How is fund management regulated in the Cayman Islands? Which authorities have primary responsibility for regulating funds, fund managers and those marketing funds?

The main regulatory body in the Cayman Islands that regulates open-ended investment funds, closed-ended investment funds, fund managers and parties marketing investment funds is the Cayman Islands Monetary Authority (CIMA). The main statutes from which CIMA derives its supervisory powers and duties in respect of investment funds are the Mutual Funds Act and the Private Funds Act, and in respect of fund managers, is the Securities Investment Business Act (the SIB Act).

Is fund administration regulated in your jurisdiction?

A Cayman Islands-domiciled entity that carries on business as a mutual fund administrator is required to have a valid licence for doing so and is required to be regulated by CIMA. There is more than one type of mutual fund administrator licence and CIMA will assess, among other things, whether the applicant has sufficient expertise to administer regulated investment funds (both open-ended and closed-ended) and whether the business as a mutual fund administrator will be administered by persons who are fit and proper to be directors or, as the case may be, managers or officers in their respective positions.

Mutual fund administration is defined in the Mutual Funds Act as the management or administration of a mutual fund to provide the principal office of the mutual fund in the Cayman Islands or the provision of an operator to the mutual fund. An overseas fund administrator that is not established in the Cayman Islands is not regulated by CIMA and may be the administrator of a Cayman Islands investor fund if the administrator is authorised or otherwise permitted to carry out administration activities to investment funds in any non-high risk jurisdiction.

What is the authorisation or licensing process for funds? What are the key requirements that apply to managers and operators of investment funds in the Cayman Islands?

The vast majority of open-ended funds will qualify as mutual funds under the Mutual Funds Act (as amended), which requires mutual funds to be licensed or regulated as such. Closed-ended funds (i.e., funds that issue investment interests that are not redeemable pr repurchasable at the option of the investor of record), which fall within the scope of the Private Funds Act, are required to register with, and consequently become regulated by, CIMA.

The authorisation process for an open-ended fund will depend on the regulatory category it chooses to register under (e.g., a licensed fund under section 4(1)(a) of the Mutual Funds Act, an administered fund under section 4(1)(b) of the Mutual Funds Act, a registered fund under section 4(3) of the Mutual Funds Act, or a limited investor fund under section 4(4) of the Mutual Funds Act). For closed-ended funds, the authorisation process requires the private fund to:

1. 1. 1. submit an application for registration to CIMA within 21 days after its acceptance of capital commitments from investors for the purposes of investments;
      2. file prescribed details in respect of the private fund with CIMA;
      3. pay a prescribed annual registration fee to CIMA in respect of the private fund;
      4. comply with any conditions of its registration imposed by CIMA; and
      5. comply with the provisions of the Private Funds Act.

A Cayman Islands-domiciled fund manager will have to either apply to CIMA for a licence to undertake business as such under the Securities Investment Business Act (as revised) or apply to CIMA to be registered under a less regulatory onerous regime as a Registered Person. An overseas fund manager can provide services to a Cayman Islands investment fund and there is no requirement for the overseas fund manager to be licensed by or registered with CIMA unless that fund manager establishes itself in the Cayman Islands. Operators of mutual funds, such as directors, are subject to registration or licensing requirements under the Director Registration and Licensing Act and are required to register with CIMA and pay annual renewal fees to maintain their registration in good standing.

What is the territorial scope of fund regulation? Can an overseas manager perform management activities or provide services to clients in the Cayman Islands without authorisation?

The laws in the Cayman Islands (e.g., Mutual Funds Act, Private Funds Act and the Securities Investment Business Act are not extraterritorial in scope and effect. An overseas fund manager can provide services to a Cayman Islands investment fund and there is no legal requirement for the overseas fund manager to be licensed by or registered with CIMA unless that fund manager establishes operations in the Cayman Islands.

Is the acquisition of a controlling or non-controlling stake in a fund manager in the Cayman Islands subject to prior authorisation by the regulator?

There is no requirement for an overseas fund manager to be licensed by or be registered with CIMA unless that fund manager establishes itself in the Cayman Islands. Accordingly, there would be no need for any prior notification to, or authorisation by, CIMA of a change in controlling or non-controlling stake in a fund manager established overseas. A fund manager regulated in the Cayman Islands (i.e., whether as a CIMA licensee or a registered person) under the SIB Act is prohibited from issuing, voluntarily transferring or disposing of any shares or partnership interests (as applicable) without the prior approval of CIMA, but CIMA may grant an exemption from this prior approval requirement where the fund manager’s securities are publicly traded on a recognised securities exchange.

Are there any regulatory restrictions on the structuring of the fund manager’s compensation and profit-sharing arrangements?

There are no regulatory restrictions on the structuring of the fund manager’s compensation and profit-sharing arrangements.

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This publication is not intended to be a substitute for specific legal advice or legal opinion. For more information or specific legal advice, please contact:-

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监管框架和机构

开曼群岛如何监管基金管理？哪些机构主要负责监管基金、基金经理和基金营销人员？

开曼群岛金融管理局（CIMA）是开曼群岛监管开放式投资基金、封闭式投资基金、基金经理和投资基金营销机构的主要监管机构。CIMA 行使对投资基金的监管权力和职责的主要依据是《共同基金法》和《私人基金法》，而对基金经理的监管权力和职责则依据《证券投资业务法》。

您所在的司法辖区是否对基金管理进行监管？

在开曼群岛注册成立并从事共同基金管理业务的实体必须持有有效的牌照，并受CIMA监管。共同基金管理牌照有多种类型，CIMA 将评估申请人是否具备管理受监管投资基金（包括开放式和封闭式基金）的足够专业知识，以及共同基金管理业务是否由适合及适当担任董事、经理或高级职员的人员负责。

《共同基金法》将共同基金管理定义为在开曼群岛设立共同基金主要办事处或为共同基金提供运营服务。未在开曼群岛设立的海外基金管理人不受CIMA的监管，如果该管理人获得授权或以其他方式允许在任何非高风险司法管辖区开展投资基金的管理活动，则该管理人可以担任开曼群岛投资基金的管理人。

基金的授权或取得牌照的流程是什么？开曼群岛对投资基金的管理人和运营者有哪些主要要求？

绝大多数开放式基金符合《共同基金法》（经修订）中关于共同基金的定义，该法要求共同基金必须获得相应的牌照或监管。封闭式基金（即发行不可由登记投资者赎回或回购的投资权益的基金）属于《私人基金法》的管辖范围，必须向CIMA注册，并因此接受其监管。

开放式基金的授权流程取决于其选择注册的监管类别（例如，根据《共同基金法》第4(1)(a)条注册的持牌基金、根据《共同基金法》第4(1)(b)条注册的受管理基金、根据《共同基金法》第4(3)条注册的注册基金，或根据《共同基金法》第4(4)条注册的有限投资者基金）。对于封闭式基金，授权流程要求该私人基金：

1. 1. 1. 在接受投资者用于投资的资本承诺后21天内向CIMA提交注册申请；
      2. 向CIMA提交有关该私人基金的规定详情；
      3. 向CIMA缴纳规定的年度注册费；
      4. 遵守CIMA对其注册施加的任何条件；以及
      5. 遵守《私人基金法》的规定。

在开曼群岛注册的基金管理人必须根据《证券投资业务法》（修订版）规定向CIMA申请牌照，或向 CIMA 申请注册成为监管要求相对较低的登记人士。海外基金管理人可以向开曼群岛投资基金提供服务，除非该海外基金管理人已在开曼群岛设立机构，否则无需获得 CIMA 的牌照或注册。共同基金的运营人员，例如董事，须遵守《董事注册和牌照法》规定的注册或牌照要求，并须向 CIMA 注册，缴纳年度续费以维持其注册资格。

基金监管的地域范围是什么？海外基金经理能否在未获得授权的情况下，在开曼群岛开展管理活动或向客户提供服务？

开曼群岛的法律（例如《共同基金法》、《私人基金法》和《证券投资业务法》）不具有域外效力。海外基金经理可以向开曼群岛的投资基金提供服务，除非该基金经理在开曼群岛开展业务，否则法律并未要求其获得CIMA的牌照或注册。

在开曼群岛收购基金管理公司的控股权或非控股权是否需要事先获得监管机构的授权？

海外基金管理公司除非在开曼群岛设立机构，否则无须获得CIMA的牌照或注册。因此，对于在海外设立的基金管理公司，其控股权或非控股权的变更无需事先通知 CIMA 或获得 CIMA 的授权。根据《证券投资业务法》在开曼群岛受监管的基金管理公司（无论是 CIMA 持牌人还是注册人）未经 CIMA 事先批准，不得发行、自愿转让或处置任何股份或合伙权益（如适用）。但如果基金管理公司的证券在认可的证券交易所公开交易，CIMA 可能豁免此项事先批准要求。

基金经理的薪酬和利润分配安排是否存在任何监管限制？

基金经理的薪酬和利润分配安排不存在任何监管限制。

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进一步协助

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E:  gary.smith@loebsmith.com
E:  robert.farrell@loebsmith.com
E:  elizabeth.kenny@loebsmith.com
E:  vanisha.harjani@loebsmith.com
E:  faye.huang@loebsmith.com
E:  vivian.huang@loebsmith.com