New Cayman Registry & Regulator tech make filings easier for Private Funds etc

The Cayman Islands Monetary Authority (“CIMA”) and Cayman Islands General Registry (“the Registry”) have introduced steps to improve their service delivery to Cayman regulated organisations. The General Registry has created a module in its Corporate Administration Platform (“CAP”) to make it easier for corporate administrators dealing with certain regulated partnerships to file certificates issued by CIMA. CIMA has introduced a new mailbox system to report any issues users are having with its online filing portal, the Regulatory Enhanced Electronic Forms Submission (“REEFS”) system.

Who is the new CAP module for?

The Registry’s new CAP module is designed to make it easier to file all CIMA issued certificates for partnerships regulated under either section 4 or 5 of the Mutual Funds Law (2020 Revision) and under section 5 of the Private Funds Law (2020 Revision) ("Registration Requirements"). Private Funds that changed from regulated to unregulated under the Registration Requirements from 7 August 2020 will need to update their filings at the Registry before 31 December 2020.

When does it start?

The CAP module was launched on 22 September 2020, so users may upload their certificates immediately. Once the Registry has accepted a submission it will update the annual fee for the subject regulated entity to reflect the reduced rate for the ensuing year. There are no fees associated with this filing.

How will it work?

The Registry has circulated an Industry Advisory which includes a Guide for Filing CIMA Certificates via the CAP. Once in the system the first step is to select the partnership for which you are filing, click “Re-Registration” from the drop-down list in “Tasks” and then, when presented with the next screen, select “Unregulated to Regulated”. At that point you need to upload the CIMA certificate in PDF format, making sure you do not password protect the document. Then simply click “Save” and “Submit”.

What is the new CIMA REEFs mailbox for?

On 18 September 2020, CIMA launched a mailbox system to allow users to let CIMA know about issues they are experiencing with the REEFS system. The system is designed to direct users to appropriate staff as quickly as possible.

Technical
Technical issues requiring help from CIMA’s IT staff must be reported to REEFShelp@cima.ky. (CIMA ask that this is only used for technical issues.)

Regulatory
Regulatory issues such as field data requirements and validation errors (see illustration here) should be sent to the appropriate divisions, below.

Banking Supervision Division
Compliance Division
Fiduciary Services Division
Insurance Supervision Division
Investments Supervision Division
Policy & Development Division
Securities Supervision Division

CIMA hopes the new system will make it easier for licensees and registrants to submit information to CIMA and help CIMA improve its internal operations.

Bedell Cristin Cayman

If you require any assistance with filing CIMA certificates with the Registry or with submitting information to CIMA’s REEFS system or any other Cayman regulatory matters, contact Joss Morris or Stephen Nelson.