Investment Funds Licensing and Authorisation Requirements

This page covers:

• Mutual Fund Administrators Licence 
• Mutual Funds Licence / Registration 
• Auditor Approval Requirements 

Mutual Fund Administrators Licence

Documentation Required

The information and particulars to be contained in an application for a Mutual Fund Administrator licence under section 11 of the Mutual Funds Law (2012 Revision) are contained in the Mutual Fund Administrators Licence (Applications) Regulations 2001.

The application should be sent to:

Managing Director
Cayman Islands Monetary Authority
P.O Box 10052
Grand Cayman KY1-1001
CAYMAN ISLANDS

Note that CIMA may require additional information to determine the application.

Timeframe for Approval

It takes approximately four to six weeks to obtain a Mutual Fund Adminstrators license once CIMA receives all required documentation.

Mutual Funds Licence / Registration

Documentation Required for Authorisation of All Funds

The documentation to be submitted for the licensing or registration of a mutual fund is as follows: 

1. Application Form - Select and download the application form (MF Form) relevant to the fund to be authorised: 
   1. Registered Fund - for regulation pursuant to section 4(3): MF1 Form
   2. Administered Fund - for regulation pursuant to section 4(1)(b): MF2/MF2A Forms
   3. Licensed Fund - for regulation pursuant to section 4(1)(a): MF3 Form
   4. Master Fund - for regulation pursuant to section 4(3)(a)(iii): MF4 Form
       
    
2. Certified copy of Certificate of Incorporation/Registration
3. Administrator’s Letter of Consent (may not be applicable to Master funds - see MF4 Form) 
4. Auditor’s Letter of Consent * (may not be applicable to Master funds - see MF4 Form) 
5. Offering Memorandum
6. Fee for Registered, Administered, and Licensed funds - CI$3,500 (US$4,268.29) / Fee for Master funds - CI$2,500 (US$3,049)
7. Administrative fee for the filing of an application form (MF Form) for registration of a regulated mutual fund or Master Fund and/or a mutual fund license - CI$300 (US$365.85)

Access CIMA's online regulatory application submission portal here:  

Additional Documentation Required for Operators of Licensed Funds

In addition to the documentation listed above, CIMA requires that all Operators who wish to be appointed to a fund licensed under Section 4(1)(a) - Licensed Fund - must also provide the following documents:

1. Personal Questionnaire, completed
2. One Financial Reference
3. Two Character References.  For the requirements for reference letters, see pages 73 & 74 of the Regulatory Handbook - Appendices 1.
4. Police Certificate or Affidavit of no Convictions

Timeframe for Approval

It takes approximately five business days to register a mutual fund and four to six weeks to license a fund once all documentation has been received.

Auditor Approval Requirements

* Local Auditor sign-off is required for all mutal funds and mutual fund adminstrators regulated by the Authority.  For a list of Approved Auditors click on the link below:

 Current List of Approved Local Auditors  

The Authority has issued  the following policy on the auditor approval process:

Revised Auditor Approval Policy 

Please note the following for additonal information on guidance for local Auditors:

Guidelines on Fitness and Propriety
Local Auditor Sign off Policy
Marketing Policies of Licensees
Policy on Prudential Reports and Statistical Returns