The Cayman Islands Monetary Authority (“CIMA”) has issued new rules and procedures for the deregistration of Mutual Funds and Private Funds (“Fund”).
The Rule require that a Fund must notify CIMA when it intends to cease carrying on or has ceased to carry on business as a Fund within 21 days from the date that the Fund ceases to carry on business. For the purposes of the Rule, a Fund ceases to carry on business on the date stated in the resolution of the operators, shareholders or unitholders. A Fund to which a liquidator has been appointed is deemed to have ceased to carry on business on the date of the liquidator’s appointment.
In order to cancel its licence or certificate of registration, a Fund will be required to pay the surrender fee and submit all the requisite documentation which includes the original certificate of registration, if issued by CIMA, or an affidavit if the certificate is lost, certified copy of the resolution, determination or consent which indicates the date on which the Fund will cease or has ceased to carry on business as a Fund and audited accounts unless the Fund qualifies for an audit waiver.
CIMA may require additional information to be provided to cancel a Fund’s certificate of registration.
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