The Cayman Islands Monetary Authority (CIMA) has issued new regulatory procedures for Cayman Islands open-ended funds regulated under the Mutual Funds Act and for closed-ended funds registered under the Private Funds Act.
The new de-registration procedures relate to the timing of the de-registration process and the elimination of the option to place a fund in "License under the Termination" (LUT) or "license under Liquidation" (LUL) status with CIMA.
Under the new de-registration procedures, CIMA should be notified of a fund's intention to deregister within 21 days of that determination, the fund must complete and file its final audit (or seek to be granted an audit waiver from CIMA), and be in good standing, before the de-registration documents may be filed. Provided that the de-registration documents are complete and in good order, it is anticipated that the de-registration processing and approval will be a relatively quick and straightforward procedure.
For further information or specific advice or assistance on de-registering a Cayman fund or terminating a fund, please feel free to contact us: info@bellrockgroup.com
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