The Cayman Islands recently enacted The Private Funds Bill, 2020 that imposes a number of obligations on private funds domiciled in the Cayman Islands and requires private funds to register with the Cayman Islands Monetary Authority (CIMA) by August 7, 2020.
There are a number of operations requirements that fund managers must adhere to, including:
– Appointing a custodian to safe keep custodial assets in segregated accounts
-Verifying ownership and maintaining a register of all non-custody assets owned by the fund
– Maintaining a record of the identification codes of the securities
– Appropriately and consistently providing valuation of fund assets
– Monitoring cash flows through fund cash accounts
– Submitting annual accounts audited by a Cayman-based audit firm to CIMA within six months of year end
To meet these new requirements, appoint an independent third party to complete these activities for you.
How CSC can help
CSC provides cash-flow monitoring, asset verification, and oversight of fund valuation through our Depositary services division, which operates independently and in conjunction with our Global Fund Administration services.
CSC is uniquely positioned with expertise and services to help you with the CIMA rules and the Cayman Islands’ fund anti-money laundering (AML) officer duties. We work with you to implement solutions to meet these regulatory requirements in a flexible, pragmatic, and cost effective manner. We provide solutions that fit seamlessly with your current operations infrastructure.
CSC Global Financial Markets offers a globally integrated service―positioned across key financial centers―for private equity, real estate, private debt, venture capital, and other fund strategies.
What makes us unique
– Private and stable ownership
– Exceptional service quality
– Innovative and integrated technology solutions:
– FIS Investran, PFS Paxus
– Proprietary client portal
– Depositary money monitor
To learn more, contact our head of Depositary Services, Paul Whelan, at email@example.com.