FAR Out! – E-Reporting Now Reality For Cayman´s Hedge Funds Industry

Originally published in Cayman Financial Review

On 29 March 2007 the Cayman Islands Monetary Authority ("CIMA") confirmed full operation of Cayman's new electronic reporting system for the submission of annual returns for hedge funds licensed, registered and administered in the Cayman Islands heralding the start of a new modern and digital era of hedge fund regulation in the Cayman Islands.

Following several months of successful testing by CIMA's own e-reporting team, third party contractors and industry stakeholders in Cayman, CIMA has now released the electronic Fund Annual Return (FAR) on its website and has opened the internet portal through which local Cayman based auditors will submit both a hedge funds annual audited financial statements and the FAR to CIMA.