Enhancement of Fee Notification

The Cayman Islands Monetary Authority (the “Authority”), in its commitment to continuously improving and enhancing its procedures in order to bring about greater efficiency for stakeholders that utilize its services, has recently implemented a number of changes as outlined below.

Payment of Fund Annual Return (FAR) Fees

The Mutual Funds (Annual Returns) (Amendment) Regulations, 2012, states that the fee for the filing of the FAR is $300. The FAR filing fee becomes due when the Annual Financial Statements (“AFS”) and FAR have been successfully submitted through the Authority’s EReporting system. 

The Authority has enhanced the notification process so that, once a FAR has been filed, a confirmation of filing and notification that the FAR fee is now due is sent to the Auditor that made the filing, all current directors of the fund, the fund’s registered office, and the service provider identified by the fund as responsible for paying fees. The objective is to ensure that the relevant parties are aware that the AFS have been filed and that the fee is due for payment.

Regulatory Enhanced Electronic Forms Submission (REEFS)

The Authority continues its phased rollout of the REEFS system, currently accepting the filing of regulatory reports and change requests for the Fiduciary and Insurance Divisions. Once fully implemented, the system will allow for the electronic submission of new applications, filing of regulatory reports and change requests for all regulatory divisions within the Authority. Other functionalities that will be available through the REEFS system will include: 

1. Ability for authorized REEFS subscribers to electronically view all outstanding and upcoming annual fees for the entities that they manage; and
2. Escrow online accounts, enabling industry subscribers to pay the fees identified above online and in real time. 
    

The full implementation of the REEFS system is anticipated by mid-2017. 

The Authority remains focused on implementing enhancements that will improve its services and will continue to provide updates on newly implemented procedures as they are introduced.