What is the FAR Form and who can file this?

The statutory basis for requiring a private fund to complete and file a FAR Form is set out in the Private Funds (Annual Returns) Regulations 2021 (FAR Regulations).

The FAR Form is comprised of three headings each requiring specified information including:

Part A (General Information): details of the private fund, its legal structure, its service providers and non-identifying investor metrics;

Part B (Operating Information): the value of investments held, investment strategy, whether the fund’s investments are listed, whether the fund has been subject to any regulatory investigation (or any of its related fund entities) within the reporting period and total number of side letters in place; and

Part C (Financial Information): the type of audit opinion issued, accounting principles used, total assets, opening and closing net asset value, capital contributions, payments, distributions, net income, details of asset allocation, leverage and allocation of debt and equity securities plus required statutory declarations as regards valuations, safekeeping of assets and cash monitoring.

The FAR Form, in excel format, is downloadable and may be completed by the fund operator who is also required to arrange the filing of the audited financial statements to which the FAR Form relates together with a declaration that the information contained in the FAR Form is accurate and complete. The auditor or person designated by the private fund (and as approved by CIMA) is responsible for submitting the completed FAR Form received from the operator of a private fund.

Applicable fees

The fee for filing the FAR Form is US$366 and an additional US$184 for each alternative investment vehicle[1] and sub-fund of the private fund (see Regulation 4 (Fees) of the FAR Regulations).

General Comments

Failure to file a FAR Form on time may result in a US$24,400 fine. Therefore, ensuring early compliance with the FAR Regulations should be an important Q3 2021 priority for all CIMA registered private funds.

This regulatory reporting requirement is only relevant to private funds. CIMA registered mutual funds must complete their own fund annual reporting filings within six months of the fund’s financial year end under the Mutual Funds Act 2020.

[1] Excluding an alternative investment vehicle itself separately registered as a private fund

This briefing is for general guidance only and should not be regarded as a substitute for professional legal advice. We recommend seeking professional advice from your usual Appleby contact if you have any queries in relation to this regulatory reporting requirement.

Key contacts

Miriam Smyth

Senior Associate: Cayman Islands

T +1 345 814 2975
E Email Miriam

Marc Parrott

Partner: Hong Kong, Shanghai

T +852 2905 5710
E Email Marc

Share
Twitter LinkedIn Email Save as PDF
More News
26 Jan 2022 | Media Statements

Appleby Real Estate team continue to dominate legal rankings in the Cayman Islands

The Appleby Cayman Real Estate team continue to prove themselves as leaders of the industry, remaini...

Contributors: Adam Johnson, Tim Swallow
15 Nov 2021 | News

Appleby’s Hong Kong office acts as Cayman Islands counsel for UJU Holding Limited on its HKD804 million listing on the Main Board of the Hong Kong Stock Exchange

UJU is one of the fast-growing market players in China’s emerging and rapid-growing online short v...

Contributors: Connie Wu
8 Nov 2021 | News

Cayman’s Global Citizen Programme Extended

Due to the popularity of the Global Citizen programme introduced in October 2020, the recently amend...

Contributors: Esmond Brown
5 Nov 2021 | Analysis

Deadline for certain partnerships coming within scope of the Economic Substance Regime is fast approaching – are you ready?

As mentioned in our earlier briefing, the economic substance regime was extended on 30 June 2021 by ...

1 Nov 2021

Appleby Welcomes Changes to the Cayman Islands Restructuring Regime

Highly anticipated amendments to the Cayman Islands’ insolvency and restructuring regime have now ...

29 Oct 2021 | Deals

Appleby Advises on LumiraDx NASDAQ Listing

Appleby has acted as Cayman counsel to LumiraDX Limited (LumiraDx) in connection with its listing on...

11 Oct 2021 | Deals

Appleby advises on establishing a Cayman Islands Reinsurer

Appleby has advised longstanding client, Brookfield, on the establishment of North End Re., a Cayman...

Contributors: Appolina Bent
7 Oct 2021 | Media Statements

Information Security at Appleby