Stuarts Walker Hersant Humphries, a leading Cayman Islands law firm, is pleased to announce the admission of Adam Russell-Knee on his admission to the Grand Court of the Cayman Islands. (L to R) Hon. Margaret Ramsay-Hale (Judge), Adam...
The Ministry of Financial Services in the Cayman Islands has released drafts of the Private Funds (Annual Returns) Regulations, 2020 and the Private Funds (Amendment) Regulations, 2020 for consultation purposes.
These Regulations are in draft form only. The final Regulations are expected to pass in short order and may differ materially from the current drafts. We will provide a further update once the final form Regulations are put into effect.
The draft Regulations provide the Form to be used for Annual Returns for private funds which contains certain prescribed general information, operating information and financial information. The Annual Return will be required to be completed by each private fund on an annual basis and submitted to the Cayman Islands Monetary Authority.
The draft Regulations also provide the form of Declaration regarding Capital Contributions to be made by a private fund where such fund has not received capital contributions. Such fund would be required to submit such the Declaration to the Cayman Islands Monetary Authority confirming that the fund has not received capital contributions and therefore the Operating Conditions applicable to a private fund would not be applicable to such fund.
See our Guidance Note on Registration and Continuing Obligations of Private Funds in the Cayman Islands for the further information regarding Operating Conditions.