News & Insights

Private Fund Segregated Portfolio Fees to be Returned

CIMA announces that private fund Segregated Portfolio fees will be returned.

The Cayman Islands Monetary Authority (“CIMA”) published a press release on 22^nd March, 2023 advising financial service providers that with immediate effect, it will not be collecting annual registration fees on behalf of Segregated Portfolios for private fund Segregated Portfolio Companies.

Of note, CIMA confirmed that they will refund any such fees paid from 2020 to date, prior to this notice.

It is anticipated that the Private Funds Act and the associated Regulations will be amended, following a broader stakeholder consultation with the Ministry of Financial Services and Commerce, and that a statutory based registration fee will be implemented thereafter.

If you have questions regarding the refund of fees for your fund, please contact your usual Stuarts attorney or email Jonathan McLean.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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