and last reporting periods).
How Maples Group Can Help You with the Process
To alleviate the operational burden as it relates to FAR completion, the Maples Group's Accounting, Tax & Agency Services team can provide FAR services that include on-boarding and managing a portfolio of funds' FAR requirements, assistance with FAR preparation, monitoring the requirements, providing updates and training and assisting to ensure corresponding regulator fees are paid. The team can also submit the approved FAR directly to CIMA through the portal or provide it to the fund's auditor for filing.
Our experienced team has a deep understanding of the FAR requirements and overall financial statement preparation process and is committed to providing high quality and timely service. This approach ensures that a fund is in compliance while freeing up the fund operator to focus on its core management functions.
As a market leader in the provision of legal, fiduciary, fund, regulatory and compliance, and entity formation and management services, the Maples Group is committed to supporting our clients' efforts to comply with the Private Funds Act ("PFA") regime.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
