Changes in investment strategy reporting impact funds: Important updates from CIMA
On 8 November 2023, the Cayman Islands Monetary Authority (CIMA) published a general industry notice to advise that effective 15 November 2023, it will implement changes to enhance monitoring and reporting accuracy for Mutual Funds and Private Funds. These changes will impact the information required when registering funds.
The Regulatory Enhanced Electronic Forms Submission (REEFS) portal will undergo modifications, including the removal of certain Investment Strategy categories and the addition of more detailed classifications.
This aims to support improved statistical reporting on the underlying investment strategies of the funds. Specifically, in response to global Environmental, Social, and Governance (ESG) initiatives, CIMA is seeking to improve identification, measurement, and management of ESG-related risks.
The updated Investment Strategy list includes both removals and additions, with revised categories for clarity. Fund registration and Fund Annual Return (FAR) submissions must adhere to the revised list from 15 November 2023.
For more information, CIMA’s notice can be found accessed here