N/A

A professional director (ie, a natural person appointed as director for twenty or more covered entities) must be a fit and proper person, having regard to all circumstances, including that person's:  
- honesty, integrity and reputation;
- competence and capability; and
- financial soundness.

See CIMA Regulatory Policy on Fitness and Propriety.

No. Though the number of directorships of covered entities held by a natural person will determine whether that person is required to be registered or licensed under the DRLA.

N/A

N/A

N/A

N/A

N/A

N/A

When a person registered/licensed under the DRLA ceases to hold any directorships of covered entities, they must surrender their registration or license. The associated surrender fees are US$732 (registration) or US$976 (licence).
All applications or surrenders must be completed by the individual directors via the CIMA Director Gateway portal.

N/A

Complete new director registration process at https://gateway.cimaconnect.com/Operator/NewDirectorRegistration
Following receipt of login credentials, log in to CIMA's Director Gateway portal and complete registration.
Pay applicable fee (see above).

CIMA to be notified within 21 days of:
- A material change to the information submitted on registration; 
- A change of registered office; 
- A change of the investment Fund's principal office; or
- A change in the trust company acting as the trustee.

A fee of USD 367 is payable on filing details of a change with CIMA.

CIMA to be notified within 21 days of:
- A material change to the information submitted on registration; 
- A change of registered office; or
- The location of the investment Fund's principal office.

A fee of USD 367 is payable on filing details of a change with CIMA.

CIMA REEFS filings can only be done by certain service providers (generally law firms or registered office providers), so an entity must have at least one of those engagements to be able to make the requisite REEFS filings. 

Cayman Islands-based auditor.
Administrator.  

CIMA REEFS filings can only be done by certain service providers (generally law firms or registered office providers), so an entity must have at least one of those engagements to be able to make the requisite REEFS filings. 

Cayman Islands-based auditor. 

N/A

N/A

N/A

N/A

Most mutual Funds are registered under section 4(3) of the MFA, which states that an investor must make a minimum initial investment of at least USD 100,000 (or the equivalent in another currency). 

A private Fund (as defined within the PFA) must not accept capital commitments from investors in respect of investments until it is registered by CIMA under the PFA.

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Yes. It is an offence for the operator of a mutual Fund (ie, the directors, general partner or trustee) to fail to ensure that the mutual Fund does not carry on business, or attempt to carry on business, in or from the Cayman Islands without having complied with the requirements of the MFA.

Yes. It is an offence for a private Fund to carry on business, or attempt to carry on business, in or from the Cayman Islands without having complied with the requirements of the PFA.

No.

No.

N/A

N/A

Audited financial statements must be provided to CIMA within 6 months of each financial year end of a regulated mutual Fund, together with a Fund annual return form.

Audited financial statements must be provided to CIMA within 6 months of each financial year end of a regulated private Fund, together with a Fund annual return form.