Chris Humphries
Jonathan McLean
Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands. Additionally, clients are...
In recent months, there have been an unprecedented number of substantial amendments to the regulatory regime for Cayman Islands funds.
The Cayman Islands Government has released new regulations for private funds and mutual funds, and has introduced a new regulatory framework for virtual asset service providers.
The below guidance notes address the regulatory framework for virtual asset service providers as well as how fund registration, continuing obligations and anti-money laundering are affected by the new laws.
Registration of Virtual Asset Providers in the Cayman Islands - This Legal Update sets out the new regulatory framework for virtual asset providers.
Fund Registration in the Cayman Islands - This Guidance Note sets out the different types of regulated funds available in Cayman Islands, the requirements under the new Private Funds Act and Mutual Funds Act and the structuring of funds.
Registration and Continuing Obligations of Section 4(4) Funds - This Guidance Note sets out the registration and continuing obligations of limited investor funds (also known as section 4(4) funds) which will now be required to register with CIMA under the amended Mutual Funds Act.
Registration and Continuing Obligations of Section 4(3) Funds - This Guidance Note sets out the registration and continuing obligations of a section 4(3) mutual fund registered with CIMA under the Mutual Funds Act and its master fund, if any.
Registration and Continuing Obligations of Private Funds - This Guidance Note sets out the registration and continuing obligations of a private fund registered with CIMA under the new Private Funds Act, 2020.
Anti-Money Laundering for Funds 2020 - This Guidance Note sets out the principal legislation and requirements for Cayman Islands funds that are conducting “relevant financial business” and which need to comply with certain AML measures under The Proceeds of Crime Act (2020 Revision) and The Anti-Money Laundering Regulations (2020 Revision).
Economic Substance Requirements Fund Managers - This Guidance Note summarises the main elements of the Economic Substance Act as it relates to investment funds, fund managers and other entities registered as excluded persons under the Securities Investment Business Law (2020 Revision).
Economic Substance in the Cayman Islands - This Guidance Note summarises The International Tax Co-operation (Economic Substance) (Amendment) Act, 2020 that came into force together with The International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2020.
