All funds regulated under the Cayman Islands' Private Funds Act must submit to the Cayman Islands Monetary Authority (CIMA) a Fund Annual Return (FAR) Form. The FAR Form is the official form which fund operators use to provide general, operating and financial information on the fund to CIMA. The submission of a FAR Form is a requirement of the Private Funds (Annual Returns) Regulations.
The FAR Form must be submitted to CIMA via the Regulatory Enhanced Electronic Forms Submission (REEFS) system within six months of the Fund's financial year end.
Funds that haven't received capital contributions do not need to file a FAR Form however need to file a declaration of no capital contributions.
FAR Services – Private Funds
Conyers Governance (Cayman) Limited provides end-to-end FAR completion and filing services to fund advisors ensuring local regulatory deadlines are met. FAR Services for Private Funds include submitting to CIMA the following documents covering a Fund's financial year, within six months of the Private Fund's financial year end:
- Annual Audited Financial Statements as required by section 13(4) of the Private Funds Act;
- Private Fund FAR Form;
- Declaration pursuant to section 42 of the Private Funds (Annual Returns) Regulations;
- Related Private Fund Entity Form (if applicable); and
- Submitting to CIMA, on behalf of the Private Fund, the FAR filing fee.
- Requesting an audit extension and submitting to CIMA the extension fee.
Conyers Governance (Cayman) Limited
Conyers Governance (Cayman) Limited (Conyers) comprises an experienced multi-disciplinary team of lawyers and fiduciaries specialising in risk management and a broad range of regulatory and compliance matters. We advise both regulated and non-regulated financial institutions undertaking a wide range of operations in the banking, insurance, investment funds, fiduciary and securities investment sectors. We offer an extensive range of financial regulatory services in the following areas:
- Structuring, formation and licensing
- Governance, risk and compliance
- Anti-money laundering
- FATCA/CRS and tax administration
- Regulatory or thematic document reviews
- On-site inspections, wind-ups and contentious matters
- Economic Substance support
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.
