As domicile for approximately 80 percent of the world’s hedge funds, the Cayman Islands has now implemented a mechanism for the electronic submission of annual returns for all funds licensed, registered and administered there.
“Not only will we be able to more efficiently handle the audited accounts that are submitted, but we will be in a position to provide better aggregate industry statistics than we have been able to provide so far,” said Cindy Scotland, managing director of the Cayman Islands Monetary Authority’s (CIMA). “This will benefit all stakeholders.”
Following successful industry testing, CIMA released on its Web site the electronic Fund Annual Return (FAR) form, and has opened the Internet portal through which funds’ local auditors will submit the required returns.