As domicile for approximately 80% of the world's hedge funds, the Cayman Islands have now implemented a mechanism for the electronic submission of annual returns for all funds licensed, registered and administered in the Cayman Islands.
Following successful industry testing, Cayman Islands Monetary Authority (CIMA) released on its website the electronic Fund Annual Return (FAR) form and has opened the internet portal through which funds local auditors will submit the required returns. Related guidance notes have also been released.
CIMA has been developing the electronic reporting initiative for funds for several months, with assistance from its retained business advisor Ernst & Young and with input from the funds industry. The Monetary Authority expects the initiative to facilitate more efficient collection and processing of returns from the over 8,300 funds it now oversees.