Private Funds Regulations Take Effect

In a recent circular by the Cayman Island’s Ministry of Financial Services, Industry was advised that, following Cabinet approval, the Private Funds (Annual Returns) Regulations, 2021 and the Private Funds (Amendment) Regulations, 2021 were published and are in force.

The Private Funds (Annual Returns) Regulations, 2021 provide the prescribed annual return form for private fund operators to use when providing general, operating and financial information on the private fund to the Cayman Islands Monetary Authority (CIMA).

The annual return is to be submitted within six months after the end of the financial year to which it relates or within any extension period that the Authority may allow. Submission is through the Fund’s auditor or such other person designated by the Fund as may be approved by the Authority.

The Filing fees, due upon submission of the forms, are:

Three Hundred Caymanian Dollars (CI300) and an additional amount of One Hundred and Fifty Caymanian Dollars (CI150) for each:

(a) Alternative investment vehicle except where such alternative investment vehicle is itself registered as a private fund; and
(a) Sub-fund

In respect of which the private fund has submitted operating and financial information, up to a maximum of 25 alternative investment vehicles or sub-funds or both.

As the Private Fund’s FAR Form (the “Form”) is being finalised by CIMA and has not been released, the current and upcoming filing requirements of Private Funds will automatically be extended to such time that the Form is finalized and released. In the Interim, Private Funds will not be subject to any related penalties.

The Private Funds (Amendment) Regulations, 2021 creates a notification process for private funds registered with CIMA that have not received capital contributions from their investors and as a result, are not legally required to file audited accounts or annual returns. The notification process requires operators of those funds to submit an operator’s declaration, as outlined in the regulations, within six months after the end of the private fund’s financial year.

Both regulations support the legislative framework for private funds, which came into effect in February 2020.

Please do not hesitate to contact your Relationship Manager should you have any further questions or require clarification.

Thank you for your attention to this matter.

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PORTCULLIS GROUP
www.portcullis.co

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私募基金條例施行

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開曼群島金融服務部最近發出一份公告，通知業界於內閣核准後2021年私募基金（年度申報）條例及2021年私募基金（修正）條例現已正式頒佈並施行。

2021年私募基金（年度申報）條例，規定了私募基金經營者在向開曼群島金融管理局（「開曼金管局」）提供私募基金一般性、營運及財務資訊時，所應使用的法定年度申報表格。

年度申報表必須在相關財務年度終了後六個月內或金管局核准的展延期間內提交。本項提交，應由基金公司的查核會計師或基金公司所指定而可能經金管局核准的其他人為之。

提交申報表時，應繳納下列申報費：

開曼幣三百元(CI300)，每一項另加開曼幣一百五十元(CI150)：

(a) 另類投資工具，但該另類投資工具本身已註冊為私募基金者除外。
(b) 子基金。

就私募基金已提交其營運及財務資訊者，最多不超過25項另類投資工具或子基金或兩者。

由於私募基金的FAR表格(此表格)開曼金融管理局已最終確認並尚未發佈，目前私募基金歸檔將到的要求，將自動展延至表格最後確認與發佈。 在此期間，私募基金不受任何相關罰款。

2021年私募基金（修正）條例訂定了一項通知程序，對象是已向開曼金管局註冊但尚未收受其投資者資金投入的私募基金，因此其依法無須提交經查核的會計帳目或年度申報書。依該通知程序規定，該些基金經營者必須在私募基金財務年度終了後六個月內，提交一份內容如條例所示的經營者聲明書。

上述兩條例皆支援私募基金的法律架構，於2020年2月開始施行。

若貴公司有任何問題或需要進一步說明，請洽詢 貴公司的關係經理。

感謝貴公司對此事的關注。

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保得利集團
www.portcullis.co