Publications

Important changes made 7 July 2020 to the Private Funds Law

Private Funds Law **Amended 7 July 2020**
A number of previously out of scope funds (not registered with CIMA) are now in scope of the Private Funds Law as a result of the changes made 7 July 2020. They will require to register with CIMA by 7 August 2020.

What the changes mean:
As a result of the […]

By |July 16th, 2020|Publications|Comments Off

May 2020 – The implications of economic substance

Economic substance in the Cayman Islands: what does it mean, how do we address it and what does BEPS mean? Victor Murray of MG Management explores the implications of economic substance for funds in the Cayman Islands.

 

 Read Publish article  HERE

 

As concepts go, “economic substance” is not particularly descriptive nor helpful for a newcomer to this […]

By |May 4th, 2020|Publications|Comments Off

How to decide if categories under the Cayman Islands Economic Substance Law 2020

You should note that now all Cayman Islands companies must report their status early in 2020 (whether they are a “Relevant Entity” conducting “Relevant Activity” or not). 

The Cayman Islands have issued a decision tree a copy of which is below:

 

 

Thereafter it is necessary to look at the main types of entity:

 

 

 

 

For a Pure Holding Company there […]

By |January 15th, 2020|Publications|Comments Off

2020 Compliance Calendar For Funds

January– CIMA & Registrar of Companies Fees

CIMA fee January 15 of each yearAnnual Return Fee January 31 of each year Registered Office Fee
Each CIMA Fund (and the SIBL Manager) must pay the annual fees to CIMA by 15th of January each year to avoid penalties and fines. The current fee for a fund is US$4,269 […]

By |October 31st, 2019|Publications|Comments Off

Q&A SIBL AMENDMENTS 24 JUNE 2019

24 June 2019 

 

(this does not address the AML changes affecting SIBL Excluded Persons see separate) 

 

Question:

What entities are affected by the SIBL amendments requirements? 

 

Answer: 

The Securities Investment Business (Amendment) Law materially amends the the existing Securities Investment Business Law (SIBL) and it changes the regulatory basis of all SIBL Excluded Person Managers in the Cayman Islands.  

 

Therefore, any entity […]

By |June 26th, 2019|Publications|Comments Off

Q&A – SUBSTANCE IN THE CAYMAN ISLANDS WHAT FUND MANAGERS NEED TO KNOW (12 April 2019)

Q&A – SUBSTANCE IN THE CAYMAN ISLANDS WHAT FUND MANAGERS NEED TO KNOW (should take less than 2 minutes reading time) 

 

9 April 2019 

 

Question:

Why has the Cayman Islands introduced substance requirements? 

 

Answer: 

The OECD have established a global forum on harmful tax practices which sets global standards requires companies to have a substantial activityin the jurisdiction in […]

By |April 12th, 2019|Publications|Comments Off

CRS ACTION REQUIRED BY FUNDS – 23 May 2017

The Cayman Islands have issued CRS Guidance Notes 

All funds in the Cayman Islands are likely to be required to take two important actions prior to July 2017 in relation to CRS.

They must renew the appointment of the Principal Point of Contact on the new format letter that has been issued by the TIA and each […]

By |May 23rd, 2017|Publications|Comments Off

NEW – Beneficial Ownership Registers 10 April 2017

April 10, 2017 – The Cayman Islands have recently (7 April 2017) released the draft amendments to existing laws as well as regulations relating to the introduction of Beneficial Ownership Registers. Below is a Q&A format as it may apply to funds, which of course is subject to change or amendment when introduced which […]

By |April 10th, 2017|Publications|Comments Off

Most Common FATCA classifications for the Cayman Islands December 2015

December 2015

FATCA made simple

Please find below a guide on the most common FATCA classifications for Cayman Islands entities. Further explanation of the classification is included in the notes below.

 

Cayman Islands Entities Type:
FATCA Classification:
Notes:

 Mutual Fund CIMA registered as a MF1 / MF2 fund
Reporting Model 1 FFI  
Must obtain a GIIN and file on the Cayman […]

By |July 22nd, 2015|Publications|Comments Off

FATCA PORTAL UPDATE – APRIL 2015

FACTA REPORTING SUMMARY (9 April 2015)

 

The Cayman Islands FATCA Portal is now live and requires all reporting FFI’s (all Cayman Islands hedge funds and master funds) to register.

 

DEADLINES

 

All Cayman Islands funds (FFI’s) are required to register on the FACTA Portal (known as “AEOI Portal”– Automatic Exchange of Information).

 

30 April 2015 – deadline to register […]

By |April 9th, 2015|Publications|Comments Off