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Electronic reporting for Cayman Islands regulated funds now underway The mechanism for the electronic submission of annual returns for funds licensed, registered and administered in the Cayman Islands is now in place. With it, electronic reporting for all funds regulated under Cayman's Mutual Funds Law has begun.

Following successful industry testing, CIMA released on its website the electronic Fund Annual Return (FAR) form and has opened the internet portal through which funds' local auditors will submit the required returns. Related guidance notes have also been released. The FAR and each fund's audited accounts are to be submitted to CIMA through the local auditors within six months of the fund's financial year-end, beginning with those funds that have a year-end date on or after 27 December 2006.

CIMA has been developing the electronic reporting initiative for funds for several months, with assistance from its retained business advisor Ernst & Young and with input from the funds industry. The Authority expects the initiative to facilitate more efficient collection and processing of returns from the over 8,300 funds it now oversees.

"The implementation of this E-reporting system marks a new era for Cayman's funds industry," commented CIMA's Managing Director, Mrs. Cindy Scotland. "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......................

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