Reporting Requirements and Schedules / E-Reporting
This page covers:
AUDITED FINANCIAL STATEMENTS AND FUND ANNUAL RETURN (“FAR”) FILINGS
NEW REEFS FAR FORM
The new FAR Form in Excel format and the applicable Completion Guide are now available and have been uploaded to the website as at 05 February 2016. This version should be used for filings in the Regulatory Enhanced Electronic Forms Submission (“REEFS”) reporting portal https://reefs.cimaconnect.com for regulated funds with a year-end date of 15 September 2015 and later and any previous versions of the FAR Form will not be accepted.
For funds with a financial year end of 31 December 2014 or later, but prior to 15 September 2015, the previous FAR Form issued on 25 May 2015 should be used. For funds with a financial year end prior to 31 December 2014, the old FAR Form and E-Reporting Portal will continue to be used.
All three versions of the FAR forms are available on the website at the following link - http://www.cimoney.com.ky/regulated_sectors/reg_sec_ra.aspx?id=248.
For funds with a year-end date of 15 September 2015 and later, an individual FAR Form is now required to be submitted for each sub-fund within a multi-fund operating structure and each filing will require the applicable FAR filing fee of CI$300 to be paid by the fund. The Authority no longer allows multiple sub-funds to be “consolidated/aggregated” on one FAR form. For the purposes of the FAR, a “sub-fund” includes a segregated portfolio within a segregated portfolio company structure; a sub-trust within an umbrella or master unit trust structure; and a class of shares, or units or interests within a fund, trust or partnership structure, where each such class represents a separate standalone reporting entity (e.g. a fund with multiple portfolios, where each portfolio is individually presented with separate assets, liabilities, income and expenses).
Funds with a year-end date of 15 September 2015 and later which were allowed to file audited financial accounts with the Authority via email for de-registration purposes are required to file the audited financial accounts and new FAR Form through the relevant row on the REEFS portal.
If you require further information regarding FAR filings, please contact the Investments and Securities Division by email at email@example.com.
Documents That All Regulated Funds Must Submit
All funds regulated under the Cayman Islands’ Mutual Funds Law must submit, to CIMA, the following documents covering the fund’s financial year, within six months of the fund’s financial year-end:
These documents must be submitted electronically through CIMA’s electronic reporting (E-reporting) system explained below.
Waivers/Exemptions & Extensions
In certain circumstances, fund operators may apply to CIMA for a waiver/exemption of the filing requirement or for an extension of the deadline by which the documents must be filed with CIMA.
Method of Submitting Requests
Requests for waivers/exemptions or extensions must be submitted, in writing, to CIMA via email or post. The email address for submitting requests is: firstname.lastname@example.org.
CIMA will review the request for an extension, in line with its ‘Procedure for the Granting of Extensions for the Filing of Supervisory Reports’ (See Regulatory Handbook Appendices, section F11) and for a waiver/exemption, in line with the Audit Waiver Policy. In relation to partial year audits for funds that are terminating, CIMA will make a determination as to whether an affidavit, liquidators report or agreed-upon procedures will suffice in place of the audit. CIMA will inform the operator of its decision in writing.
Fee for Waivers/Exemptions or Extensions
As of 13 December 2012, CIMA charges a non-refundable administrative fee for each waiver/exemption or extension request, as well as for partial year audit requests. Click on Investment Funds Fees for further information or go directly to the current Fee Schedule, which lists all fees that CIMA collects, including ‘Mutual Funds’ fees and ‘CIMA Administrative Fees’.
E-Reporting and REEFS for Regulated Mutual Funds
To make it easier for fund operators to meet the annual return submission requirements, CIMA implemented the Fund Annual Return (FAR) form that operators fill out, as well as electronic reporting systems through which the FAR and audited annual financial statements are submitted. There are two systems running concurrently at present, the old system, E-Reporting and the new system, Regulatory Enhanced Electronic Forms Submission (REEFS).
Fund Annual Return (FAR)
The FAR is an electronic form (in Microsoft Excel) that fund operators must use to provide CIMA with general, operating and financial information about the fund. This electronic document must be completed and filed for every regulated fund. Effective, 30 January 2013 and pursuant to The Mutual Funds (Annual Returns) (Amendment) Regulations, 2012 there is a fee to file a FAR, which becomes due at the time the FAR is submitted. Please refer to the Advisory for further details regarding the FAR fee.
Click the following link to access the FARs.
Who Completes and Files the FAR
The fund operator is responsible for ensuring the FAR is filled out.
The local auditor for each fund (CIMA-approved Cayman Islands audit firms) is responsible for submitting the FAR to CIMA, through either the E-reporting or REEFS systems, depending on the fund’s year end.
The following documents provide guidance:
- The Completion Guide for the NEW Fund Annual Return explains how to complete the FAR which is to be used for filings in the REEFS for regulated funds with a year-end date of 15 September 2015 and later.
- The Guidance Notes and Directions to Completing the Fund Annual Return explains how to complete the FAR that is used in E-Reporting. Comment boxes have been inserted in the FAR for the REEFS filings within each field on the Excel FAR form, to assist with the completion of the form.
- Instructions for local auditors on how to file the FAR and the fund's annual account can be found in:
For more on E-reporting, click: E-Reporting: Background Information
For more on REEFS, click: REEFS: Fact Sheet
Current Reporting Schedule
Click on the link above to view the current Reporting Schedule for Prudential and Statistical Returns for all CIMA-regulated entities.
Other Data Collection
Coordinated Portfolio Investment Survey
The Coordinated Portfolio Investment Survey (Form CPIS) collects information on investment holdings, by banks and mutual funds domiciled in the Cayman Islands, in equity, short-term debt and long-term debt securities issued by unrelated non-residents as at 31 December 2004. The Cayman Islands Monetary Authority is conducting this survey in coordination with the International Monetary Fund (IMF) to facilitate international data comparability. The information provided will remain fully confidential to the Monetary Authority, only aggregated details will be submitted to the IMF. Cayman’s participation in the CPIS will contribute to an improved understanding of Cayman’s international financial centre and its impact on global financial intermediation. It will enable the Cayman Islands to emphasize its positive role in facilitating the free flow of cross-border investments.