The Cayman Islands Monetary Authority (“CIMA”) wishes to advise financial service providers that with immediate effect, it will not be collecting annual registration fees on behalf of Segregated Portfolios for private fund Segregated Portfolio Companies.
In addition, CIMA will be seeking to refund any such fees paid from 2020 to date, prior to this notice.
CIMA is currently in discussion with the Ministry of Financial Services and Commerce, and it is anticipated that the Private Funds Act and the associated Regulations will be amended, following a broader stakeholder consultation. A statutory based registration fee will be implemented thereafter.
IMS is one of the longest established company management firms in the Cayman Islands. IMS is licensed by the Cayman Islands Monetary Authority to provide independent directors, company management and incorporation, mutual fund administration, captive insurance and trust services. For more information about our services, please contact us.
Disclaimer: this publication does not constitute legal or professional advice and should not be relied on as such.