Investment Funds Licensing Criteria

Licence for Mutual Fund Administrators

The details and information required for an application under Section 11 of the Mutual Funds Act for a Mutual Fund Administrators licence can be found in the Mutual Fund Administrators Licence (Applications) Regulations.

• Application for Mutual Fund Administrator (Full) 1-50 mutual funds: APP-101-26a form
• Application for Mutual Fund Administrator (Full) 51 or more mutual funds: APP-101-26b form
• Application for Mutual Fund Administrator (Restricted): APP-101-27 form

Refer to the Fees section for detailed information regarding the costs associated with applying for and maintaining a Mutual Fund Administrators Licence.

Payments can be made via REEFS, or checks can be made payable to the Cayman Islands Government and sent to:

Cayman Monetary Regulatory Authority International
SIX,Cricket Square Elgin Avenue Grand Cayman

NOTE: Cmrai may request additional information to assess the application.

Approval Timeline

Obtaining a Mutual Fund Administrators licence typically takes about six to eight weeks after Cmrai receives all necessary documents.

Mutual Funds Licence / Registration

Documents Needed for Fund Authorization

The following documents are required for the licensing or registration of a mutual fund:

1. Completion of an application form via the REEFS portal:
   • Registered Fund - for regulation under section 4(3): APP-101-22 form
   • Administered Fund - for regulation under section 4(1)(b): APP-101-22 form
   • Licensed Fund - for regulation under section 4(1)(a): APP-101-22 form
   • Master Fund - for regulation under section 4(3)(a)(iii): APP-101-53 form

1. Certified copy of Certificate of Incorporation/Registration
2. Administrator’s Letter of Consent
3. Auditor’s Letter of Consent*
4. Offering Memorandum
5. Fee for Registered, Administered, and Licensed funds / Fee for Master funds.
6. Administrative Fee for submitting an application form for the registration of a regulated mutual fund or Master fund and/or a mutual fund licence.

Additional Documents for Licensed Fund Operators

Besides the documents listed above, Cmrai requires all Operators who wish to be appointed to a fund licensed under Section 4(1)(a) - Licensed Fund - to submit the following documents:

• Personal Questionnaire - fully completed and signed
• Notarized or similarly certified (with seal and stamp) colour copy of Government-issued photo ID
• Updated and detailed Resume or Curriculum Vitae
• One Financial Reference
• Two Character References
• Police Certificate or Affidavit of No Convictions
• Certified copies of academic and professional qualifications, as listed in the PQ
• Current job description (if required)

Note: All documents and certificates must be provided in English. Also, see Regulatory Procedure: Assessing Fitness and Propriety.

Approval Timeline

It typically takes about five business days to register a mutual fund and four to six weeks to licence a fund, once all required documents have been received. For more information on timelines, refer to the Regulatory Handbook - Appendices.

Auditor Approval Requirements

Local Auditor sign-off is mandatory for all mutual funds and mutual fund administrators regulated by the Authority.

The Authority has established the following policy regarding the auditor approval process:

Revised Auditor Approval PolicyView
For additional guidance on local Auditors, please refer to:

Regulatory Procedure - Fitness and ProprietyView

Regulatory Policy - Fitness and ProprietyView

Local Auditor Sign-off PolicyView

Policy on Prudential Reports and Statistical ReturnsView