Events listed in Cayman Islands
Beneficial Ownership Transparency Act, 2023 (LG41, S1)
ID 26328
Following the removal of the Cayman Islands from the Financial Action Task Force’s (FATF) grey list in 23 November 2023, the Cayman Islands published the Beneficial Ownership Transparency Act, 2023 to advance its AML and CFT framework. Besides several amendments and improvements, the new law consolidates the beneficial ownership rules of the Companies Act, the Limited Liability Companies Act and the Limited Liability Partnerships ...
VASP 2024 Annual Renewal Fees
ID 25850
The CIMA has issued a notice to all registered VASPs regarding the 2024 annual renewal fees, which will be equivalent to the initial registration fee as per Schedule 2 of the Virtual Asset (Service Providers) Regulations, 2020. The deadline for payment is 15 January 2024, with penalties for non-compliance as specified in section 5(5) of the 2022 Revision of the Virtual Assets (Service Provider) ...
Observations and Changes for REEFS Investment Strategy Selections
ID 25694
The CIMA has announced that effective from 15 November 2023, certain changes will be made to the Investment Strategy selections available in the REEFS portal for fund applications and FAR filings. The objective of these changes is to enhance monitoring and improve the reporting accuracy of regulated Mutual Funds‘ and Private Funds‘ investment strategies. To achieve more improved statistical reporting, the **CIMA will officially ...
Filing of Audited Financial Statements and Fund Annual Return Form for Mutual and ...
ID 24813
CIMA issued a notice on 1 September 2023 regarding a system issue impacting the submission of audited financial statements and the FAR form for funds with a FYE on 31 December 2022. CIMA acknowledges this issue and has provided specific guidance for affected funds. **Funds that are currently prepared to file but cannot do so due to the system issue will not face penalties ...
Nature, Accessibility and Retention of Records – Business of Company ...
ID 24776
Back on 21 April 2023, the Statement of Guidance – Nature, Accessibility and Retention of Records was issued by CIMA, setting out clear directives for licensees involved in company management businesses (please see EventID#20778). That SOG sets out the minimum expectations for record-keeping arrangements of entities regulated or registered under the regulatory Acts in the Cayman Islands, which must be adequate to satisfy the ...
Internal Controls (Effective: October 2023)
ID 23335
CIMA has issued a Rule and Statement of Guidance on Internal Controls for Regulated Entities, providing comprehensive guidance on the implementation of effective internal controls for regulated entities in the Cayman Islands. The purpose of the present guidance is to establish the Authority’s requirements and minimum expectations on internal controls for all entities regulated by the Authority under the regulatory acts. The guidance will ...
Corporate Governance – (Effective: October 2023)
ID 23334
CIMA has issued a Rule of Corporate Governance for Regulated Entities to promote effective management and safeguard the interests of stakeholders. The Rule emphasize the establishment of a Governing Body responsible for implementing a corporate governance framework. This body oversees Senior Management, sets performance standards, and ensures alignment with the entity’s strategies and objectives. To foster objectivity, the Governing Body must establish **clear and ...
Update to Cayman Financial Sanctions Regime
ID 23169
CIMA has informed FSPs of an update to the list of the current sanctions regime in the Cayman Islands on the FRA’s website as of 26 April 2023. The sanctions in the Cayman Islands are essentially the same as those imposed in the UK, and it is the UK’s government policy to ensure that the OTs are enabled to implement the sanctions adopted by ...
Corporate Governance – Mutual Funds and Private Funds
ID 23030
CIMA publishe its Statement of Guidance on Corporate Governance for Mutual Funds and Private Funds. The purpose of this statement is to provide guidance to the operators of regulated mutual funds or private funds on the minimum expectations for the sound and prudent governance of the regulated fund. The document sets out the key corporate governance principles pertaining to the operators of a regulated ...
Outsourcing – Regulated Entities
ID 22895
The Statement of Guidance – Outsourcing Regulated Entities provides detailed guidelines for regulated entities in the Cayman Islands regarding outsourcing arrangements. The document emphasizes the importance of proper risk management, due diligence, and transparency in outsourcing arrangements. Regulated entities are required to have a policy on outsourcing approved by their governing body and establish clear responsibility for monitoring the conduct of the service prov ...