Feb 2023
Take Steps Now to Ensure Compliance
The Cayman Islands Monetary Authority (CIMA) is expected to issue new rules and guidance for all Cayman funds, including regulated mutual funds and – for the first time – private funds regulated under the Private Funds Act. Operators of funds must ensure the conduct of the fund and its service providers is in accordance with these regulatory measures.
Overview of the Coming Changes
Cayman Islands regulated funds are subject to the rules, guidance, policies and procedures issued by CIMA.
Following a period of private sector consultation with various Cayman Islands associations and industry stakeholders, CIMA is expected to issue new rules and guidance on both corporate governance and internal controls for all entities it supervises, including both regulated mutual funds and, for the first time, private funds regulated under the Private Funds Act. To prepare for these rules and avoid enforcement action, it is critical that funds act now to ensure their existing corporate governance and internal controls policies and procedures are appropriate, and take any steps needed to bring these into compliance.
Operators of Cayman Funds need to assess their:
- Anti-Money Laundering Compliance
- Sanctions Compliance
- Regulatory Compliance