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Cayman Islands Monetary Authority Guidance on Exemptions from Valuation Requirement

September 9th | 2020



The Cayman Islands Monetary Authority recently published guidance as to when a registered private fun may be granted an exemption from the valuation requirements of the Private Funds Law, 2020 (the rule).


The guidance sets out a few instances where CIMA may consider an exemption (e.g., a fund has not launched but does not want to deregister) and where a private fund can submit a request for a conditional exemption (e.g., the valuation exemption comports with the fund’s constitutive documents), and two instances where CIMA will consider an absolute exemption: (1) where a where a Cayman Islands court has frozen the assets of the fund. In such a case the exemption from valuation will be for the period during which the funds are kept frozen as stipulated by the courts; or (2) where, as part of a Mutual Legal Assistance Treaty, there is agreement by the Cayman Islands to repatriate the proceeds of the private fund.

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