Private funds registered with CIMA now have meaningful statutory continuing compliance obligations to comply with.
Private funds registered with CIMA now have meaningful statutory continuing compliance obligations to comply with including:
- informing CIMA if it makes a change, or becomes aware of any change, that materially affects any information submitted to CIMA as part of its initial registration application; details of the changes need to be filed with the CIMA within 21 days of the change, or the private fund becoming aware of the changes;
- any special conditions which CIMA has imposed in respect of its registration as a private fund;
- implementing appropriate policies and procedures as expected by CIMA;
- ensuring its accounts are audited annually and to send a copy of those audited accounts to CIMA within six months of the end of the relevant financial year;
- submitting a FAR form annually to CIMA; and
- paying the prescribed annual registration fee (currently US$4,268) on or before 15 January in each year; there are penalties for late payment.
CIMA is conducting audits of regulated entities. Private Funds are expected by CIMA to have certain policies and procedures in place to be compliant with their legal and regulatory obligations. These would include, amongst others, anti-money laundering, data protection, corporate governance and cybersecurity, for example.
Please contact your attorney at Stuarts who can assist with the preparation and drafting of the necessary policies.