Termination Of Cayman Islands Regulated Mutual Funds

Early action to reduce costs and minimise 2017 fees

 If you are considering winding up a Cayman Islands regulated mutual fund (a "Fund"), it would be prudent to start the process now with a view to completing it by year-end and minimising and/or precluding 2017 annual fees. Delays in commencing the deregistration and winding up process may ultimately hinder the Fund from maximising cost savings in relation to regulatory and service provider fees.

Prior to 1 October 2015, where an application for deregistration of a Fund was made to the Cayman Islands Monetary Authority ("CIMA") before the end of the Fund's financial year, CIMA routinely waived the requirement for audited accounts to be filed for the partial year of operation (known as the "stub audit").