Investment Funds Licensing Requirements

Mutual Fund Administrators Licence

The information and particulars to be contained in an application for a Mutual Fund Administrators licence under Section 11 of the Mutual Funds Act are contained in the Mutual Fund Administrators Licence (Applications) Regulations. The applications for Mutual Fund Administrators Licences are listed as follows and are available of the Regulatory Enhanced Electronic Forms Submission ("REEFS") portal here:

• Application for Mutual Fund Administrator (Full) 1-50 mutual funds: APP-101-26a form
• Application for Mutual Fund Administrator (Full) 51 or more mutual funds: APP-101-26b form
• Application for Mutual Fund Administrator (Restricted): APP-101-27 form

See  Fees to obtain further details relating to the cost of applying for and annual fees pertaining to Mutual Fund Administrators Licences.

Payments may be made via REEFS or a cheque may be made payable to the Cayman Islands Government and remitted to:

The Cayman Islands Monetary Authority
SIX Cricket Square,
171 Elgin Ave,
George Town,
Cayman Islands

NOTE: CIMA may require additional information to determine the outcome of the application.

Timeframe for Approval

It takes approximately six to eight weeks to obtain a Mutual Fund Adminstrators licence once CIMA receives all required documentation.

Mutual Funds Licence / Registration

Documentation Required for Authorisation of All Funds

The documentation to be submitted for the licensing or registration of a mutual fund is as follows:

1. Completion of an application form on the REEFS portal:
   • Registered Fund - for regulation pursuant to section 4(3): APP-101-22 form
   • Administered Fund - for regulation pursuant to section 4(1)(b): APP-101-22 form
   • Licensed Fund - for regulation pursuant to section 4(1)(a): APP-101-22 form
   • Master Fund - for regulation pursuant to section 4(3)(a)(iii): APP-101-53 form

For more information on REEFS, see REEFS FAQs. 

1. Certified copy of Certificate of Incorporation/Registration
2. Administrator’s Letter of Consent 
3. Auditor’s Letter of Consent* 
4. Offering Memorandum
5. Fee for Registered, Administered, and Licensed funds / Fee for Master funds.
6. Administrative Fee for the filing of an application form for registration of a regulated mutual fund or Master fund and/or a mutual fund licence.

To access CIMA's online Regulatory Enhanced Electronic Forms Submission portal click here

Additional Documentation Required for Operators of Licensed Funds

In addition to the documentation listed above, CIMA requires that all Operators who wish to be appointed to a fund licensed under Section 4(1)(a) - Licensed Fund - also provide the following documents:

• Personal Questionnaire - fully completed and signed
• Notarized of similarly certified (with seal and stamp) colour copy of Government issued photo identification 
• Updated and comprehensive Resume of Curriculum Vitae 
• One Financial Reference
• Two Character References
• Police Certificate or Affidavit of no Convictions
• Certified copies of academic and professional qualifications, as listed in the PQ
• Current job description (as required)

Note: All documents and certificates must be provided in English. Also see Regulatory Procedure: Assessing Fitness and Propriety.

Timeframe for Approval

It takes approximately five business days to register a mutual fund and four to six weeks to licence a fund, once all documentation has been received. For details relating to the timelines, refer to the Regulatory Handbook - Appendices.

Auditor Approval Requirements

Local Auditor sign-off is required for all mutal funds and mutual fund adminstrators regulated by the Authority.  See Current List of Approved Local Auditors.  

The Authority has issued the following policy on the auditor approval process:

Revised Auditor Approval PolicyView
Please note the following for additonal information on guidance for local Auditors:

Regulatory Procedure - Fitness and ProprietyView

Regulatory Policy - Fitness and ProprietyView

Local Auditor Sign off PolicyView

Policy on Prudential Reports and Statistical ReturnsView