As we reported at the end of December 2016, the Cayman Islands Monetary Authority (‘CIMA’) is continuing to roll out its process for Regulatory Enhanced Electronic Forms Submission (‘REEFS’). Use of the portal will become mandatory where there are online forms available as of 1 October 2017. In other news, the Cayman Islands (‘Cayman’) has (once again) come first in a global survey by The Banker magazine (a part of the internationally recognised Financial Times group).

CIMA’s 1 September 2017 Notice

In a Notice dated 1 September 2017 CIMA advised that a number of application and request forms for funds and securities related processes were now available in its REEFs portal (see lists below). The Notice advises that guidance on how to complete the forms can be found on CIMA's website. Users can also use REEFS to view all outstanding and upcoming annual fees for the entities that they manage. CIMA expects that subscribers will soon be able to pay those fees through online escrow accounts.

REEFs mandatory as of 1 October 2017

CIMA’s notice encourages service providers and other authorized REEFS portal users to start using these online forms before they become mandatory as of 1 October 2017. After that time CIMA will not accept paper based applications, change requests or return filings where the relevant forms are available via REEFS. When the REEFs portal becomes mandatory, the CIMAConnect portal will be discontinued (as at 30 September 2017).

CAYMAN COMES TOP IN THE BANKER SURVEY

Cayman Finance reports that for the ninth consecutive year, The Banker magazine’s 2017 global survey rated Cayman Islands (‘Cayman’) the world’s number one specialised financial centre.

The Reaction

Responding to the survey result, Jude Scott, the CEO of Cayman Finance said:

Our jurisdiction’s commitment to excellence in client service, balanced effective regulatory standards, and a transparent globally responsible tax system is serving us well,” “This award is further evidence that the Cayman Islands is unmatched as the world’s premier global financial hub.”

The Reason

Mr Scott went on to add that Cayman is the leading jurisdiction for international hedge funds, the world’s second largest captive insurance company domicile, the leading jurisdiction for healthcare captives, and a leading jurisdiction for capital markets, trusts and banking. He cited an historically high number of active companies on the companies register and growth across the financial services industry as a clear demonstration of its clients' confidence in Cayman.

Solomon Harris

If you would like advice or assistance on the REEFS system or on any Cayman Islands regulatory matter, contact us on info@solomonharris.com.

Disclaimer
The information contained in this article is necessarily brief and general in nature and does not constitute legal advice. Appropriate legal or other professional advice should be sought for any specific matter.

Form Code

Form Description

Type

1

APP-101-22

Application for Mutual Fund

Application

2

APP-101-53

Application for Mutual Fund - Master Fund

Application

3

APP-101-26a

Application for Mutual Fund Administrator (Full) 1-50 mutual funds

Application

4

APP-101-26b

Application for Mutual Fund Administrator (Full) 51 or more mutual funds

Application

5

APP-101-27

Application for Mutual Fund Administrator (Restricted)

Application

6

APP-101-29

Application for Securities Investment Business Licence (SIBL)

Application

7

APP-101-28

Application for SIBL Excluded Persons

Application

8

APR-102-28

Renewal of a SIBL Excluded Person

Application

9

ADD-125-99

Addition of a SP or Series Trust or Sub-Fund

Request

10

TMF-147-22

Termination of a Mutual Fund

Request

11

TRS-142-99

Termination of a SP or Series Trust or Sub-Fund

Request

Forms to be used for processes common across all regulated sectors:

Form Code

Form Description

Type

1

BPC-103-99

Business Plan Change

Request

2

CAU-112-99

Change of Auditor

Request

3

CCL-118-99

Certified copy of licence/registration certificate

Request

4

CDT-140-99

Change of registrant/licensee details

Request

5

CML-128-99

Appointment/Change of MLRO (Reporting) or MLCO (Compliance)

Request

6

CNM-109-99

Change of Name

Request

7

CPO-113-99

Change in Principal Office

Request

8

CSH-108-99

Change in Shareholding

Request

9

CSP-111-99

Change in Registered Office

Request

10

CYE-126-99

Change of Year-End

Request

11

EXF-117-99

Approval for an extension to filing audited statements

Request

12

LGS-116-99

Letter of Good Standing

Request

13

PQU-137-99

Personal Questionnaire

Application

 

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