The Cayman Islands Monetary Authority (CIMA) has issued new regulatory procedures for Cayman Islands open-ended funds regulated under the Mutual Funds Act and for closed-ended funds registered under the Private Funds Act. The new de-registration procedures relate to the timing of the de-registration process and the elimination of the option to place a fund in "License under the Termination" (LUT) or "license under Liquidation" (LUL) status with CIMA. Under the new de-registra

Following the 2011 first instance decision of the Grand Court of the Cayman Islands in Weavering Macro Fixed Income Fund (In Liquidation) v Peterson and Ekstrom (2011) (Weavering), CIMA published a Statement of Guidance (SoG) in 2014 which applies to Regulated Funds. The SoG sets out best practices and establishes certain minimum corporate governance standards for governing bodies of Funds and whilst only applicable to Regulated Funds at this stage, it provides helpful guidan

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All Cayman funds are required to have their financial accounts audited on an annual basis by an auditor approved by the Cayman Islands Monetary Authority (“CIMA”). Cayman Funds are also required to submit audited accounts, along with the Fund Annual Return (“FAR”) within 6 months after the financial year end to CIMA. CIMA’s Regulatory Policy for Exemption from Audit Requirements for a Regulated Mutual Fund and the Regulatory Policy for Exemption from Audit Requirements for a

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Cayman Islands Private Funds Regime

It is now industry norm to see independent directors appointed to the boards of offshore investment funds. It is no longer a 'check box exe

Ongoing corporate requirements The Companies Act (as amended) (the "Companies Act") imposes continuing obligations on all exempted companies, including those registered as mutual funds under section 4(3) of the Mutual Funds Act (as amended) (the "Mutual Funds Act"). The main relevant requirements of the Companies Act are summarised below. Registered office Every exempted company must at all times maintain a registered office in the Cayman Islands and notice of such office mus