Category: Cayman
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CIMA CIRCULAR: 2023 Internal Audit Plans
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Issued to all Licenced Full and Restricted Securities Investment Business Licensees and Registered Persons, dated 3 January 2022 The Cayman Islands Monetary Authority (CIMA) has issued a circular reminding entities to undertake regular internal audits of their controls and infrastructure to ensure that they are suitably robust in consideration of the nature and scale of…
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Termination of Cayman vehicles and CIMA director registration renewals and cancellations
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As the end of the calendar year approaches, if you have any Cayman vehicles that you are considering terminating, there are several steps to be taken before the end of the calendar year to minimise 2023 annual fees. For funds regulated by Cayman Islands Monetary Authority (CIMA), the timing of de-registration submissions of the regulatory…
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Updated De-registration rules for Cayman Islands Regulated Funds
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With effect from 17 August 2022 With the aim of streamlining the process for de-registering mutual funds and private funds, the Cayman Islands Monetary Authority (CIMA) has recently announced a list of updated Rules and Regulatory Procedures (the Rules) on the Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private…
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Cayman Islands Voluntary Liquidations
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If you have a Cayman company which you no longer require and would like to dissolve before 31 December 2022 in order to avoid paying the annual fees next year, on the basis that the company is not a regulated entity and is solvent, the voluntary liquidation process should commence by 31 August 2022. We…
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Cayman Islands CRS FATCA upcoming filing deadlines, compliance dates and CRS Enforcement Guidelines
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A key requirement related to the Automatic Exchange of Information (AEOI) regime which includes CRS and FATCA, is the annual reporting requirement of reportable accounts. Entities that are classified as FIs under CRS and FATCA must file their annual report before the 31 July 2022 deadline.
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Are your entities compliant?
The Cayman Islands Monetary Authority (CIMA) has recently imposed USD365,000 in administrative fines on an asset manager for breaches of the AML Regulations, serving as a timely reminder on the value of effective compliance and the importance of registered entities having effective anti-money laundering policies and procedures in place.
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Cayman Islands Private Funds Law – Expanded Scope
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On 7 July 2020, the Private Funds Law, 2020 (PF Law) was amended to vary the definition of a “private fund” by clarifying the definitions of certain entity types and extending the scope of the PF Law to additional entities. The deadline for registration under the PF Law remains 7 August 2020. We recommend that…
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New CIMA fines and TIA offence in force in the Cayman Islands
The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 was enacted on 26 June 2020 extending the ability of the Cayman Islands Monetary Authority (CIMA) to impose significant fines. It is now also an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA).
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New rules for regulated funds
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As referenced in our updater on new registration requirements for Cayman Islands investment funds, the Cayman Islands Monetary Authority (CIMA) has published new rules governing the segregation of assets and the contents of offering documents and marketing materials for regulated funds. The new rules apply to mutual funds that are regulated under the Mutual Funds…
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Cayman Islands announce business continuity measures (UPDATED)
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In response to the COVID-19 global pandemic, the Cayman Islands Government has announced a number of measures to support the continuity, viability, and strength of the financial services industry and ensure business continuity to clients. The measures have been announced through industry advisory notices and those of most interest to our clients are noted here…